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Indian insurance regulator Irda has imposed a fine of Rs 70 lakh (US$157,843) on SBI life insurance for paying excess commission to the agents in violation of the group insurance guidelines. “Considering the gross and continued nature of the violations, the Authority has come to the conclusion that it is just and proper to impose [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
SRI LANKA’S SOFTLOGIC BUYS INSURER ASIAN ALLIANCE
July 14th, 2011 
gary Sri Lanka’s Softlogic Holdings group is buying a 73.5 per cent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees (US$30 million), the company said in a stock exchange filing. Softlogic Holding group will buy 53.16 per cent of Asian Alliance held by Asia Capital PLC and its subsidiaries and 20.36 per [...]
INDIA’S INSURANCE REGULATOR TO BAN TPAS FROM GOVT SCHEMES
July 14th, 2011 gary India’s insurance regulator is proposing to ban Third Party Administrators (TPA) from operating as intermediary for the government-sponsored health insurance schemes. “The licensed TPAs cannot enter into arrangements for servicing health schemes promoted, sponsored or approved by any non-insurance body including central, state, local governments, firms, corporates during the subsistence of the TPA license granted [...]
Japan’s current account surplus down by 52 per cent in May
July 9th, 2011 gary Japan’s current account surplus in May fell 51.7 per cent from a year earlier to 590.7 bn yen on a combination of rising imports and slower exports as a result of the massive earthquake and tsunami in March, the government said Friday. The balance of international payments, considered the widest measure of trade for a [...]
New ministry to run banks, petrochemical industry – Iranian official
July 9th, 2011 gary The deputy minister of trade has reported that the National Petrochemical Industry Company will be merged with the Ministry of Industry, Mining and Trade and said: Some state-owned sectors in free zones and Iran’s Export Development Bank and Industry and Mining Bank will be merged with the new ministry. The merger of some sectors in [...]
China May Become the 2nd Largest Insurance Market Globally
July 9th, 2011 gary Swiss Re-insurance Company recently reckons that emerging countries will take more shares aggressively in global insurance market, and China may become the world’s second largest insurance market within ten years. According to the 2010 annual assessment report of Swiss Re-insurance, the world’s insurance premium increased by 2.7% year on year, reaching USD 2.52 trillion. Respectively, [...]
Sinosure to Compensate USD99mn To Zhengzhou Yutong Group
July 9th, 2011 gary China Export & Credit Insurance Co., Ltd. (Sinosure), a policy-oriented insurer, will compensate up to USD 99 million to Zhengzhou Yutong Group Co., Ltd. for the latter’s defaulted payment by Cuba importer. The compensation will be paid on five installments. The first installment of USD 14.27 million was paid this March and the second installment [...]
Taikang Confirms Investment in Chengdu Rural Commercial Bank
July 9th, 2011 gary Taikang life insurance Co. will invest in Chengdu Rural Commercial Bank, confirmed the insurer’s vice president and company secretary Qiu Xichun. Qiu Xichun denied the news that Taikang life insurance expected to spend CNY 3 billion in buying the bank’s new shares to be placed to selected investors and that it would probably become a [...]
