Paytm receives license from IRDAI

India’s leading payment and fin-tech company Paytm has entered into the insurance segment, as its subsidiary received licence to sell life-and non-life products from the regulator- Insurance Regulatory and Development Authority of India (IRDAI). Noida-based Paytm announced that it will commence its insurance services through its subsidiary, PayTM Insurance Broking Pvt Ltd (PIBPL). The company ..

Topics: Insurance • Insurance Regulatory and Development Authority • Paytm

DPIIT notifies 100% FDI in insurance intermediaries under automatic approval route

The Department for Promotion of Industry and Internal Trade (DPIIT) recently notified that 100 per cent FDI is allowed in insurance intermediaries under automatic approval route. The FDI policy earlier allowed 49 per cent foreign investment in the insurance sector, including insurance intermediaries. Intermediary services comprise of insurance brokers, re-insurance brokers, insurance consultants, third party ..

Topics: Department for Promotion of Industry and Internal Trade • FDI • Insurance

DPIIT notifies 100% Foreign Direct Investment in Insurance Intermediaries

The Department for Promotion of Industry and Internal Trade (DPIIT) operating under Ministry of Commerce and Trade has amended the FDI (Foreign Direct Policy) to allow 100% foreign investment for insurance intermediaries. This includes insurance companies, third party administrators, insurance brooking, loss assessors and surveyors. Highlights Initially DPIIT had allowed only 49% of FDI in ..

Month: Current Affairs - February, 2020

Category: Economy & Banking Current Affairs

Topics: DPIIT • FDI • Insurance • nirmala sitaraman • Sustainable Development Goals • UNCTAD • Union Budget

Cabinet Approval: Capital Infusion in three public sector Units OICL, UIICL and NICL

On February 12, 2020, the Union Cabinet approved on capital infusion in three Public Sector Units namely United India Insurance Company (UIICL), Oriental Insurance Company Limited (OICL) and National Insurance Company Limited (NICL). Highlights During the meet the cabinet also approved an immediate release of Rs 2,500 crores in order to address their critical financial ..

Month: Current Affairs - February, 2020

Category: India Nation & States Current Affairs

Topics: Cabinet • cabinet approval • Debt • Insolvency • Insurance • IrDA • Mergers and Acquisition • National Cabinet Decisions • NPA • PSU

GoI merges three Insurance PSUs

The GoI will merge 3 public Sector Insurance Companies as announced in budget 2019-20. The merger includes United India Insurance Limited, National Insurance Co Limited and Oriental Insurance Company Limited. Highlights The Budget 2019-2020 did not make provision of funds for insurers and the Department of Financial Services. Therefore, the government institutions in the financial ..

Month: Current Affairs - November, 2019

Category: Economy & Banking Current Affairs

Topics: Budget 2019 • Finance Ministry • Insurance • IRDAI • Mergers and Acquisition