Fit And Proper Requirement For Promoters Of Insurers: Think Beyond Tick-Box Compliance - Insurance mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
BNP Paribas Cardif, Chubb, ABL, MetLife losing customers here
Posted : 2021-02-19 15:45
By Park Jae-hyuk
Mid-tier foreign life insurance companies appear to be losing their customers here, in contrast to their Korean peers, which have successfully prevented their clients from terminating their insurance contracts despite the COVID-19 pandemic.
Data compiled by the Korea Life Insurance Association showed Friday that the combined size of terminated insurance contracts with four foreign life insurers here increased from a year earlier, due to lapses and surrenders during the first 11 months of last year.
These data can be interpreted as resulting from a rise in the number of customers surrendering insurance policies without paying insurance premiums for a certain period of time.
The infusion will be done after the supplementary demands for grants is passed by Parliament which will reconvene on March 8. The capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
Updated Mar 23, 2021 | 12:12 IST
The private life insurance company has launched a new goal-based savings product – ICICI Pru Guaranteed Income for Tomorrow. Representational image
New Delhi: If you are planning for early retirement then ICICI Prudential Life Insurance Company s new insurance plan can help you. The private life insurance company has launched a new goal-based savings product – ICICI Pru Guaranteed Income for Tomorrow (GIFT), which provides guaranteed income to policyholders to help them achieve their long-term financial goals. This non-participating savings product can enable customers to eliminate the uncertainty of future income streams to a large extent while providing life cover, which is essential to secure the future of your family.
Read more about Insurance stocks advance after FM proposes higher FDI limit on Business Standard. Shares of six insurance companies added 3% to 5% after the central government proposed to amend Insurance Act to allow higher foreign direct investment (FDI) in insurance companies.