"The committee was formed earlier this month and has been given six to eight weeks for a comprehensive review of the 70 or so regulations governing the industry to ensure principal bases regulations," said a person aware of the details. "The ultimate aim is to ensure ease of doing business for all stakeholders in the industry."

The four Central government owned non-life insurers are expected to implement a major organisational restructuring in less than month which would cut down their costs, free up staff for redeployment and in general improve customer service, said industry officials.

The audit found that losses from the health insurance business of public sector insurers have either wiped out, or decreased, the profits of other lines of their business, particularly in group health insurance where premium charged was less and claim outgo was more in comparison to retail policies.

The losses of health insurance business of PSU insurers either wiped out or decreased profits of other lines of business or increased the overall losses, the audit report on third-party administrators (TPAs) in the health insurance business of public sector insurance companies noted.

Stocks that were in focus include names like New India Assurance closed with gains of over 6 per cent, Ashok Leyland which closed flat with a negative bias, and Vodafone Idea which was down by over 3 per cent.

Mainly, staff of the New India Assurance Co. Ltd., (Mumbai), the Oriental Insurance Co. Ltd., (New Delhi), the National Insurance Co. Ltd., (Kolkata), and the United India Assurance Co. Ltd., (Chennai) will observe the strike.

According to the data from AceEquity, 392 stocks out of the BSE 500 index have delivered negative returns between January to June 2022. It means that four out of every five stocks are down on a year-to-date (YTD) basis as of June 29.About 210 stocks have dropped more than 20 per cent in the first half of 2022, while 40 stocks have tanked between 40-72 per cent, highlighting painful six months for investors.

With the government looking to restructure the operations of its general insurers, it should swiftly legally empower BBB to recommend candidates. These companies must be steered by competent professionals to improve governance, management and underwriting discipline.

Net-net analysts have positive views on Sun Pharma, Tata Motors and InterGlobe Aviation, neutral to negative views on Vodafone Idea and no view on New India Assurance Company.

Allowing life insurance companies to offer health plans is one of the big decisions in front of Irdai chairman Debasish Panda, who has vowed to simplify regulations and capital requirements and introduce new products to widen insurance penetration in the country.

Nifty50 on Friday capitalised on a strong gap-up start as the index ended almost at day's higher. In the process, it breached its immediate resistance level of 16,150 and formed a bullish candle both daily and weekly scales. Analysts said more upside is in the offing and advised traders to be cautiously bullish for the week ahead.

Divis Labs, BEL, SAIL, Zomato, Ramco Cements, Birlasoft, Graphite India, Vaibhav Global, HLE Glasscoat, Rupa and Company, Data Patterns, HG Infra Engineering are among the companies that will announce their Q4 earnings today.

Earlier this month, the first-year premium data of life insurers showed that the Life Insurance Corp (LIC) consolidated its position on the top with almost a one-and-a-half times increase in the first-year premium. LIC has a 65% market share, almost double the 35% of all private life insurers put together.

This comes after the selection of executives by BBB for various other institutions was challenged before the courts.

Smaller investors are expected to ride out any early price swoon, which is likely given that the so-called “gray market” is indicating that LIC shares may slip Rs 30 from their IPO price of Rs 949.