The Indian branch of British insurer Aviva has been directed to pay $7.5m in back taxes and penalties after authorities uncovered fraudulent practices aimed at tax evasion, as detailed in a February 5 order reviewed by Reuters.
Insurance Regulatory and Development Authority of India (IRDAI) has unveiled its ambitious 'Bima Trinity' plan at the 9th edition of Bima Manthan, its quarterly meeting with insurance company CEOs.
Focused on offering the best to their parents and children, India's Sandwich generation feels unprepared for their own future. A new study by Edelweiss Life Insurance reveals that 60% of the respondents agree, "no matter how much I save or invest, I feel like it's never enough for future."
Prudential announced yesterdaythat it is evaluating a potential listing of ICICI Prudential Asset Management involving the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations. It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders.
Howden India has appointed Mr Nagarajan Girishankar as chair - reinsurance, a special designation. In his new role, he will propel Howden's marine, power and energy and property verticals.
Health insurance's share in the non-life segment is set to surpass other categories put together as the sector continues to expand, reported Times of India.
TATA AIA Life Insurance has introduced the Smart Pension Secure Plan, an innovative unit-linked pension plan (ULIP) designed to meet the evolving retirement needs of modern professionals and digital-savvy consumers.
Listed state-controlled reinsurer GIC Re has received in-principle approval from its board of directors to establish a wholly owned subsidiary in the United Kingdom.
India's gig economy is expected to grow at a compounded annual growth rate of 17% to reach a gross volume of $455bn by 2024-25, with the potential to add 1.25% to GDP by 2030 and create 90m jobs in the long term. The country's gig economy currently supports sectors such as e-commerce, transportation, and delivery services.
India has proposed to allow 100% foreign direct investment (FDI) in the insurance sector up from the current 74% on the condition that the foreign firms would invest the entire premium collected in India.