LIC needs to set time-line for reducing IDBI Bank stake :

IRDAI has not set any timeline for LIC to bring down its stake In IDBI Bank from the present 51 per cent holding to the law mandated under 15 percent, according to senior official from IRDAI.

According to the official, the time-line for reducing its stake in IDBI Bank has to be decided by the LIC management itself as a regulator-mandated time line can impact stock prices. Recently LIC had announced completion of acquisition of 51 per cent controlling stake in the IDBI Bank, which makes it the majority shareholder of the bank.

The official added: “The stake-buying in the bank does not mean that LIC is the promoter of IDBI Federal.”

Sales Manager held for duping SBI Life Insurance customers :

Police has arrested 3 persons in Jodhpur in connection with fraud for cheating customers. Two business development managers of SBI life insurance have allegedly cheated innocent customers in the name of life insurance policy. These managers used to take blank cheque from the customers and deposit it in their names. At present, 53 people have been cheated. SP Kiran Kung said on January 17, TR Solanki chief manager of main SBI Bank branch Jaisalmer had written a report that business development manager Sikander Khan and Durgesh Tripathi on the name of SBI life insurance policy took blank cheque from 53 customers and deposited in their private accounts and embezzled Rs. 8,97,862. FIR was lodged and Police started the investigation.

Bharti AXA Life awareness Campaign to fight mis-selling :

Bharti AXA Life Insurance has launched a public awareness drive to alert customers about spurious calling and misspelling of insurance product in the country. The objective of the campaign is to make customers aware of fake insurance offers and unreasonably high returns by fraudsters. The company has lodged complaints with the policy in many parts of the country, after receiving information about fraudulent cases.

Mis-selling and spurious calling have become a significant problem in domestic insurance industry. As a responsible insurance company we have a zero tolerance policy towards mis-selling or any illegitimate inducements. Our sales teams help customers take an informed decision on the back of full product and services disclosures, Vikas Seth, Managing Director and Chief Executive Officer, Bharti Axa Life insurance said.

Insurance agent named “Lord Voldemort” gets jail term for threating clients :

A disgruntled insurance agent who took on the identity of “Lord Voldemort”, Harry Potter’s nemesis, and threatened to harm clients unless they paid him bitcoins has been jailed in Singapore. Myanmar national Ye Lin Myint targeted several clients after they missed appointments or cancelled insurance policies, according to court documents The Singapore permanent resident also threatened people who considered buying policies but decided not to, as well as the neighbours of clients and potential clients.

The 36 year old sent emails and letters to six individuals, which threatened that they and their families would be harmed unless one bitcoin was transferred to him. At the time of the offences in August and September 2017, one unit of the cryptocurrency was worth about Sg$ 6,600 ($4,900). He set up an email account for the campaign on harassment, and signed the messages “Lord Veldermort’, a misspelling of the name from the Harry Potter series. He later sent letters to people living in the same buildings, threatening to target their apartments unless they pressured their neighbours into paying him. He was handed a jail term of two years and five months after pleading guilty to criminal intimidation and harassment.