UNITED INDIA INSURANCE COMPANY
Polycab, United Spirits among 38 companies with dividend bonus, stock split this week. Do you own any?
Polycab, United Spirits, Mahindra Logistics are in focus for dividends, bonuses, and stock splits. Key stocks include Clara Industries (4:1 bonus July 8), Deep Industries (Rs 2.44 dividend July 9), JSW Steel (Rs 7.3 dividend July 9), Mphasis (Rs 55 dividend July 10), Mahindra Lifespace Developers (Rs 2.65 dividend July 12), and Vantage Knowledge Academy (stock split July 12).
Bain Capital-backed Emcure Pharma mobilises Rs 583 cr from anchor investors
Emcure Pharmaceuticals has allocated 57.8 lakh equity shares to 48 funds at the upper end of the IPO price band, raising Rs 582.6 crore. The public subscription for the IPO will commence on July 3rd and conclude on July 5th.
ICICI Prudential AMC buys office tower from Kalpataru in Mumbai for Rs 315 cr
ICICI Prudential Asset Management Company has acquired a commercial tower in Santacruz, Mumbai, for over Rs 315 crore from realty developer Kalpataru's subsidiary Ixora Properties. The tower, built on one-third of an acre, is expected to house the company's new head office. The deal is significant in the ongoing trend of leasing office space rather than buying it outright.
IRDAI bars insurers from advertising unit-linked policies as investment products, issues advertising rules
The Insurance Regulatory and Development Authority of India (IRDAI) has bared insurance companies from advertising Unit linked and or index linked products as investment products. In a master circular dated June 19, 2024 IRDAI issued this direction to all insurance companies. Read here to know more about what else IRDAI said.
Bima Bharosa portal for insurance grievances: Step-by-step process to register an insurance-related grievance
Bima Bharosa has been launched by the Insurance Regulatory and Development Authority of India (Irdai) to serve as an online platform for grievance redressal of insurance policyholders. Here’s a step-by-step process to register an insurance-related grievance on the portal.
Future Enterprises' creditors scrap simultaneous vote for its assets
Creditors had divided FEL's assets into three clusters - insurance, textile businesses, and other residual stakes including its investments in a manufacturing unit each at Tarapur-Palghar in Maharashtra and Mahadevapura-Bengaluru in Karnataka. Central Bank had emerged the highest bidder for the insurance business, while metals company Orissa Metaliks had pipped Mumbai-based financial services firm Uniworth Finlease with a ₹75 crore offer for the manufacturing units.
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Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
India pharma units fare better in US checks in 2023
The drug regulator United States Food and Drug Administration (USFDA) has classified 13%, or 19 out of 145 inspections it carried out against Indian facilities, as Official Action Indication (OAI) in 2023, which is lower than the global average of 15% OAIs, according to a report by Indian Pharmaceutical Alliance and McKinsey & Company said.
SBI General Insurance appoints Naveen Chandra Jha as MD & CEO
During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.
New India Assurance stock jumps over 5% on appointment of new CMD
Shares of The New India Assurance Company rose by 5% to Rs 251 in Thursday's trading session on the BSE following the announcement of Girija Subramanian's appointment as Chairperson cum Managing Director (MD) of the company.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
Irdai accepts registration withdrawal application of Paytm General Insurance
One97 Communications, owner of Paytm, will focus on distributing insurance products from various insurers after the Insurance Regulatory and Development Authority of India (Irdai) accepted Paytm General Insurance's registration withdrawal application. This move aligns with Paytm's strategy to enhance insurance distribution across Health, Life, Motor, Shop, and Gadgets segments through its subsidiary, Paytm Insurance Broking Private Ltd (PIBL). Paytm aims to innovate small-ticket insurance products for consumers and merchants, leveraging its extensive distribution network to increase insurance penetration.
Amfi stock classification: Multibagger midcaps NHPC, BHEL, 5 others likely to turn largecaps
Existing largecaps likeICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, Polycab India, SRF, Marico, SBI Cards & Payment Services and Berger Paints are likely to lose their tags.
PNB MetLife names Sameer Bansal new MD and CEO
PNB MetLife India Insurance has appointed Sameer Bansal as the new managing director and chief executive, effective July 1. Bansal, with over 25 years of financial services experience, succeeds Ashish Srivastava. Srivastava will now head New York-based MetLife Inc’s global shared services team in India. The appointment is subject to regulatory approvals.
IRDAI cracks down on fraudulent tele-callers; Check list of TRAI-assigned phone numbers insurers must use for customer calls
The IRDAI has instructed insurance companies and insurance intermediaries not to call customers from a standard 10-digit mobile number in an effort to take harsh measures against fraudulent telecallers.
Kotak Bank gets RBI nod to sell 70 pc stake in general insurance arm to Zurich Insurance
In November last year, Zurich Insurance Company announced plans to acquire a 51 per cent stake in Kotak Mahindra General through a combination of capital infusion and share purchase, followed by a subsequent acquisition of an additional stake of 19 per cent within three years from the initial acquisition for Rs 5,560 crore.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Health insurance claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
UBL, AB-InBev, Carlsberg jointly form Brewers' Association of India
The Brewers' Association of India (BAI) was officially launched by the country's leading beer manufacturers, United Breweries (UBL), AB-InBev, and Carlsberg, in partnership with the World Brewing Alliance (WBA). This new industry body aims to drive innovation, moderation, and sustainability in the Indian beer market. UBL, AB-InBev, and Carlsberg together hold about 85 per cent of the beer sales in India, with UBL leading the market with brands like Kingfisher and Heineken.
Top beer companies launch a new brewers association in India, backed by World Brewing Alliance
Brewers Association of India (BAI) is being established in partnership with the World Brewing Alliance (WBA), the global industry body consisting of brewers and brewing trade associations from Australia, Canada, the UK, the USA, Europe, Japan, Korea, Latin America, Brazil, New Zealand, Nigeria and now India. The goal of WBA is to exchange knowledge and best practices among brewers and other stakeholders.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Companies look to rework benefits for multi-generational workforce: Survey
A survey by Marsh India Insurance Brokers revealed 70% of companies seek new-age benefits and 50% aim to cater to the multi-generational workforce, focusing on Generation Z. Employers are designing comprehensive benefits tailored to diverse needs, including mental health support and flexible solutions.
Govt asks insurance companies to roll out daycare package for Ayush patients
Claims under Ayush - an acronym for Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy - rose to ₹78 crore in 2023 from ₹9 crore in 2016.
Panel to examine if nutraceuticals can be produced within drug unit
In a significant development, a five-member expert committee has been appointed to assess the feasibility of allowing the manufacturing of nutraceuticals within drug manufacturing facilities in India. This decision comes after the country's drug regulator had previously warned of taking action against those violating regulations by producing supplements and drugs in the same facility.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
IRDAI introduces new corporate governance regulations for insurers
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must now seek prior approval for appointing their Board Chairperson. Current Chairpersons must comply with this regulation by March 31, 2026, or by the end of their terms, whichever comes first. IRDAI has introduced new corporate governance rules to prevent conflicts of interest in key management roles and to ensure that no individual holds multiple significant positions.
IPL insurance claims hit Rs 150 crore
This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.
IPL washout spurs potential insurance claims of Rs 50-60 crore
The rain-induced washout of the Gujarat Titans versus Kolkata Knight Riders match on Monday has sparked concerns about revenue losses, leading sponsors and franchise owners to contemplate submitting claims to insurance providers. For this year's Indian Premier League (IPL), insurance coverage totaling Rs. 10,000 crore was procured from insurers such as New India Assurance, National Insurance Company, and United Insurance.
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