Irda scans pension liabilities of life insurance companies.

Thursday 03, February, 2011 After a notional loss of Rs 1,400 crore was reported in three pension schemes of the country's largest insurance company, Life Insurance Corporation of India (LIC), the Insurance Regulatory and Development Authority (Irda) has examined the pension liabilities of all life insurance companies. "We want to ensure that life insurance companies have provided enough resources to take care of their long-term liabilities. So, we investigated pension liabilities of all insurance companies," said a senior Irda official. However, the regulator found that all insurers had provided enough resources for their pension products. P Nandagopal, CEO, Reliance Life, said it was a usual inspection, as India First Life Insurance had been in the business for one year and did not have long-term liabilities. Generally, Irda examines investments of insurance companies every year. It is a week-long procedure. A five-six member team from Irda visits companies and carries out the inspection.

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