Regulation

China's former insurance regulator chief Xiang Junbo stands trial for graft

International News       Jun 15, 2018

  NANJING:  Xiang Junbo, former chairman of China Insurance Regulatory Commission (CIRC), stood trial on bribery charges Thursday at a court in Changzhou, east China's Jiangsu Province. The prosecutors said that between 2005 and 2017, Xiang, taking advantage of the power of his posts as senior...

UK financial watchdogs need competitiveness remit after Brexit: lawmaker

International News       Jun 08, 2018

  LONDON: Britain’s financial regulators should have a formal objective to keep London’s banking and insurance sectors globally competitive after Brexit, a senior lawmaker said on Thursday.   The now defunct Financial Services Authority had a requirement to pay heed to competitiveness - which led to criticism...

Subhash Chandra Khuntia, new chairman, IRDAI,

Khuntia to take charge as new IRDA chairman on Monday

Indian News       May 05, 2018

  Hydearabad: Subhash Chandra Khuntia, 60, the newly appointed chairman of the Insurance Regulatory and Development Authority of India (IRDAI), will assume office on Monday.   Earlier this week, the government had appointed Khuntia, a former IAS officer and retired chief secretary of Karnatak, over insurer,as the...

Subhash Chandra Khuntia,, new chairman of IRDAI

Subhas Khuntia, a retired top bureacrat,appointed as new IRDAI chairman

Indian News       May 01, 2018

  New Delhi: Picking up a retired bureacrat over the insurers, the government on Tuesday appointed Subhash Chandra Khuntia, 60, a retired IAS (Indian Administrative Service) officer, who recently retired as a chief secretary of Karnataka, as the new chairman of the insurance regulator IRDAI, for...

EU's Barnier plays down bespoke Brexit deal for British financial sector

International News       Apr 26, 2018

SOFIA/LONDON : The EU’s chief negotiator on Brexit said on Thursday the bloc’s existing system of market access for foreign financial firms can work well for Britain after it leaves the European Union. This would reduce the chances that Britain’s financial sector will get the...

Insurers gear up for new accounting regime `Ind AS 117'

Indian News       Apr 15, 2018

Mumbai: In a matter of two years, the Indian life insurers will have to implement a new accounting regime, known as Indian Accounting Standard (Ind AS) 117, that will sweepingly change existing format of preparing their balance sheets.   The new Ind AS 117, scheduled to...

PJ Joseph, member, IRDAI

IRDA asks general insurers to strictly comply with existing reinsurance regulations

Indian News       Apr 11, 2018

  Hyderabad: Even as a new set of guidelines from the IRDAI on reinsurance placement in the Indian market is being keenly awaited upon, the insurance regulator has asked the general insurers to strictly comply with its existing norms on ``Order of Preference’’ while placing their...

Viral Acharya,Deputy governor, Reserve Bank of India

RBI dumps GVA model, switches back to GDP to measure economy

Indian News       Apr 05, 2018

Mumbai: The Reserve Bank today switched back to the gross domestic product (GDP)-based measure to offer its growth estimates from the gross value added (GVA) methodology, citing global best practices.    Government had started analysing growth estimates using GVA methodology from January 2015 and had also...

RBI bans regulated entities from dealing with cryptocurrencies,promotes Blockchain

Indian News       Apr 05, 2018

  Mumbai: India virtually banned cryptocurrencies like bitcoin with the Reserve Bank of India(RBI) barring regulated entities from providing services to any individual or business dealing in digital currencies.   The central bank has given three months to regulated entities like banks to unwind their positions with...

IRDAI investigation finds no proof of kickbacks in Marsh- Jagson deal

Indian News       Apr 03, 2018

  Hydearabad: The insurance regulator, IRDAI has launched an investigation internally agianst Marsh India Insurance Brokers, even as it is waiting to appeal against SAT(Securities Appellate Tribunal) judgment that had severely reprimanded the regulator’s earlier decision on Marsh India, alleged to have committed financial irregularities to...

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