Regulator eases solvency norms for life insurers

October 7th, 2009 CHENNAI - After operating without an overseas partner all these years, Anil Ambani group's Reliance Life Insurance is now looking out for an international strategic partner to hold up to 20 percent stake, apart from planning an initial public offer. "We have started the process of identifying the strategic investor," said Sam Ghosh, chief executive of Reliance Capital.

September 22nd, 2009 MUMBAI - The Securities and Exchange Board of India (SEBI) Tuesday revised its takeover norms, making it mandatory for holders of global depository receipts (GDR) or American depository shares (ADS) with voting rights to make an open offer if they acquired 15 percent shares of a public company. Under the existing SEBI takeover code, an entity or individual could not hold more than 15 percent shares in a listed company without making an open offer to acquire an additional 20 percent of that company's shares.

July 6th, 2009 CHENNAI - The union budget for 2009-10 presented by Finance Minister Pranab Mukherjee Monday has disappointed the domestic life insurance sector. "There is no major announcement on tax sops.

July 3rd, 2009 Antigua's new top financial regulator steps asideST JOHN'S, Antigua — The man appointed to replace Antigua's disgraced financial regulator is stepping aside to avoid a possible conflict of interest. Everett Christian was tapped for the job last week, after officials fired his predecessor Leroy King for alleged ties to a $7 billion Ponzi scheme by Texas businessman R.

June 18th, 2009 Geithner: Fed best suited for super regulator roleWASHINGTON — Treasury Secretary Timothy Geithner says the Federal Reserve is best suited to become a super-regulator that would oversee financial firms so big and influential that their failure could topple the economy. Some lawmakers want to give the job to a council of regulators.

June 11th, 2009 KOLKATA - The country's insurance regulator may issue norms for estimating "embedded value" of future insurance premiums by August, a top official said here Wednesday. "The guidance note is ready and it would be issued within two months," J.

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 14th, 2009 KOLKATA - India's market regulator is looking at tightening norms for buyback of shares by companies, its top official said here Thursday. 'In the recent past, many companies have announced they would buy back shares and after that did not act accordingly,' said Securities and Exchange Board of India (SEBI) chairman C.B.

May 5th, 2009 NEW DELHI - The Directorate General of Civil Aviation (DGCA) has issued notices to private aviation companies for flouting norms on the use of choppers and private aircraft during the election campaign, a top official said here Tuesday. 'We have received reports from states and the Election Commission regarding violation of norms in the use of choppers and aircraft by political parties during the ongoing poll campaign,' S.N.A.

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 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 21st, 2009 NEW DELHI - India's fear of getting downgraded by the US aviation regulator, Federal Aviation Administration (FAA), looms large as the latter has refused to postpone its India tour beginning Feb 22, according to a government official. 'They (FAA team) will reach India according to the schedule worked out earlier.