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IRDA may unveil new regulations to check insurers’ overdependence on promoter banks
In some cases, parent banks of insurers are selling over...
IndiaFirst Life launches 18 new agency branches
IndiaFirst Life Insurance Company Limited (IndiaFirst Life)...
Aon to acquire small-medium business digital insurance agency Cover Wallet
The acquisition provides Aon with additional access to the fast-growing, $200+ billion premium digital insurance market for small and medium-sized businesses, as well as the opportunity to leverage CoverWallet’s platform to develop and scale innovative digital client experiences that support the firm’s Aon United growth strategy.
Tencent buys 10% of Policybazaar, enters India insurance market
The Chinese technology giant bought 10% of Policybazaar, half of Tiger Global Management LLC’s stake in the company, the person said, asking not be identified as the matter was not public. The $150 million deal was signed earlier this week, the person added.
Govt unveils norms for 100% FDI in insurance intermediaries sector
However if a bank, whose primary business is outside the insurance area, is allowed by the IRDAI to function as an insurance intermediary, the foreign equity investment caps applicable in that sector, which is 74 percent, will continue to apply, subject to the condition that the revenues of such entities from the primary (non-insurance related) business must remain above 50 per cent. of their total revenues in any financial year.
IRDAI to get two full-time members soon
The particulars of the post and eligibility conditions and details related to the application process are given on the Ministry’s website http://financialservices.gov.in/ and IRDAI’s website https://www.irdai.gov.in/.
YES Bank files complaint with police against ‘fake news’
“Over the past few days some miscreants have been spreading false information and malicious rumours about Yes Bank on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the bank in poor light and are intended to tarnish the image of the bank in the eyes of its depositors, stakeholders and the general public,” the bank said.
IRDAI slaps Rs 15 lakh penalty against Shriram Transport Finance
“Even the submission of the insurer clearly indicates that in majority of cases, involvement of SP is negligible during solicitation of business and hence the CA is engaging unlicensed persons for soliciting business,’’ said IRDAI in its penalty order.
RFIB granted Hong Kong licence
Stephen Warwick, who joined the business in February of this year, has been registered as the Chief Executive of RFIB Hong Kong Limited and continues in his role of CEO Reinsurance, Asia Pacific for the Group.
Willis Research Network partnership to focus on natural air traffic hazards
Alex Martí, CEO, Mitiga Solutions added: “In a short period of time, Mitiga Solutions has been able to disrupt the aviation industry by providing real-time and predictive solutions to mitigate the impact of atmospheric hazards to different aviation stakeholders
Climate change tops list of world’s ‘extreme risks’
Tim Hodgson, Head of the Thinking Ahead Group, said: “Our extreme risks ranking has seen the emergence of a general trend with financial risks falling down the rankings and non-financial extreme risks growing in significance. Global temperature change becomes the highest ranked risk due to our assessment of higher likelihood coupled with significant impact – in the extreme this would mean mass extinction.
There will not be single job loss due to merger of banks: FM Sitharaman
The move will bring down the number of state-run banks to 12 from 19 after the merger of Dena Bank and Vijaya Bank with Bank of Baroda effective April 2019. As of April 20-17, there were 27 state-run banks in the country, right before the SBI merged with itself its five associate banks along with the Bharatiya Mahila Bank.