Irda allows insurance for markets
feBureau: Mumbai, Feb 09 2013, 01:59 IST
that the LIC Act, 1959, supersedes the Insurance Act. As per the LIC Act, the state-run life insurer could invest up to 30% of its total funds in a single entity. “When any subject matter of law is concerned, they do consult the concerned regulator. On this matter there has been no consultation yet,” J Hari Narayan, chairman, Irda had said in January.
In 2011-12, the total collection of premiums by life insurance companies was R2,87,072 crore compared with R2,91,639 crore in the previous year, a drop of 1.5%. Premiums have been sluggish ever since August 2010, when the regulator slashed the commissions that agents could charge on unit-linked insurance Plans (Ulips). While earlier the bulk of the premiums — more than 70% — came into Ulips, that share is now down to 15%. The premiums that were invested in Ulips fell 36% 2011-12 over the previous year.
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