The proportion of newly signed fire insurance contracts in the fiscal year ended 31 March 2016 that include earthquake damage coverage rose by 0.9 percentage point from the previous year to a record 60.2%, according to industry data.
IRDAI proposes to ban insurance companies from giving incentives and junkets to bank staff for selling insurance policies. The objective is to curb mis-selling of insurance by banks. The insurance regulator will devise different commission structures for insurance agencies and banks, with incentives to be cut for banks selling insurance, reported The Economic Times citing Mr Nilesh Sathe, an IRDAI member.
The Chinese insurance regulator, CIRC, has denied that up to CNY600 billion (US$90 billion) worth of capital from life insurers which market universal life products will withdraw from the local A-share market, even as it is considering stricter regulations on universal life insurance.