IRDA to miss deadline for motor insurance detariff

IRDA Chairman C.S. Rao said, ‘‘We are likely to miss the April deadline (for detariffing motor insurance business).

Rao said the detariffing of motor insurance has to be done for both owners’ damage and the third-party liability.

The general insurance industry, particularly after the entry of the private players, had been demanding detariffing of the motor insurance.

Highlighting the importance of actuaries in developing the insurance sector, Rao said the regulator was planning to set up an institute for imparting such training apart from cooperation and consultation it has with Actuarial Society of India.

LIC likely to hike equity exposure

NEW DELHI: LIC on Tuesday said its equity exposure could go up to 10 pc of its investible funds. ‘‘Our equity exposure is about 8 pc of the investible funds. If opportunity comes, we can go up to 10 pc,’’ LIC Chairman R.N. Bhardwaj said. If LIC hikes its equity exposure, then an additional amount of around Rs 10,000 cr long-term funds can flow into the capital market next fiscal. Presently, LIC has an investible fund worth over Rs 3,70,000 cr. —ENS