While Finance Ministry wants banks to begin switching to the broking model and start phasing out the bancassurance model, Max Bupa has recently announced their second agency partnership with Standard Chartered Bank.Talking to EconomicTimes.com, CEO, Manasije Mishra discusses his bancassurance growth strategy and why the agency model is a more practical approach. Max Bupa had announced their agency partnership with Deutsche Bank in November last year. So, the tie-up with Standard Chartered Bank is your second bank tie-up. Is this partnership going to be different from the previous one? Mishra: Both the bank tie-ups we have are agency partnerships. So, from the regulatory perspective they both are very similar. We have taken advantage of the positive step taken by IRDA in February 2013. Earlier, under the corporate agency system, a bank could have only two insurance tie-ups—one life and one general insurance partner. Irda now allows having an additional standalone health insurance … [Read more...] about Prefer an exclusive agency arrangement with banks than a superficial broking relation: Manasije Mishra, Max Bupa Health Insurance
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Email By Anna Henderson and Dan Conifer Updated April 11, 2016 13:00:34 Related Story: Labor takes aim at big banks, promising royal commission Map: Australia Federal Opposition Leader Bill Shorten says an incoming Labor government would hold a royal commission into misconduct in the banking industry.We look at the role of royal commissions and what would likely be involved.What's a royal commission?Royal commissions are public inquiries governed by an act of Parliament. They can be called on any matter "connected with the peace, order and good government of the Commonwealth or any public purpose or any power of the Commonwealth".Why does Labor want one?The financial and banking sectors have been rocked by controversies in recent years. CommInsure scandal: Who's who?Meet some of the key players involved in the scandal engulfing one of Australia's biggest life insurers, CommInsure. In 2014 a Senate committee recommended a royal commission into the Commonwealth Bank … [Read more...] about What is a royal commission and why does Labor want one into the banking industry?
Email By finance reporter Sue Lannin Updated March 14, 2018 07:02:47 Photo: Royal commission senior counsel Rowena Orr grilled the NAB about its Introducer Program. (AAP: Eddie Jim) Related Story: Witnesses queueing to tell their stories to the banking royal commission Related Story: Houses built on lies under the spotlight at royal commission Map: Australia The banking royal commission has heard sensational allegations of a cash-for-loans bribery ring at National Australia Bank branches in western Sydney as the first round of public hearings kicked off. Key points: The commission hit out at banks for failing to disclose misconduct around consumer lendingThe commission heard from customers who said banks and brokers falsified home loan documents People also complained banks and brokers intentionally failed to verify their income for home loans The commission heard from NAB executive Anthony Waldron, who was grilled over fraudulent loan applications through the bank's … [Read more...] about Banking royal commission: Whistleblower alleges cash for loans bribery ring at NAB
Mumbai: Homegrown private equity fund True North Capital is set to purchase a 51% stake owned by Max Group in Max Bupa Health Insurance Co for ₹1,100 crore, said two persons with knowledge of the plan. The deal is in the final stages and may be discussed by the Max Bupa board, which is scheduled to meet soon. “The board is likely to approve the transaction later this week,” said one of the two persons. “Max India will exit the venture.” Max India declined to comment on the development. True North did not respond to queries. “We don’t comment on market speculation,” said a Bupa spokesperson. “We are committed to the Indian health insurance market and see opportunities for growth over the coming years.” The deal will see the exit of Indian billionaire Analjit Singh-owned Max India, while the British partner will keep its 49% stake. KPMG Corporate Finance is the exclusive adviser on the deal. The market is attracting private … [Read more...] about True North to acquire 51% in Max Bupa Health
Video PlayerClose BEIJING, Nov. 21 (Xinhua) -- Global business leaders on Thursday gathered at the New Economy Forum held in Beijing and voiced their confidence in the future growth of the Chinese market. Chinese firms are now coming to Europe with larger amounts of investment, and companies from European countries do the same and hope to get more access to the Chinese market, said Sergio Ermotti, group chief executive of Swiss banking giants UBS. "The Belt and Road Initiative is quite transformational and welcomed in Europe because European countries need a lot of infrastructure, so it is very important to capture the growth opportunities," Ermotti added. "I've seen China become much more open toward foreign direct investment," said Khaldoon Khalifa Al Mubarak, group CEO and managing director of the Mubadala Investment Company, citing the continuous evolution of the Chinese market. The Abu Dhabi-based investor said that technology, life sciences and transportation, among other … [Read more...] about Multinationals confident in China’s development, eye more opportunities