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VR Iyer appointed as Member (Finance) of Irdai

V R Iyer, who retired as Chairperson and Managing Director of Bank of India, has been appointed as Member (Finance) of the Insurance Regulatory and Development Authority of India (IRDAI).

Country's largest insurer Life Insurance Corporation (LIC) has raised stake in state-owned Canara Bank by about 7.7 per cent through preferential allotment of shares.
However, LIC's market share in terms of number of policies improved to 77.85 per cent during the year gone-by despite a 41.55 per cent dip in the volume.
Insurance sector regulator Irdai has imposed a penalty of Rs 5 lakh on National Insurance Company Limited for violating certain norms.
Based on the current share price of NMDC at Rs 135.60 apiece, LIC's holding in the company is valued at over Rs 5,440 crore.
The insurance major has picked maximum stake in Coal India during the quarter under review - 4.65 per cent stake worth Rs 10,754 crore in Coal India.
The government has approved French insurance firm AXA raising stake in its life insurance joint venture with Bharti Group to 49 per cent for Rs 858.6 crore.
Currently, banks as corporate agents can sell policies of only one insurer each in life, general or health insurance sectors.
The health insurance sector, dominated by half a dozen players, however, is likely to have grown at 30 per cent to Rs 2,946 crore in FY 2015.
In case of direct insurance, the Indian insurers (except a statutory body) may also establish an IIO to transact a specified direct insurance business in an SEZ.