Life insurers disappointed with budget

October 8th, 2009 Sector roundup: Entertainment, managed careAmong the sector activity stories for Thursday, Oct. 8, from AP Financial News: PHILADELPHIA (AP) — Shares of entertainment stocks rose after analysts raised their earnings and revenue forecasts, as well as price targets, for companies in the sector as advertising spending improves.

July 6th, 2009 MUMBAI - Investors in Indian equity markets were disappointed with the 2009-10 budget, resulting in a key index plummeting by more than 700 points even as Finance Minister Pranab Mukherjee was presenting the document. Soon after 2 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, fell 770.69 points or 5.17 percent to 14,196.01 points.

July 3rd, 2009 NEW DELHI - Railway Minister Mamata Banerjee arrived in parliament house Friday morning to present her ministry's budget for this fiscal, promising to address the demands of the average passenger. "My budget will be of the people, by the people and for the people," Banerjee told reporters before leaving for parliament house to present the railway budget in Lok Sabha, the lower house.

June 2nd, 2009 Moody's: TARP for insurers beneficialCHARLOTTE, N.C. — Although some insurance companies have shied away from accepting bailout money from the government, Moody's Investors Service said insurers would benefit from the funds.

May 17th, 2009 CHENNAI - A much stronger Congress-led coalition to form the next government bodes well for the life insurance sector clamouring for reforms, says the industry's representative organisation. 'Two important amendment bills relating to the insurance sector reforms are pending in Parliament.

May 1st, 2009 CHENNAI - Life insurers are depending on their strong distribution network to stave off the competition challenge posed by the cheaper National Pension Scheme (NPS) that was launched Friday. Even though the fund managers for NPS will charge only 1 paise per Rs.100 (0.0009 percent) as service charge, comparing to 2.5 percent on the fund value charged by life insurers, the latter do not expect drastic reduction in sales, industry officials said.

March 13th, 2009 CHENNAI - India's insurance regulator will seek the opinion of the Central Board of Direct Taxes (CBDT) before changing the format of the valuation balance sheet, or Form I, as demanded by private insurers, a top official said. Earlier, the private insurers in the country, through their representative body Life Insurance Council, had approached the Insurance Regulatory and Development Authority (IRDA) seeking clarity on tax laws.

March 11th, 2009 CHENNAI - India's insurance regulator now appears to be following the corporate sector's credo - tough times are the right time to take difficult decisions. The Insurance Regulatory and Development Authority (IRDA) is drawing up plans to strictly monitor insurers' expenses and premium charged for group and guaranteed return policies.

March 5th, 2009 CHENNAI - India's insurance regulator has warned insurers against violating its anti-money laundering (AML) guidelines, and said it would take 'serious actions' if such cases were found. In a notice to the insurers, the Insurance Regulatory and Development Authority (IRDA) expressed concern that some insurers were splitting insurance policies and accepting premium in cash even if the amount is more than Rs.50,000.

February 15th, 2009 NEW DELHI - The Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the 'lacklustre' interim budget for 2009-10 and said the government has done nothing to provide relief to the industry. 'The budget has failed to meet the expectations at this time of global downturn,' said Navin M.

February 15th, 2009 NEW DELHI - The Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the interim budget for 2009-10, saying the government has done nothing to provide relief to the crisis-hit industry. 'The budget has failed to meet the expectations at this time of global downturn,' said Navin M.

February 12th, 2009 BHUBANESWAR - Orissa has been neglected in interim railway budget presented by Railways Minister Lalu Prasad in Parliament Friday, Orissa Chief Minister Naveen Patnaik said here. 'I am disappointed as Orissa has been neglected,' Patnaik told reporters here, adding that only one new express train was proposed to be introduced in the state in 2009-2010.

February 12th, 2009 LUCKNOW - The Indian Industries Association (IIA) Friday expressed disappointment over the interim rail budget presented by railways minister Lalu Prasad. 'We are disappointed that no freight cuts have been announced which would have benefited the industrial sector,' said IIA president Praveen Sadana.

February 7th, 2009 CHENNAI - After having received notice from the Income Tax department to reopen their past tax assessments, private life insurers are likely to approach the sectoral watchdog seeking clarity on tax laws. The insurers, through their representative body Life Insurance Council, plan to seek the help of the Insurance Regulatory and Development Authority (IRDA) in altering the valuation balance sheet format prescribed in the Insurance Act 1938.

January 1st, 2009 CHENNAI - India's insurance watchdog Friday offered life insurers, and more particularly the private life insurers, a mega New Year gift by easing solvency norms for the third time in recent days. Solvency margin is the excess of assets that a life insurer has to maintain over its liabilities.