Insurance business News

Earlier this week, state-run SBI Life Insurance (SBI Life) completed its initial public offer (IPO) issue, while the privately-run ICICI Lombard did the same last week.

The sectoral watchdog Irdai has issued new guidelines on outsourcing activities by insurers by clearly defining the areas of work that should be done in- house and those which can be handed out to third-parties.

Life Insurance Corporation (LIC) has had a good run in the Gulf countries with its Bahrain-based arm, LIC International, that manages the GCC markets becoming the best among its eight international subsidiaries in terms of new business premium collection in 2015.

UK-based re-insurer Llyod's has initiated talks with insurance regulator IRDA for starting operations in India and opening offices here.

Expecting the passage of Insurance Bill to bring in USD 8-10 billion of foreign capital into the industry, Reliance Capital Thursday said it would soon begin talks with foreign partners for its insurance ventures.

Top software exporter TCS has introduced a new platform which will increase the level of automation in underwriting for insurance business.

Seeking to increase insurance penetration in the country, the Reserve Bank on Thursday allowed banks to act as brokers for insurers, set up their own subsidiaries and also undertake referral services for multiple companies.