The China Insurance Regulatory Commission (CIRC) on Sept 5 issued detailed rules governing insurance companies’ investment in real estate projects and unlisted companies. The rules could help insurance companies expand their investment channels. They include Provisional Measures on Insurance Capital’s Investment in Real Estate and Provisional Measures on Insurance Capital’s Investment in Equity of Non-listed [...]

The director of Mulumba Inc, Stephen Wakhweya, accused of mismanaging sh31m of the Global Fund money, bought medical insurance worth 7.2m from the International Air Ambulance (IAA) Hospital. Flavia Nansubuga, the operational manager of IAA, told the Anti-corruption Court yesterday that Wakhweya was registered as a silver client of IAA in the name of Mulumba [...]

Insurance Australia Group Ltd (ASX:AIG) expects claims from the New Zealand earthquake to be “entirely covered” by reinsurance arrangements and reaffirmed earnings guidance for the current year. The insurer added in a statement on Monday that it was too early to tell how much damage had been caused by the magnitude 7.1 earthquake which struck [...]

Kotak life insurance on Thursday launched two new unit-linked insurance plans (ULIPs) — Kotak Secure Invest Insurance and Kotak Wealth Insurance-meeting the new Irda guidelines. Kotak Secure Invest Insurance is an equity exposure plan and is backed by capital guarantees with in-built investment advice of the guarantee fund. It also helps the customer gain from [...]

KOTAK life insurance last week launched two new unit-linked insurance plans (ULIPs) – Kotak Secure Invest Insurance and Kotak Wealth Insurance – meeting the new regulatory guidelines. Kotak Secure Invest Insurance is an equity exposure plan and is backed by capital guarantees with in-built investment advice of the guarantee fund. * It also helps the [...]

INDIA’S KOTAK LIFE LAUNCHES 2 NEW ULIPS MUMBAI – Kotak life insurance on Thursday launched two new unit-linked insurance plans (ULIPs) — Kotak Secure Invest Insurance and Kotak Wealth Insurance-meeting the new Irda guidelines. Kotak Secure Invest Insurance is an equity exposure plan and is backed by capital guarantees with in-built investment advice of the [...]

The $5 billion early retiree health benefit aid from the federal government has attracted the expected flood of applicants, sure to quickly drain this program that was established under the health reforms. The U.S. Department of Health and Human Services announced the approval of its first 2,000 applicants to the Early Retiree reinsurance Program — [...]

India’s SBI life insurance Wednesday launched two new products that meet new Insurance Regulatory and Development Authority (IRDA) norms besides assuring 5 per cent more returns than the highest NAV in the marketplace today. Launching the Smart Performer and Unit Plus Super plans here, SBI Life MD & CEO MN Rao said, “These plans provide [...]

The U.S. Securities and Exchange Commission, which has now closed its period of public comment on a universal fiduciary standard for broker-dealers, received a lengthy letter of opposition from the largest group of independent U.S. insurance agents. The increased burdens on financial providers and adverse consequences for consumers certainly outweigh any measurable accompanying benefits,” Bob [...]

Insurance company Presidential Life Corporation (Nasdaq:PLFE) on Tuesday revealed that with effect from 18 August 2010 Duncan Szeto will be the new chief actuary of its operating subsidiary, Presidential life insurance Company (Presidential Life). Having joined Presidential Life in 2007 as VP of financial Modelling, Szeto succeeds Jerrold Scher who resigned for personal reasons. Additionally, [...]

China’s Provisional Administration Measures on Insurance Capital Operation takes effect from Tuesday, which means that insurance companies could become qualified institutional investors to enter the private equity investment market. In early August, the China Insurance Regulatory Commission (CIRC) issued the Provisional Administration Measures on Insurance Capital Operation, specifying that insurance companies would be allowed to [...]

Hong Kong’s Office of the Commissioner of Insurance (OCI) released Tuesday provisional statistics of the Hong Kong insurance industry for the first half of 2010. In the first half of 2010, gross and net premiums of general insurance business recorded a double-digit growth of 14.5 per cent to HK$16.6 billion (US$ 2.13 billion) and 11.8 [...]