Monday, September 21
Insurance regulator Irdai has formed panels of whole-time members to look into violations of regulatory norms by insurers and intermediaries. A decision to this effect was taken at the 132nd meeting of the Insurance Regulatory and Development Authority of India (Irdai), the regulator said in a release on Tuesday. "As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued thereunder, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed," Irdai said. There have been reports of data leakage and mis-selling of polices in the insurance sector. In terms of delegation of powers by the Authority, the regulator also decided to form a panel of Whole-Time Members to consider sp
HDFC Life Insurance expects to continue to grow faster amid the expected slowdown in the life insurance industry in the first half (April-September) of this fiscal year.“I think our view still remains that the industry will be slightly slow for the first half (H1), but we do expect that we will continue to outperform the industry,” said Vineet Arora, Executive Director & Chief Business Officer in a post earnings call with analysts. In the June quarter, the total annualized premium equivalent (APE), a metric of sales growth, rose 12.5% year-on-year to Rs 3,225 crore. This translates into a two-year CAGR of 21%, nearly double of 11% for the industry.According to CareEdge Ratings, the industry slowdown is attributed to the impact of the revised surrender value regulations, which came
Jaipur-based SK Finance Ltd, a non-banking financial company has reported 27% rise in its loan book to Rs 13,261 crore for FY25, compared to Rs 10,476 crore in the previous year. Despite weathering industry headwinds in FY25, SK Finance stayed resilient, delivering an impressive performance backed by robust demand and focused expansion, according to company's annual statement. The NBFC saw its profit after tax increase by 21.72 per cent year-on-year to Rs 380 crore, while total income rose 32.7 per cent to Rs 2,386 crore. Disbursements during the year stood at Rs 8,398 crore, marking a 16 per cent rise, driven by growth in car, tractor and MSME lending. Commercial vehicle loans comprised the largest share of the company's assets under management (AUM) at 37.9 per cent, followed by MSME loa
The United States has opened investigations into imports of drones and their components, alongside those of polysilicon -- an important material for solar power -- in moves that could bring about new tariffs.The probes launched July 1 by the US Commerce Department are the latest in a series of such actions under President Donald Trump's administration, looking into the effects such imports have on national security.The United States has also launched similar investigations into imports of semiconductors, pharmaceuticals and other goods.The probes take place under Section 232 of the Trade Expansion Act of 1962, the same authority Trump has used to slap steep tariffs on imports of steel and aluminum.Typically, such actions take months to conclude, and they could result in fresh levies if off
