Regulation

IRDAI penalises Bagic and Go Digit for violating its norms 

Indian News       Sep 13, 2019

  Hydearbad: The insurance regulator IRDA has slapped a penalty of Rs 7 lakhs against Bajaj Allianz General  Insurance Company(BAGIC) for violating various regulatory norms including provisions of the guidelines on Motor Insurance Service Provider(MISP) enforced since 31st August, 2017.   IRDAI had conducted an onsite inspection...

R M Vishakha, MD & CEO, IndiaFirst Life, Sujay Banarji,member, distribution,IRDAI and Randip Singh Jagpal, CGM,IRDAI at ‘Curtain Raiser and Workshop on Regulatory Sandbox’ organised by IRDAI and CII in Mumbai on Friday

Regulatory Sandbox a win-win position for regulators and Start-ups:IRDAI

Indian News       Sep 13, 2019

  Mumbai:  Launching the  Regulatory Sandbox Sujay Banarji, member, distribution, Insurance Regulatory & Development Authority of India (IRDAI), said “Regulatory Sandbox will foster collaboration and further the interests of all stakeholders -regulator, insurance companies, start-ups and end consumers.   Banarji, urged insuretech firms to use the facility...

Fintech panel suggest legal framework to protect digital services consumers

Indian News       Sep 02, 2019

New Delhi: An inter-ministerial panel on fintech on Monday submitted its report to Finance Minister Nirmala Sitharaman suggesting a comprehensive legal framework to protect consumers of digital services.   The Steering Committee headed by the Economic Affairs Secretary also recommended adoption of regulation technology (or RegTech)...

FPIs pulled out Rs 38,930 cr in FY19 due to weak market sentiments: Sebi

Indian News       Sep 02, 2019

  New Delhi: As macroeconomic headwinds weighed on investor sentiments through the year, foreign portfolio investors pulled out Rs 38,930 crore in 2018-19, according to market regulator Sebi's annual report.   "In order to further develop the Indian securities market as an avenue for fundraising, eligibility norms...

Silent-cyber claims expectations decline across insurance lines and industry groups:Willis Re

International News       Aug 29, 2019

  ASIA PACIFIC:  The global insurance sector is considerably less concerned about silent cyber exposures than it was in 2018. The finding applies to all commercial lines of business and industry groups, according to 2019 Silent Cyber Risk Outlook, the annual global survey by Willis Re,...

Insurance broking body opposes 100% FDI in the sector

Indian News       Aug 29, 2019

  New Delhi: The Insurance Brokers Association of India(IBAI), the representative body of over 400 Indian insurance brokers including joint ventures with foreign partners, in a majority has staunchly opposed the government move to increase the foreign direct investment (FDI) 100 per cent from 49 per...

IRDA begins pilot projects to boost auto insurance

Indian News       Aug 22, 2019

  Mumbai: Subhash C Khuntia, chairman,IRDAI said on Thursday that the insurnace regulator has initiated a pilot project in four states to ensure motor vehicle insurance is renewed by the vehicle owners who have discontinued their policy.   This is expected to increase the premium collections in...

IRDA pulls up Bharti AXA General Insurance on furning wrong data

Indian News       Aug 16, 2019

  Hyderabad: IRDAI had served  show cause notice Bharti AXA General Insurance for consistently submitting wrong data through Health Insurance Regulatory Returns for the FY 2017-18. ``It was also surprising that as against correct figure of 52 lakhs, an abnormally high figure of 7.23 Crores was...

President gives assent to Motor Vehicles Bill

Indian News       Aug 09, 2019

  New Delhi: President Ram Nath Kovind on Friday gave assent to the the Motor Vehicles (Amendment) Bill, 2019, which will tighten road traffic regulations such as issuance of driving licence and impose stricter penalties for violations in an attempt to improve road safety.   Earlier this...

SAP and Swiss Re expands its joint co-innovation initiative for financial reporting

International News       Jul 26, 2019

  WALLDORF: SAP SE on Friday announced the expansion of its joint co-innovation project with insurance giant Swiss Re, which now provides software that goes beyond accounting to include simulation, forecasting and planning capabilities essential to support the business in financial analysis.   SAP and Swiss Re...

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