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Life Insurers Close Branches To Save Cost  Place : Chennai   Life insurance companies have been closing branches and downsizing employee headcount as major cost-cutting initiatives due to the downside seen in the life insurance business over the past year.   Life insurance companies in India closed down at least 453 branches to bring down the total branch count to 11,446 for...

The Employees State Insurance Corporation, which looks after the administration of the multi-dimensional ESI social security system in the country, held a conclave in the city to discuss ways in which the organisation could increase its quality levels in order to compete at the world level.   Entering its Diamond Jubilee year, ESIC is looking to brand itself and reach out to its...

The Insurance Regulatory and Development Authority has said that the Life Insurance Corporation of India has performed better in terms of claim settlement ratios as compared to private life insurance companies.   "The claim settlement ratio of LIC was better than that of the private life insurers. Settlement ratio of LIC increased to 97.03 % during the year 2010-11 when...

In a development reminiscent of the turf battle between Sebi and Irda over Ulips, the latter appears to be on a collision course with the ministry of finance (MoF) over the payment of obligatory commission by GIC Re, the state-owned reinsurer to general insurers.   GIC Re - which had stopped paying commissions to general insurers on obligatory business on MoF’s instructions - has...

With the Insurance Regulatory and Development Authority (Irda) cracking its whip on insurance firms by bringing in sweeping reforms in a bid to make the industry more customer-friendly, the insurance industry saw a shift in 2010. The year 2011 was when these reforms, largely in the life insurance industry, were tested. While traditional plans stole the show from unit-linked insurance...