InsuGuru

https://asiainsurancepost.com/archives/82870 *UPI payments remain free for consumers, and any future merchant charges (MDR) will apply only to certain categories of merchant transactions, Finance Minister Nirmala Sitharaman said in the Rajya Sabha on Monday.*

https://asiainsurancepost.com/archives/82872 *The Department of Financial Services (DFS), Ministry of Finance, is set to host PSB Confluence, a two-day ideation conclave scheduled to be held on 17-18 August, in New Delhi, bringing together the leadership of public sector banks (PSBs) and public financial institutions (PFIs).*

https://asiainsurancepost.com/archives/82875 *Girija Subramanian, 60, has joined as the member(Distribution), IRDAI on Monday. Subramanian had retired as the CMD of New India Assurance on July 31.* *She will have a five -year tenure at the IRDAI.* *She had started as a direct recruit officer of the state owned GIC Re in 1988 and has over 38 years of experience in the Indian insurance industry.*

https://asiainsurancepost.com/archives/82767 *Finance Minister Nirmala Sitharaman on Thursday said the Merchant Discount Rate on digital transactions (UPI) applies to merchants and not to customers, and the MDR charge would support banks and fintech to invest more on infrastructure and security.*

https://asiainsurancepost.com/archives/82730 *Govt kept investment bankers in dark on LIC’s unusually fast $3.3 billion OFS deal*

https://asiainsurancepost.com/archives/82752 *State owned Life Insurance Corporation(LIC) has reported an almost 23 per cent year-on-year(y-o-y) jump in its net profit to Rs 13,492 crore in the first quarter of the fiscal ending June 30th, 2026.*

https://asiainsurancepost.com/archives/82728 *India’s insurance sector is poised for ‘massive’ long-term growth, supported by structural reforms, low insurance penetration, and a favourable regulatory environment, but macroeconomic headwinds and profitability pressures remain key risks, S&P Global Ratings said on Thursday.*

Today, nearly 35 years later, she prepares to take charge of the 108-year-old institution as its first Malayali CMD. Married to Ranjith, a retired executive from Hindustan Petroleum Corporation Limited (HPCL), her family includes her daughters Dr Radhika, a neurosurgeon at Madras Medical College, and Neelima, currently pursuing her PhD in Scotland.

The Indian insurance landscape is poised for a major leadership transition as Lavanya Mundayur prepares to take over as the Chairperson and Managing Director (CMD) of New India Assurance Company, the country’s largest general insurance firm. Having previously steered the Agriculture Insurance Company as its CMD, Mundayur’s journey to the pinnacle of India’s corporate sector is a fascinating tale of perseverance, transitioning from a home steeped in classical arts and music to managing complex financial empires. Born to the late AD Madhavan—a renowned music connoisseur, founder of the Navarasam Trust, and former Managing Director of Cheruvannur Steel Complex Limited—and Radha Madhavan, a distinguished Attakkatha writer and author, Mundayur was trained in Kathakali and classical dance in her childhood. She joined New India Assurance in 1991 as a direct recruit officer.

Now GIPSA Chairman is Smt. Rajeshwari Singh Muni CMD of National Insurance Co.Ltd., from 1st August, 2026 onwards.

*NIA 13.1 and 13.2 Interview Panel* *West zone-* Lalit Talan Nanda parab Jayant *South zone-* Jeevan bhosale Nidhi mahawar Bhumika Shrivastava *East zone* M rama Manisha Kamat Jayashri dalvi *North zone* Maithilee darekar Sharad verma Madhuri pawar

Economic times State insurers quote low premiums to win NPCIL nuke insurance cover. By Shilpy Sinha, ET Bureau Jul 31, 2026, 01:33:00 AM IST MUMBAI: Oriental Insurance and United India, both with solvency ratios significantly below the regulatory minimum, have undercut each other to win a nuclear insurance contract where bids to cover the unusual risks dropped to nearly a third of the budgeted premium, people familiar with the offers told ET. Sharply lower bids than what a state-run nuclear power utility had earmarked have put the lens yet again on underwriting discipline in the loss-making general insurance sector, where three state-run companies reported negative solvency ratios as recently as FY25. Nuclear Power Corp of India (NPCIL) had budgeted Rs 30.13 crore, including taxes, for insuring Tarapur units 3 and 4 under a one-year property damage programme, said the sources cited above. The reverse auction for covering the risk, however, saw bids fall dramatically, with Oriental Insurance quoting Rs 10 crore, United India Insurance Rs 10.98 crore, and New India Assurance Rs 28.9 crore, they added. Individual insurers did not respond to ET's queries on the subject while NPCIL officials could not be reached for their comments. The insurance programme covers assets worth about Rs 7,500 crore with a loss limit of around Rs 3,000 crore, according to people familiar with the matter. This risk was placed for around ?30-40 crore in the previous years. Industry executives said the aggressive pricing is particularly striking because the risk relates to a non-safeguarded nuclear facility, where global reinsurance capacity is extremely limited. "Unlike civilian nuclear facilities covered under International Atomic Energy Agency (IAEA) safeguards, non-safeguarded nuclear risks receive no automatic treaty reinsurance support from overseas markets," said a senior reinsurance executive. "Insurers either retain the exposure on their own balance sheets or arrange expensive facultative cover." Limited Options Global reinsurers such as Munich Re, Swiss Re and SCOR generally do not provide capacity for such risks, leaving insurers dependent on cross-border facultative reinsurers. Since nuclear risks are placed through facultative rather than treaty reinsurance, only a small portion can be retained domestically, with the balance requiring overseas capacity. Under India's safeguards agreement with the IAEA, only civilian facilities placed under international safeguards are eligible for inspection and generally attract global reinsurance support. Tarapur units 3 and 4 are not part of the safeguarded facilities listed under the agreement. As of March 31, 2025, National Insurance, Oriental Insurance and United India Insurance reported negative solvency ratios of -0.67, -1.03 and -0.65, respectively, remaining well below the regulatory minimum of 1.50. The bidding comes days after the Insurance Regulatory and Development Authority of India (Irdai) advised general insurers to maintain prudent underwriting and sustainable pricing amid intense competition in the property insurance market.

The New India Assurance CMD, Ms. Girija Subramanian, presented a dividend cheque of ₹211.2 crore to the Hon'ble Finance Minister of India, Smt. Nirmala Sitharaman, today. The moment was shared in the presence of Executive Director of the Company Mr. S. Sivasankar.