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Sunday, March 13, 2011

India’s Insurance Regulators Issue New Norms.

The Insurance Regulatory and Development Authority, India’s insurance industry regulator, issued new rules that relaxed solvency ratios for India’s general insurers, the Financial Express newspaper reported, citing M. Ramadoss, the chairman and managing director of New India Assurance. Under the rules, the solvency ratio for general insurers has been reduced for March 2011 to 130 percent from 150 percent, the report said. The newspaper also cited the regulator as saying that general insurers wouldn’t be allowed to pay any bonus, dividend and other incentives unless they maintained a solvency ratio of 150 percent.

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