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EXCLUSIVE


LIC TO INTRODUCE ONLY NON-PAR PRODUCTS, SHAREHOLDERS SET TO BENEFIT

The corporation is eyeing a 75:25 mix between participatory and
non-participatory business in the individual segment. It has launched only
non-par products this fiscal.

 * ETBFSI Research
 * ETBFSI
 * November 21, 2022, 08:00 IST

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Eyeing a higher shareholder value, Life Insurance Corporation (LIC) is looking
to achieve a mix of 75:25 between participatory and non-participatory business
in the individual segment from 91.09 per cent and 7.12 per cent now.

The corporation is increasing the share of non-par business every quarter and
the move will give a fillip to its value of the new business (VNB), its
officials said in an analyst concall after Q2 results.

In line with its strategy of launching only non-PAR products, three new products
were launched in 1HFY23. This includes LIC Bima Ratna, LIC Dhan Sanchay, and LIC
Pension Plus.



Under non-participatory life insurance products, the profits are not shared with
policyholders and go entirely to shareholders while in participatory products,
policyholders get a share in the profits in the form of bonuses and dividends.

What's in hold?
Analysts now expect LIC to sustain the momentum led by incremental focus and the
introduction of new products. They see the company's margins rising helped by
improving the mix of non-PAR (non-participating) and higher profit retention for
shareholders.

"The value of new business growth will be very high for LIC...driven by increase
in non-par mix, and gradual increase in surplus distribution toward
shareholders. We have seen that product-mix-driven increase in VNB margin is a
fairly straightforward objective as seen from industry peers," Macquarie said.

ICICI Securities said that the VNB multiple for the insurer should be high,
driven by an increase in the non-par mix as well as a gradual increase in
surplus distribution towards shareholders. It expects LIC to register VNB margin
of 14 per cent/15 per cent and VNB of Rs 8,300/9,800 crore in FY23E/FY24E.

"Retention will increase to 10 per cent in PAR business by FY25E from 5 per cent
earlier, besides retaining the complete profits in non-PAR business," said
Motilal Oswal Research.



"Despite expansion, the insurer's value of new business (VNB) margin will be
<1/2 of top private peers and therefore we expect the valuation gap to sustain.
A stronger-than-expected growth in non-PAR savings and protection can, however,
lead to a faster normalisation of the margin and can result in narrowing of
valuation gap," noted the brokerage. The brokerage expects the insurer to
deliver a 20 per cent CAGR in APE over FY22-24, thus enabling 28 per cent VNB
CAGR.



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INSURANCE

 * 2 hrs ago
   
   INSURANCE REFORMS MAY SEE PE FUNDING SURGE IN SECTOR

 * 2 hrs ago
   
   TWEAKING INSURANCE TO WIDEN ITS REACH

 * 2 hrs ago
   
   NEW IRDAI MEASURES TO PROPEL INDUSTRY INTO A NEW ERA: INSURANCE LEADERS

 * 2 hrs ago
   
   BATTLE FOR RELIANCE NIPPON LIFE INSURANCE: NIPPON TOP BRASS LIKELY TO VISIT
   INDIA

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EXCLUSIVE


INSURANCE REFORMS MAY SEE PE FUNDING SURGE IN SECTOR

Insurance regulator Irdai's proposal to allow private equity (PE) funds to
promote insurance companies will result in significant capital inflows into the
sector. Opening the doors for private equity funds was part of a wide range of
reforms announced by Irdai on Friday.

 * TNN

Click Here to Read This Story
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MUMBAI: Insurance regulator Irdai's proposal to allow private equity (PE) funds
to promote insurance companies will result in significant capital inflows into
the sector. Opening the doors for private equity funds was part of a wide range
of reforms announced by Irdai on Friday, including reducing the capital
requirement for insurers on some social insurance schemes.

During liberalisation insurance companies from developed markets were key
investors in the sectors, however, private equity funds are the ones with deep
pockets currently. Till now PE funds could not promote insurance companies, and
there was also a cap of 10% on a single investor. The Irdai on Friday said that
special purpose vehicle (SPV) route was optional for PE promoters, indicating
that they could now invest directly. Also, investors can now pick up to 25% of
the paid-up capital without being treated as promoters.

"The increase of threshold to 25% from 10% stake for being treated as investors
and making SPV structure optional will bring the sector on the road map of a
wider base of institutional investors," said Nithya Easwaran, MD, Multiples
Alternate Asset Management. "The 'fit and proper' criteria will ensure that high
quality, responsible, and experienced institutional investors will become
significant stakeholders and partner with the companies through the transition
to a more open architecture and innovative industry structure," she added.



Sequoia Capital MD Ishaan Mittal said, "The relaxation for funds will help
attract a higher flow of capital to India's insurance sector, resulting in
greater innovation, deeper insurance penetration, and better offerings."

"The amendments will make the sector a hotbed for investments and make it more
investor-friendly in the coming years," said Digit Insurance chairman Kamesh
Goyal. Digit Insurance is promoted by Prem Watsa's Fairfax Group and Goyal.


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EXCLUSIVE


TWEAKING INSURANCE TO WIDEN ITS REACH

The insurance industry can, at best, nudge hospitals into a price band. But it
remains a chancy endeavour. On the other end of the spectrum, government-funded
health insurance prices premiums at levels that do not justify the claims. There
is poor interest among private insurers for this segment. With local partners
unwilling to commit funds for growth, joint ventures with deep-pocketed foreign
insurers are thus caught in a low equity trap.

 * ET Bureau

Click Here to Read This Story
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The Insurance Regulatory and Development Authority (IRDA) of India has eased
rules that were clogging up the capital flow to the industry, the key reason for
lagging penetration at India's current per capita income.

The changes have eased private equity investment in insurance companies, raised
the threshold for being classified as promoter, lowered the limit for dilution
of promoter holdings, widened the scope of marketing relationships, lowered
solvency requirements and enhanced access to debt.

These measures were overdue, but fall short of what is needed for a spurt in
capital infusion in the sector: unlimited access to foreign capital. The
requirement of reluctant local partners in insurance ventures is holding back
their growth.



Reluctance stems from health insurance, which brings in the biggest chunk of
premiums in the general insurance business. There is no regulator for healthcare
delivery, which feeds into scepticism among health insurance buyers about
overcharging by hospitals.

The insurance industry can, at best, nudge hospitals into a price band. But it
remains a chancy endeavour. On the other end of the spectrum, government-funded
health insurance prices premiums at levels that do not justify the claims. There
is poor interest among private insurers for this segment. With local partners
unwilling to commit funds for growth, joint ventures with deep-pocketed foreign
insurers are thus caught in a low equity trap.

Unshackling insurance requires a rethink on how to go about providing funding
for healthcare. Insuring outpatient care is a less expensive way to improve
outcomes than covering the cost of inpatient care. IRDA has made some progress
with managed care.

This rewards patients and healthcare providers for choosing cheaper lines of
treatment and increases cost sharing. But there is more ground to be traversed.
India's transition to universal state-funded basic health insurance with scope
for individual top-up is critically dependent on getting the pricing right. That
involves holistic and engaged regulation.


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EXCLUSIVE


BATTLE FOR RELIANCE NIPPON LIFE INSURANCE: NIPPON TOP BRASS LIKELY TO VISIT
INDIA

Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to the
entry of Aditya Birla Sun Life in the race to acquire Reliance Capital's stake
in RNLIC. The visit coincides with the deadline for submitting the final binding
bids for Reliance Capital and its subsidiaries, including RNLIC

 * PTI

Click Here to Read This Story
 * 
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The race for acquisition of Reliance Capital's 51 per cent stake in Reliance
Nippon Life Insurance Co (RNLIC) is intensifying, with the top brass of the
Japanese partner in the joint venture likely to visit India this week to flag
its concerns with the ongoing resolution process under insolvency laws, sources
said. Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to
the entry of Aditya Birla Sun Life in the race to acquire Reliance Capital's
stake in RNLIC.

Sources with knowledge of the matter said Nippon Life's Global President Hiroshi
Shimizu along with Minoru Kimura, managing executive officer and head of global
business, Nippon Life Insurance, and Tomohiro Yao, regional CEO, Nippon Life
Asia Pacific and Director, RNLIC, are likely to visit Mumbai on Monday.

Shimizu and his team may meet senior officials of the Reserve Bank of India
(RBI) and other stakeholders, and apprise them of their position with regard to
their investment in RNLIC and their long-term commitment to the Indian insurance
sector.



The visit coincides with the deadline for submitting the final binding bids for
Reliance Capital and its subsidiaries, including RNLIC.

Sources said Nippon Life has already made it clear to Y Nageshwar Rao, the
insolvency administrator of Reliance Capital, that the company is opposed to the
entry of Aditya Birla Sun Life in the bidding process of RNLIC.

It does not want to merge with Birla Sun Life or sell its 49 per cent stake in
the Indian outfit, sources said, adding Nippon has emphasised that they are a
committed long-term player in the Indian life insurance business, and so merging
with another life insurance company is not an option for them.

Nippon Life has also made its position clear to the top management of Aditya
Birla Sun Life, and its foreign partner Sun Life Financial Inc.

To counter the Aditya Birla bid, Nippon Life is also preparing to bid for
Reliance Capital's 51 per cent stake in RNLIC in partnership with an Indian
company, as Indian regulations restrict the holding of foreign companies in the
insurance sector at 74 per cent.

Sources said Nippon is in talks with Torrent, Cosmea and Hinduja to form a
strategic partnership for this bid.

Aditya Birla is keen to make a bid for RNLIC. No bids were received in the first
round for Reliance Capital's 51 per cent stake. Reliance Capital is being sold
to recover unpaid bank dues.



Nippon Life, which already holds 49 per cent in RNLIC, is keen on acquiring this
51 per cent stake, in partnership with a strategic investor. Nippon had held
several meetings with the Reliance Capital administrator and briefed him about
its plans.

But the sudden entry of Aditya Birla Sun Life Insurance has upset the company
and its plans.

In case Birla Sun Life succeeds in acquiring the 51 per cent stake in RNLIC, it
will have to merge RNLIC with its existing insurance company -- Birla Sun Life
Insurance -- due to the IRDA guidelines of no cross-holding being allowed
between two insurance companies.

The merger would hugely dilute Nippon Life's stake to below 10 per cent in the
merged entity. It would also lose all the shareholder and governance rights that
exist in terms of nominating the CEO, equal representation on the board, member
of the audit committee, and veto rights on the reserved matters, in RNLIC.

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EXCLUSIVE


NEW IRDAI MEASURES TO PROPEL INDUSTRY INTO A NEW ERA: INSURANCE LEADERS

Insurance watchdog, IRDAI approved multiple proposals in its meeting last week
around capital, ownership, and solvency of insurance companies. In order to
understand what it means for the industry, ETBFSI spoke to industry leaders who
think the new measures are going to reinvent Insurance in India. Here's what
they said.

 * Sheersh Kapoor
 * ETBFSI

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To further create sustainable, long-term growth of the industry, aligned with
the vision of 'Insurance for all by 2047', The Insurance Regulatory and
Development Authority of India (Irdai) has approved multiple proposals in its
meeting last week.

Post the approved ammendments to rules on investing in them, Private equity (PE)
funds can now directly put in money in insurance companies through a special
purpose vehicle (SPV) optional. Investors can now take a 25% stake in insurance
companies without being designated as promoter.



Banks and other corporate agents can now also partner with nine insurers up from
three earlier, while insurance brokers can tie up with 6 insurers up from two
earlier in each line of business of life, general and health.

"Increasing the tie-up limits for corporate agents and insurance marketing firms
will give policyholders a wider choice of opting for innovative products offered
by insurers and aid in the government and IRDAI's vision of accelerating
insurance penetration in the country," said Kamesh Goyal, Chairman, Go Digit
General Insurance.

Other reforms included, allowing Insurance companies to raise alternative
investments like subordinated debt and preference shares without seeking prior
approval of the regulator and easing registration norms for entrance of new
players.

“These are path-breaking reforms that will improve ease of doing business, free
up distribution models, encourage customer centric innovations and make the
sector attractive for investment," Bhargav Dasgupta, MD & CEO, ICICI Lombard
General Insurance while adding that the regulator has addressed a number of long
pending issues in one stroke!

A New Era for Indian Insurance Market

IRDAI is playing a pivotal role to align the industry towards the requirements
of the evolving needs of India’s life insurance customers, Tarun Chugh, MD &
CEO, Bajaj Allianz Life Insurance.



"The speed and the transformational reforms being introduced, such as expanding
partnership options for corporate agents and IMFs, relaxations provided for
incorporating new companies and attracting further capital, are just a few
examples of the changes being designed for the benefit of the customers, and the
industry at large," he added.

The set of measures announced by the regulator will have a long-lasting positive
impact on the industry, which will encourage growth and increase insurance
penetration in the country, echoed Sumit Rai, MD & CEO, Edelweiss Tokio Life
Insurance.

"IRDAl has effectively propelled the industry towards a new era of
customer-centricity and financial inclusion," he added.

Also Read: 'Very progressive initiative': Insurance leaders hail RBI's Account
Aggregator framework

On similar lines, Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance said,
"We welcome the regulatory reforms with a vision to ensure ‘Insurance for all by
2047’. These initiatives will lay the bedrock for a new era in the insurance
industry with consumer centric reforms by increasing tie-up limits for
intermediaries enabling the policyholders/prospects to have a wider choice".

"This will also improve access to insurance and facilitate the reach of
insurance to the last mile. Also, the registration of Indian insurance companies
will result in ease of doing business and simplify the process of setting up an
insurance company," he added.

What may impact negatively?

On the tie-up announcement, Venkatesh Naidu, CEO- Bajaj Capital Insurance
Broking explained that while this allows banks further flexibility to offer
solutions to the clients and opens up opportunities for the insurance industry
this blurs the gap between brokers and corporate agents.

Brokers have a stated responsibility of serving the interests of its customers
as they represent them, whereas CAs and IMFs represent the insurance companies
primarily, said Naidu.

"Unless regulated and monitored this could lead to client interests being
negatively impacted. Skill and knowledge in the area of products is still
lacking in smaller players which may negatively affect customer interests," he
added.

Other Announcements

IRDAI also gave the final approval to Insurtech startup Go-digit General
Insurance Company for listing and also in-principle approval to IndiaFirst Life
Insurance Company.

Also Read:Challenges, opportunities for, yet to become sixth largest, Indian
insurance market

The insurance regulator further approved the merger of Exide Life with insurance
company HDFC Life, following the announcement of the deal in September 2021.


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EXCLUSIVE


IRDAI APPROVES CHANGES IN CAPITAL, OWNERSHIP, SOLVENCY OF INSURANCE COMPANIES

The Insurance Regulatory and Development Authority of India (IRDAI) has also
approved a proposal to permit Private Equity (PE) funds to invest directly in
insurance companies and at its board meeting today allowed subsidiary companies
to be promoters of insurance companies.

 * Joel Rebello
 * ET Bureau

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The Insurance Regulatory and Development Authority of India (IRDAI) has approved
multiple proposals in its meeting on Friday, allowing private equity funds to
invest directly into insurance companies, permitting banks to tie up with nine
insurance companies, allowing insurance companies to raise alternative
investments like subordinated debt and preference shares without seeking prior
approval of the regulator.

IRDAI also gave the final approval to Go-digit General Insurance Company for
listing and also in-principle approval to IndiaFirst Life Insurance Company. It
has also approved the merger of Exide Life with HDFC Life.

The objective of these changes was to strengthen policyholders, insurance
companies and distributors to facilitate 'insurance for all by 2047', the
regulator said.



IRDAI allowed private companies to directly invest in insurance companies,
making nvestment through a special purpose vehicle (SPV) optional. Investors can
now take a 25% stake in insurance companies without being designated as
promoter.

Promoters of listed entites have been allowed to dilute their stake up to 26% in
insurance companies, subject to have a satisfactory solvency record for
preceding 5 years.

Also in a important consumer facing have banks and other corporate agents can
tie up with nine insurers up from three earlier, while insurance brokers can tie
up with 6 insurers up from two earlier in each line of business of life, general
and health.

The changes in regulations were done after taking stakeholder comments and
taking views of the insurance advisory committee, IRDAI said.

Solvency norms for both general and life insurance companies have been eased
with general insurers now asked to maintain a solvency on crop insurance of
0.50% from 0.70% and the timeline to consider state and central government
premium dues has been increased to 365 days from 180 days which will release Rs
1460 crore of capital for general insurers.

For unit linked plans of life insurers, the solvency ratio has been reduced to
0.60% from 0.80% while for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) it
has been reduced to 0.05% from 0.10%. This will reduce capital requirements for
life insurance companies by around Rs 2000 crore.



Insurance companies which were awaiting these reform measures by the regulator,
welcomed the move.

"These are path-breaking reforms that will improve ease of doing business, free
up distribution models, encourage customer centric innovations and make the
sector attractive for investment. The regulator has addressed a number of long
pending issues of the industry in one stroke," said Bhargav Dasgupta, CEO at
ICICI Lombard General Insurance Co.

Companies can now raise capital via subordinated debt or preference shares,
without the prior approval of IRDAI. The threshold limits for raising such
capital has been also increased to 50% of paid up capital & premium.

The regulator has also given actuaries new provisions for identification,
monitoring, reporting and recommending actions for risks affecting the solvency
position of the companies.

"We believe that registration of Indian insurance companies and other forms of
capital proposals should lead to improved access to capital for the industry,
which will drive insurance penetration. We welcome changes to the regulatory
sandbox framework in the form of increasing the experimentation period from 6
months to up to 36 months, and believe that this will encourage the industry to
promote innovation, develop experience and launch newer products for the
customers on a continuous basis," Ritesh Kumar, CEO HDFC Ergo General Insurance
said.

The regulatory sandbox provides a testing environment to companies in innovative
products, technologies, in a controlled regulatory setting. The experimentation
period has been increased from 6 months to upto 36 months.
In its board meeting the regulator also gave the final approval to Go Digit
General Insurance Co and in-principle approval to IndiaFirst Life Insurance Co
for listing in the stock exchanges.

Acquisition of Exide Life Insurance by HDFC Life was also approved and the
registration of Kshema General Insurance Co was also given the go ahead.
Nineteen more applications are in pipeline at various stages, out of which one
is expected to be approved in the next meeting, IRDAI said.

Other reforms on the anvil included replacing the various segmental caps on
expenses of management with a single overall limit in general and health
insurance. For life insurance, the segmental limits of expenses for certain
segments is proposed to be enhanced, with overall regulatory monitoring at the
company level.

Commissions have been proposed to be linked to the overall limit of expense of
management. "This will enable insurers to devise commission structures
incentivizing the intermediaries in line with their solicitation efforts and
also making insurance more affordable," IRDAI said.



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EXCLUSIVE


INSURERS SHOULD USE DIGITAL TO OFFER HYPER-PERSONALISED AND NEED-BASED PRODUCTS:
INDUSTRY HONCHOS

Companies should use digital to build consumer confidence and simplify the
product, industry leaders said at ETBFSI Converge Summit 2022.

 * ETBFSI

Click Here to Read This Story
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Panel discussion on 'Thriving in the World of Digital' at ETBFSI Converge
Summit, 2022.Insurance firms should use digital to make hyper-personalise and
need-based sales so that the consumer gets the right product.

"Insurance is still a push product in India where customers don't believe in
risk management easily. Companies should use to hyper-personalise and push
need-based products, That will be the real purpose of digitalisation," said
Vishakha RM, MD & CEO, IndiaFirst Life Insurance in a panel discussion on
'Thriving in the World of Digital' at ETBFSI Converge Summit 2022.

Stating that insurance is still a push product in India where customers do not
believe in risk management easily, she said insurers should use digital to build
consumer confidence and simplify the product.



The knowledge of the senior management should percolate down to the last-mile
salesperson so that the consumer gets the need-based product and there is no
mis-selling.

Shanai Ghosh, MD & CEO, Edelweiss General Insurance Company, said insurers need
to make sure they have clarity and connect between their strategy and
technology.

Collaboration is key

Stressing the need to build APIs first, she said, "I believe that there's no
need to solve everything yourself, collaborating actively, especially in
insurance is very important."

Ghosh gave the example of Lemonade, which settled a claim for a lost $500 jacket
within 30 seconds as she said digital has helped intermediaries sell better.

She said the companies should look at more behaviour-based segments and
understanding the customer will help leverage the power of digital in a more
effective way.

"Think of data from day one, invest in a data science team. Start with what you
want to do as an organisation and how digital will drive that. There has to be a
strong level of prioritisation," she said.

Rakesh Jain, CEO, Reliance General Insurance said in insurance, the business
model is moving from product-centric to consumer-centric which is a big shift
now. Digital is the only format that can help in meeting objectives of general
insurance from a customer's point of view, he said, adding,"The way health data
is being curated, working around NHA, Open Network, Aggregator model and more,
it is safe to say digital is redefining insurance."



Satishwar Balakrishnan, MD & CEO, Aegon Life said customers are not aware about
the urgency and necessity of buying insurance, that's why insurance remains a
'push product'.

"Through intermediary or directly, if we can reach the customer we should, as
customer acquisition has become very costly," he said.


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EXCLUSIVE


LIC HOPES TO MIRROR LAST YEAR'S $4.9 BILLION PROFIT FROM EQUITY SALES - CHAIRMAN

India's benchmark Nifty 50 has risen 6.51% so far this year as of Thursday's
close, after losing 9.07% in the first half of the calendar year.We are hoping
that profits from equity portfolio would be same as last year, depending on
market conditions, Mangalam Ramasubramanian Kumar said.

 * Reuters

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Life Insurance Corp. of India (LIC) hopes to book profit of around 400 billion
rupees ($4.90 billion) from selling stocks it holds in 2022/23, the state-run
firm's chairman told Reuters, mirroring the profit made last year as market
conditions remain volatile.

India's benchmark Nifty 50 has risen 6.51% so far this year as of Thursday's
close, after losing 9.07% in the first half of the calendar year.

"We are hoping that profits from equity portfolio would be same as last year,
depending on market conditions," Mangalam Ramasubramanian Kumar said.



"While we are long term investors and also contrarian in nature, we are not
averse to booking profits," Kumar said.

LIC is aiming to increase its share of premium or participating policies to 15%
in two years from about 9% presently, Kumar said.

"We are looking forward to increasing this to 25% over a 4 to 5 year period," he
said.

Non-participating or 'non-par' policies have fixed returns and do not require an
insurer to share profits with policyholders.

LIC traditionally targets participating business as opposed to private
competitors who have been undertaking more high-margin non-par business.

India's largest insurer listed in May following a record $2.7 billion share
sale, but the stock is now trading over 34% lower than its issue price.

LIC's management is trying to revive value for shareholders, and recently
transferred funds from its non-par fund to its shareholders fund.

"The change in product mix is clear indicator of our efforts in maintaining our
market leadership position. We hope that sooner or later the markets will value
our efforts that are making the results that are visible," Kumar said.

The insurer is banking on its strong agent network to sell both participating
and non-participating policies, Kumar said, and is looking to hire more agents
and increase the average number of policies sold per agent by 12%-18%.


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EXCLUSIVE


IRDAI PROPOSES SINGLE MANAGEMENT EXPENSE LIMIT FOR INSURERS

Irdai on Wednesday proposed a single management expense limit of 30 per cent of
gross premium written in a financial year in the case of general insurers and 35
per cent for standalone health insurers.

 * PTI

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Irdai on Wednesday proposed a single management expense limit of 30 per cent of
gross premium written in a financial year in the case of general insurers and 35
per cent for standalone health insurers. Currently, there are segmental and
sub-segmental management limits for insurers.

The draft Irdai (Expenses of Management of Insurers Transacting General or
Health Insurance Business) Regulations, 2022, has proposed the insertion of a
single limit of 'Expenses of Management' and additional allowances towards the
rural sector and government welfare-oriented schemes; also for expenses towards
'insurtech' and 'insurance awareness'.

It also proposed that there should be no variable pay to Managing Director (MD),
Chief Executive Officer (CEO), Whole-Time Directors (WTD) and Key Management
Persons (KMPs) for the financial year in which the actual expenses exceed the
projected expenses by more than 10 per cent.



In another exposure draft on expenses of management in the case of life
insurers, Irdai has suggested the introduction of an objective clause to give
flexibility to the insurers to manage their expenses within overall limits based
on their gross written premium.

As per the draft, there may be an additional allowable expense of up to 15 per
cent incremental premium over the previous year towards rural sector business
and government schemes.

It also talks about additional allowable expenses up to 15 per cent of the
premium for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Insurance Regulatory and Development Authority of India (Irdai) has invited
comments on the two draft regulations by December 14.

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EXCLUSIVE


IRDAI PROPOSES SINGLE MANAGEMENT EXPENSE LIMIT FOR INSURERS

Irdai on Wednesday proposed a single management expense limit of 30 per cent of
gross premium written in a financial year in the case of general insurers and 35
per cent for standalone health insurers.

 * PTI

Click Here to Read This Story
 * 
 * 
 * 
 * 
 * 
 * 
 * 
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Irdai on Wednesday proposed a single management expense limit of 30 per cent of
gross premium written in a financial year in the case of general insurers and 35
per cent for standalone health insurers. Currently, there are segmental and
sub-segmental management limits for insurers.

The draft Irdai (Expenses of Management of Insurers Transacting General or
Health Insurance Business) Regulations, 2022, has proposed the insertion of a
single limit of 'Expenses of Management' and additional allowances towards the
rural sector and government welfare-oriented schemes; also for expenses towards
'insurtech' and 'insurance awareness'.

It also proposed that there should be no variable pay to Managing Director (MD),
Chief Executive Officer (CEO), Whole-Time Directors (WTD) and Key Management
Persons (KMPs) for the financial year in which the actual expenses exceed the
projected expenses by more than 10 per cent.



In another exposure draft on expenses of management in the case of life
insurers, Irdai has suggested the introduction of an objective clause to give
flexibility to the insurers to manage their expenses within overall limits based
on their gross written premium.

As per the draft, there may be an additional allowable expense of up to 15 per
cent incremental premium over the previous year towards rural sector business
and government schemes.

It also talks about additional allowable expenses up to 15 per cent of the
premium for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Insurance Regulatory and Development Authority of India (Irdai) has invited
comments on the two draft regulations by December 14.

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EXCLUSIVE


GENERAL, HEALTH INSURERS FACE A SINGLE MANAGEMENT EXPENSE LIMIT

The draft IRDAI (Expenses of Management of Insurers Transacting General or
Health Insurance Business) Regulations, 2022, has proposed the insertion of a
single limit of 'Expenses of Management' and additional allowances towards the
rural sector and government welfare-oriented schemes; also for expenses towards
'insurtech' and 'insurance awareness'.

 * ET Bureau

Click Here to Read This Story
 * 
 * 
 * 
 * 
 * 
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The Insurance Regulatory and Development Authority of India (IRDAI) has proposed
a single management expense limit of 30% of gross premium written in a financial
year in the case of general insurers and 35% for standalone health insurers.

Currently, there are segmental and sub-segmental management limits for insurers.

The draft IRDAI (Expenses of Management of Insurers Transacting General or
Health Insurance Business) Regulations, 2022, has proposed the insertion of a
single limit of 'Expenses of Management' and additional allowances towards the
rural sector and government welfare-oriented schemes; also for expenses towards
'insurtech' and 'insurance awareness'.



It also proposed that there should be no variable pay for managing directors,
chief executive officers, whole-time directors and key management persons for
the financial year in which the actual expenses exceed the projected expenses by
more than 10%.

In another exposure draft on expenses of management in the case of life
insurers, IRDAI has suggested the introduction of an objective clause to give
flexibility to the insurers to manage their expenses within overall limits based
on their gross written premium.



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