Top Indian Insurance Industry News & Updates - 18 Feb 2025,Tuesday
🏭 Industry
Govt asks private insurers to increase free look period to one year
The free-look period is the length of time during which a customer can cancel an insurance policy without paying surrender charges. Last year, the insurance regulator increased the period to 30 days from 15 days.
Government examining a proposal to up deposit insurance limit: DFS Secretary
Mumbai: The government is examining a proposal to up the deposit insurance limit, according to M Nagaraju, Secretary (Department of Financial Services), Finance Ministry. The last time the deposit insurance limit was revised was in February 2020. Then it was raised to ₹5 lakh from ₹1 lakh. This came in the wake of the Mumbai-based Punjab and Maharashtra Cooperative (PMC) Bank being hit by a massive fraud and depositors taking to the streets to get their savings back.
Aviva India faces $7.5 million fine over fake invoice scheme
British insurer Aviva’s India unit has been ordered to pay $7.5 million in back taxes and penalties after authorities found it engaged in fraudulent practices to evade taxes, according to a February 5 order reviewed by Reuters.
From 1-month to 1-year: Longer free-look for insurance policies
What is Free Look Period? FM Sitharaman urges insurance companies to extend time to one year
mint
Deposit insurance claims of cooperative banks mount, but their share in premium declines
The crisis at a cooperative bank has thrown attention on the need to increase the deposit insurance limit and explore a risk-based premium model for the deposit insurance fund.
📝 Govt moves to streamline insurance sector compliance ahead of 100% FDI
📝 IndAS117: Challenges and opportunities for Indian insurers
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🗎 Life Insurance
📝 360 ONE Asset to acquire 15% stake in Bharti AXA Life Insurance
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🏦 SEBI
No time like present to invest in SIPs, says Buch on SBI JanNivesh launch
At a time when foreign investors are continuously taking money out of the Indian market, Securities and Exchange Board of India Chairperson Madhabi Puri Buch citing data said that domestic institutions and retail investors come in to fill the gap when foreign flows go out due to global reasons.
Sebi’s new rules for REITs and InvITs around public offer documents
📝 Sebi asks RAs, IAs to disclose most important terms, conditions of services to clients
📝 Sebi notifies procedure to amend rules; mandates public consultation
📝 CIEL HR Services gets Sebi's go ahead to float IPO
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🗎 Pension Funds/PF
📝 Fight against NPS and APY related new frauds: Complete withdrawal of NPS corpus, higher returns on NPS and more; PFRDA cautions public
📝 PE fund manager SKEGEN to invest ₹360 crore in two defence start-ups
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🗎 Mutual Funds / AMCs
SEBI unveils MITRA to reconnect inactive mutual fund folios—Full details inside
The Securities and Exchange Board of India (SEBI) has launched MITRA to help investors track inactive mutual fund folios, ensuring KYC compliance and reducing fraud risks according to a detailed notification released by SEBI on February 12, 2025.
Demat A/cs, MF investments next pride of India
One 97 Communications chief executive Vijay Shekhar Sharma expressed confidence that the rapid increase in demat accounts and mutual fund investments will be India’s next pride after the digital payments revolution.
SBI and SBI Mutual Fund launch Rs 250 JanNivesh SIP
SBI MF launches ₹250 micro SIP under Jan Nivesh scheme
The Hindu Business Line
Market regulator Sebi panel to discuss MF-insurance combo product
📝 Kotak Mutual Fund launches Nifty Commodities Index Fund
📝 Don't fall for narratives; choose wisely, advises Radhika Gupta of Edelweiss Mutual Fund
📝 Market correction temporary; long-term growth in Nifty remains strong: Mihir Vora
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🗎 Govt Securities / Bonds
Tata Capital to issue green bonds, NCDs to raise Rs 15,000 crore
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