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IRDAI retains Obligatory Cession to GIC Re at 4% for FY25
The IRDAI, after consultation with the Advisory Committee, and with...
Centre issues stern warning against surrogate ads seen as harming consumers
“We are committed to working collaboratively with all stakeholders...
Postal employees to get Rs 10 lakh compensation in case they succumb to COVID-19
“In the context of COVID-19 situation, it has been decided to extend payment of compensation of Rs 10 lakh to all postal employees, including Gramin Dak Sevaks (GDS), succumbing to the disease while brought on duty. The guidelines will come into effect immediately and continue for the entire period till the crisis of COVID-19 is over,” the Ministry of Communications said in a statement.
AUM under National Pension Scheme, Atal Pension Yojana touch Rs 4.17 lakh cr: PFRDA data
“The pension assets accumulated under NPS through monthly contributions by central government employees have reached Rs 1.38 lakh crore and state government employees have touched Rs 2.11 lakh crore, respectively,” PFRDA data showed.
Coronavirus cases in India reach 16,365, death toll jumps to 521
The worldwide death toll from the novel coronavirus pandemic rose to 160,755, according to a tally from official sources compiled by Worldometer. More than 2,330,883 declared cases have been registered in 193 countries and territories since the epidemic first emerged in China in December
IRDAI directs insurers to settle all COVID 19 claims in 2 hrs
– Decision on authorization for cashless treatment shall be communicated to the network provider (hospital) within two hours from the time of receipt of authorization request and last necessary requirement from the hospital either to the insurer or to the TPA whichever is earlier,
-Decision on final discharge shall be communicated to the network provider within two hours from the time of receipt of final bill and last necessary requirement from the hospital either to the insurer or to the TPA whichever is earlier,
– Insurers have to issue appropriate guidelines to their respective Third Party Administrators.
Govt plans“Pandemic Pool” covering income loss of vulnerable section of the economy
The proposed “Pandemic Pool’’ will facilitate the transfer of the loss of income risk to the extent possible and can guarantee a regular pay-out for a specific time frame to these affected individuals so that liquidity can be maintained in the economy and people of the lower strata can sustain the crisis.The state government concerned at its level can sort insurance protection for this vulnerable section of the society. The economic risk associated with such outbreaks can thus be transferred to the insurance.
The concept such a Pandemic Pool has recently been mooted by the Axa Re,the French multinational insurance company, said the central government sources.
India’s automakers seek tax cut to boost demand after coronavirus hit
The coronavirus outbreak has left the automotive industry in “deep distress”, making financial support and a revival of demand a necessity, SIAM President, Rajan Wadhera said.
Govt approval must for all FDIs from neighbouring countries including China
The note states: “A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.”
The new rules will also apply to ‘the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly,’ the DPIIT has said.
India’s central bank surprises with reverse repo rate cut in bid to spur bank lending
However, analysts believe much more help will be needed from the government to help tide over the crisis.The government so far has only announced a $22 billion package targetted at the poor but refrained from any big bang measures.
Doubling rate of COVID-19 cases in India reduced with imposition of lockdown: Health Ministry
The number of novel coronavirus cases in India rose by 1,007 and 23 deaths were reported in 24 hours, taking the tally of total infections to 13,387 and fatalities to 437, the joint secretary in the health ministry said, adding 1,749 people have been cured of the infection so far, which is 13.06 per cent of the total patients
Health and motor insurance renewal date further extended till May 15
“With a view to mitigate hardship to policyholders whose health&motor (3rd party) insurance policies are due for renewal during lockdown, Govt. has issued a notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies,” said Finance Minister N Sitharaman .