"life insurance"

HDFC, Max Group Merge Life Insurance Businesses to Create Company Worth Rs 67,000 Crore

Posted on 10 Aug 2016 by Easypolicy



HDFC Chairman Deepak Parekh and Max Group Chairman Analjit Singh announced a deal merging their life insurance businesses to create what will eventually be India's largest listed life insurance company with an estimated market value of Rs 67,000 crore once the all-share transaction is completed in about 12-15 months.

The Max promoter group will be paid a non-compete fee of Rs 850 crore over four years. The boards of HDFC Life, Max Life and Max Financial Services approved the scheme of arrangement for merging the insurance businesses on Monday.

Arpwood Capital was the lead financial adviser to the deal. "As per the agreed valuation and exchange ratio, the relative valuation of HDFC Life and Max Life would be 69 per cent and 31 per cent, respectively," HDFC Life said in a release on Monday.
The merged entity will retain the HDFC Life name. Once regulatory and other approvals come through, the companies will engage in a series of transactions before the deal is completed: Max Life will be absorbed by listed parent Max Financial Services.
Source: Economic Times
Dated: 9th August

ICICI Prudential Life Insurance files DRHP for Rs 5,000-crore IPO

Posted on 28 Jul 2016 by Easypolicy

ICICI Bank BSE 0.63 % has filed draft red herring prospectus (DRHP) with SEBI for an initial public offer (IPO), worth up to Rs 5,000 crore. 

Country's largest private sector lender said it will sell 12.65 per cent stake in its subsidiary ICICI Prudential Life Insurance Company, offloading more than 18 crore shares through a public offer. 

The share selling by the bank in the subsidiary firm is estimated to fetch around Rs 5,000 crore.
 

In a regulatory filing today, ICICI Bank said ICICI Prudential Life Insurance Company has filed a draft red herring prospectus (DRHP) with the market regulator SEBI.
The public offer is for up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, representing approximately 12.65 per cent of its equity share capital for cash, through an offer for sale by ICICI Bank, it said.
 
In a regulatory filing today, ICICI Bank said ICICI Prudential Life Insurance Company has filed a draft red herring prospectus (DRHP) with the market regulator SEBI.
 

The public offer is for up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, representing approximately 12.65 per cent of its equity share capital for cash, through an offer for sale by ICICI Bank, it said.
 

Source: Economic Times

Dated: July,18

IRDAI Directs Insurers Not to Delay Claim Payments

Posted on 14 Jul 2016 by Easypolicy

Irdai has asked life insurers not to withhold or delay settlement of claims of policyholders if there is any objection from claimants to fill the discharge voucher. 

Discharge voucher is required to be furnished by claimants before raising a claim.
 

It is a standard practice by life insurers to inform about maturity date and amount of a claim to policyholders through a blank discharge voucher about 2-3 months in advance.
 

Policyholders have to furnish the information in discharge voucher and submit it back to the insurance company to raise a claim.
 

"Where the policyholder/claimant expresses unwillingness or reluctance or objection for any reason to execute the advance discharge voucher or to accept the amount, the Life Insurer should not insist on the discharge voucher or make it conditional for releasing the policy payment", Irdai said in a circular issued today.
 

In such an event the life insurer shall not withhold or delay the payment for this reason but make the policy payment to discharge its contractual obligations, it said further, adding the life insurer may preserve the proof of making the payment.
 

The discharge voucher sent to policyholder/claimant should necessarily contain policy number and the nature of payment and amount of claim under different heads including deductions, if any, and other relevant details, Irdai said. 

Insurance Regulatory and Development Authority (Irdai) said the provision was being made to protect the interests of policyholders as well as keeping in view the legal principles.
 

Contractual obligations are discharged by life insurers when making policy payments in cases of maturity or death claims or surrender of policy.
 

Source: Economic Times

Dated: 14th July, 2016

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