Insurance sector

According to the IRDAI, general insurers issuing advertisements on free vehicle pick up and drop, body wash, interior cleaning, and others are not related to servicing of claims and should not be done The regulator also said perusal of some advertisements of general insurers showing discounts and savings in premium can be achieved only in extreme or exceptional scenarios.

Similarly, the Insurance Regulatory and Development Authority of India (IRDAI) has also said foreign reinsurer branches (FRB) and Lloyd's India need not publish their half yearly and annual accounts, analytical ratios in newspapers.

The Indian insurance major listed on the stock exchanges at a discount of over 8 per cent at Rs 867, as against its issue price of Rs 949. Here's what some of the analysts have to say about post the listing: Shivam Bajaj, Founder and CEO at Avener Capital

Speaking on the condition of anonymity, IRDAI officials told IANS: "Recently Chief General Manager Mamta Suri was promoted as Executive Director. The Telangana High Court had recently held that she does not have the requisite qualification for being promoted to that post."

The Commerce and Industry Ministry is scheduled to release wholesale inflation data for April on Tuesday. In absence of any positive catalysts, the benchmark equity indices are expected to remain under pressure as selling is emerging on every bounce, said Yesha Shah, Head of Equity Research, Samco Securities.

With this, the IRDAI had scrapped its earlier circular that mandated general insurers to sell only standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, in April 2021.

In a circular, the Insurance Regulatory and Development Authority of India (IRDAI) said that the insurers are not required to submit hard copies of any reports, returns or other documents related to actuarial valuation or reinsurance. The insurers can file the returns, reports or other documents in either PDF format or in Excel sheet, it said.

The writ petition was filed by policyholders, said Thomas Franco Rajendra Dev, Joint Convenor of NGO People First and the case is listed for Thursday.

Although the company's revenues are increasing at a rapid pace, the company's EBITDA and cash flow from operations remains negative, the brokerage said in a note. "We expect that the company will continue to experience increasing cost pressures, at least in the short term, due to rising fuel costs," Yesha Shah, Head of Equity Research at Samco Securities, said.

In stock market parlance, the buying and selling of securities before they are officially issued on the stock market is called grey market. In the unofficial market, shares of the insurance major exchanged hands at a minuscule premium of Rs 8-10 per share over the issue price, which is 90 per cent below the premium of Rs 100-105 per share it commanded a week earlier, according to an Economic Times report.