Indian News

IRDAI forms committee on insurance regulatory sandbox & fintech

Regulation, Technology       Sep 19, 2018

  Hyderabad: The insurance regulator, IRDAI has formed committee on Wednesday headed by Randip Singh Jagpal, chief general manager, IRDAI to look into the concept of a regulatory sandbox and developing an environment where fintech solutions can be experimented.    A "Regulatory Sandbox Approach" can be used...

India Post invites proposal for consultancy on setting up insurance arm

Life-News       Sep 20, 2018

  New Delhi: India Post has invited bids to appoint consultant for consultancy on setting up separate insurance services arm, according to official sources.  "The consultant will prepare project report on setting up of Postal Life Insurance (PLI) Strategic Business Unit (SBU), impact assessment, conversion into...

Indian oil refiner part-owned by Iranian company cancels Iran oil imports

Non Life-News       Sep 20, 2018

  NEW DELHI:  India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said.   Iran’s Naftiran Intertrade Co Ltd, a trading arm...

Government hikes interest rate on PPF, other small savings by up to 0.4%

Economy, Wealth Management       Sep 20, 2018

  NEW DELHI: The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks.   Interest rates for small savings schemes are notified on a...

Suresh Prabhu orders safety audit of all airlines, airports

Risk Management       Sep 20, 2018

  Mumbai: Civil Aviation Minister Suresh Prabhu Thursday ordered a safety audit of all scheduled airlines and airports, amid recent incidents related to safety of passengers.   The development also comes on a day when several passengers on a Jet Airways flight from Mumbai to Jaipur suffered...

Indian companies get over 5 lakh security alerts daily but 39% go unattended: Cisco

Risk Management       Sep 19, 2018

  New Delhi: Indian companies receive over 5 lakh security alerts a day, but nearly 39 percent of these go unattended due to lack of required skill sets in organisations, a report by tech giant Cisco said.   The report, titled Cisco 2018 Asia-Pacific Security Capabilities Benchmark...

Hero Insurance Broking receives license from IRDAI

Intermediaries       Sep 19, 2018

  New Delhi: The Insurance Regulatory and Development Authority has issued a three-year license in the “ Direct – Life & General” category to Hero Insurance Broking India Private Limited to conduct all types of General Insurance Business, including Health and Life Insurance.   The robust insurance...

PMFBY revamped, Insurers must enroll 10% more non-loanee farmers

Non Life-News       Sep 19, 2018

  New Delhi: In a bid to streamline the claim settlement for farmers under the two year old PMFBY(Prime minister Fasal Bima Yojana),  the government has said the  insured farmers will be paid 12 per cent interest by insurance companies for the delay in settlement of...

CBI scrutinises India's largest law firm Cyril Amarchand in PNB fraud probe

Non Life-News, Risk Management       Sep 19, 2018

  Mumbai/Delhi India's largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank (PNB) from CAM's premises in February, a lawyer representing the government and a police source...