CHENNAI: Financial services firm Shriram Capital Ltd (SCL) on Tuesday said its South African partner Sanlam’s decision to invest directly in the former’s insurance business will be finalised by April. Currently, Sanlam holds 26 per cent stake in the Rs 70,000-crore SCL, the holding company of Shriram Life Insurance and […]
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Pension fund withdrawals very worrying, say experts
By Brian Milligan Personal Finance reporter Figures from the City regulator show that 120,969 who cashed in a pension fund between July and September last year took the whole lot out. In contrast just 58,021 people used the money to buy themselves an income, said the Financial Conduct Authority (FCA). […]
Woman pleads guilty to burning O.C. homes, cars for insurance money
SANTA ANA – A 41-year-old woman pleaded guilty Wednesday to setting her Orange County homes and car on fire to reap hefty insurance payments. Andrea Michelle Robinson also admitted welfare fraud while not disclosing her income from insurance claims. She was scheduled to be sentenced Jan. 21 for her guilty […]
New York Insurance Agent Couple Charged With Defrauding Clients
New York authorities announced that a Rochester, New York, couple has been charged with defrauding their Rochester insurance agency clients. Gary Gubiotti and Bonnie Gubiotti, both 67, are accused of stealing more than $150,000 from clients by falsely inflating insurance premiums, failing to remit refunds, and forging finance agreements from […]
Insurance mixup leaves retirees without coverage
By Susan Sherring City retirees are crying foul after an insurance switch to a new company has left them in the lurch — some even without coverage. And the seniors are now being forced to pay for prescriptions and hospital services out of their own pockets on their reduced income. […]
FG pays N496,58bn pension accrued rights of 99,069 RSAs, DBAs holders
Director-General PenCom Mrs. Chinelo Anohu-Amazu Leave a comment Chuks Udo Okonta The Federal Government has paid N496,58 billion pension accrued rights of 99,069 Retirement Savings Accounts (RSAs) and Defined Benefits Accounts (DBAs) holders as at third quarter of 2015, Inspen has learnt. It was gathered that the amount was […]
Will insurers committee do the magic?
Leave a comment The inauguration of insurers committee by the National Insurance Commission (NAICOM) is the latest step taken to reposition insurance practice which over the years has been bedeviled with numerous challenges. Chuks Udo Okonta in this report examines the initiative and other sundry matters. Over the years, the […]
NAICOM threatens to unveil underwriters’ misdeeds
Kari Leave a comment Chuks Udo Okonta The National Insurance Commission (NAICOM) has said it is considering the misdeeds of errant underwriters and that they would be made public very soon. The Commissioner for Insurance Mohammed Kari, disclosed this at a forum in Lagos, while reacting to allegations by shareholders […]
Poor NSE performance cuts insurers’ earnings
By LOLA OKULO POOR performance by the stock market has cut insurance companies’ investment earnings by nearly half, according to the latest industry report. The Insurance Regulatory Authority’s industry report for third quarter released on December 21 shows investment income for the industry dropped by 48.62 per cent to Sh12.77 […]
Storm Frank batters northern Britain, experts see costs rising
Torrential rain and gale force winds battered northern Britain on Wednesday, cutting power to thousands of homes and forcing some to evacuate flooded streets in the third major storm in a month. The Environment Agency said Britain had faced an extraordinary period of severe weather and flooding in December, with […]
