IDBI Fortis Life Insurance has informed that the company will shortly open 24 branches, including six in Tamil Nadu, to expand its footprints in the southern region. 

The company, a joint venture of IDBI, Federal Bank and Fortis, Europe's banking and insurance firm, has launched its operations in March, this fiscal. 

Under its proposed expansion plan, the firm intends to open 100 branches across the country in coming months. 

Tokyo - Yamato Life Insurance Co became the first Japanese financial firm Friday to fail due to losses linked to the global financial crisis, a media report said.

The medium-sized firm filed for bankruptcy protection Friday in Tokyo, reported Kyodo news agency.

The insurance firm incurred debts of 269.5 billion yen (2.68 billion dollars) from losses from investments in subprime mortgages-related bonds and other securities as their prices plunged amid the US financial crisis, the officials said.

Mobile retailer Univercell, along with Oriental Insurance Company, has introduced a new mobile theft and damage insurance plan for all mobile handsets.

The Insurance Regulatory and Development Authority (Irda) hoped that the global financial crisis would not affect Indian insurance firms. The Indian insurance firms are well capitalized and there’s no need of to revise solvency margins. 

The regulatory board is expected to implement the risk-based solvency norms by the end of this financial year. IRDA member, R Kannan said that there is no need to fear from global financial crisis and solvency margin is adequate to operate in India. He said that the margins of Indian private firms are more than their liabilities.

New Delhi: In a significant move, the central government on Tuesday announced to extend the Rashtriya Swasthya Bima Yojana (RSBY) to construction and building workers. The move is expected to benefit nearly 2.6 crore people of the country.

Speaking to media persons here on Tuesday, Oscar Fernandes, Minister of State for Labour and Employment, said, “The benefits under the Rashtriya Swasthya Bima Yojana are being extended to construction and building workers.” 

A branch of the Anil Dhirubhai AmbaniGroup, Reliance Capital (R-Capital), is, now, eying on the insurance business. It is planning to invest Rs 2,000 crore in insurance businesses in the next three years. The company would also enter in the banking, home loans and consumer finance businesses as disclosed by the chairman of group, Mr Anil Amban, in a meeting between company officials and shareholders.

R-Capital Chairman, Anil Ambani told the shareholders that the group is working on many plans for next three years. The company would increase its distribution network from 4,000 to 20,000 cities across the country. The company also intends to venture into non-banking financial companies (NBFCs). It would start two separate companies for housing and consumer finance.