IRDA bans over 4,000 corporate agents

The IRDA website, which displayed the names of corporate agents that were banned, has cautioned insurance companies and general public not to transact any insurance business through them

The Insurance Regulatory and Development Authority (IRDA) has said that as many as 4,261 corporate agents, out of the total 7,000 in the country, are not authorised to sell policies from March 31, this year, reports PTI.

The IRDA website, which displayed the names of corporate agents that were banned, has cautioned insurance companies and general public not to transact any insurance business through them.

The list of banned agents includes HDFC Bank (General Insurance), Oswal Consultancy, India Bulls Insurance Advisors Pvt Ltd in Mumbai; Prosoft Technologies and Tangent in Bangalore; Rishab Investments and Cosmos Financial Services in Chennai; Pact Brokerage and Atluri Travels in Hyderabad.

"These corporate agencies were due for renewal on or before March 31, 2010 but have not been renewed till date. All these agency licences have been withdrawn," IRDA said in a circular on Tuesday.

According to a senior IRDA official, the policies purchased after March 31 and till date could be valid and the full implications are being worked out.

The business is likely to hit as almost all life and general insurers including Life Insurance Corporation of India engaged these agencies.

The IRDA is in the process of verifying the quantum of business done through these agencies after March 31.

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COMMENTS

Vishnu @ beautiful minds

7 years ago

shocking to hear that the big shots like HDFC, oswall and india bulls are in the list..

What will be the fate of policies that was to be issued to them post march?

Hiring drive continues; job index rises 5.6% in May: Monster

Monster's Employment Index, a monthly gauge of the country's online job demand, gained seven points to 132 in May from 125 in April, rising for six months in a row, consistent with other economic indicators

With construction, steel and engineering sectors contributing largely, for the sixth month in a row India Inc's online hiring activity rose 5.6% in May, leading recruitment service firm Monster India said, reports PTI.

Monster's Employment Index, a monthly gauge of the country's online job demand, lifted seven points to 132 in May from 125 in April.

"The continued growth in Monster Employment Index India for the sixth consecutive month is indeed very encouraging.

The positive momentum in the index is consistent with other economic indicators," Monster Worldwide managing director (India, Middle East and South-East Asia) Sanjay Modi said.

During May, online job availability rose in 18 of the Index's 27 industry sectors and in 10 of the 14 occupational categories monitored.

The real estate sector saw the fastest growth in demand for workers with the sectoral index rising by 34 points in May.

It is closely followed by the engineering, cement, construction, iron/ steel sector, which saw a 28-point jump and these two industries also registered strong medium-term (3-month) growth trends, rising 52% each.

Moreover, opportunities in the IT sector continued to expand in May gaining 22 points (17%), however, the monthly rate of growth slowed relative to April.

Telecom sector rebounded in May after witnessing a slump in March and April while job opportunities in the banking, finance and insurance industries registered a modest 2% growth.

Meanwhile, after bullish hiring in April, the online demand for jobs in the health care and bio-technology sector was somewhat held back, the report revealed.

Online opportunities in advertising, market research and public relations (PR) declined for the second consecutive month.

The month saw a sharp increase in demand for technically qualified professionals in manufacturing and production category, which also registered the strongest three-month growth trend, Monster report said.

In terms of cities, Mumbai, with a 5% growth in online demand for jobs saw largest improvement in May followed by Bangalore and Delhi-NCR.

Kochi and Coimbatore continued to record the greatest monthly rises in online opportunities in May.

Meanwhile, hiring in Chandigarh and Kolkata fell a bit even as they exhibited relatively strong medium-term growth.

The index is based on a comprehensive real-time review of data available on various online job sites, including Monsterindia.com.

User

Mold-Tek Packaging wins order from Berger Paints India worth Rs25 crore

Mold-Tek Packaging Ltd has received orders from Berger Paints India Ltd for supply of packaging pails. With this company expects additional annual sales of around Rs25 crore from Berger Paints India Ltd.

Mold-Tek, formerly Mold-Tek Plastics Ltd, is the manufacturer of plastic packaging products, which offers packaging solutions to segments like paints, lubricants, cosmetics, FMCGs etc. Berger Paints India is the second largest decorative paints company in India.

On Wednesday, Mold-Tek Packaging shares ended 3.04% down at Rs81 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.25% up at 16,657 points.

 

User

COMMENTS

khalid

7 years ago

I liked the way of your writings.. Nice Info. Thanx

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