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LIC’s Chairman post will be termed as `Chairperson’ for next 3 years
Issuing a circular last Friday, LIC has said as per section 4 (2) (a)of the amended LIC Act, 1956 which has become effective from 30th June, 2021, the erstwhile whole time position of chairman would be “Chairperson” during the initial period of three years
LIC to have Chief Executive Officer, Managing Director; govt does away with Chairman post
The changes have been made by the Department of Financial Services under the finance ministry by amending Life Insurance Corporation of India (Employees) Pension (Amendment) Rules. Besides, some other rules under LIC Act, 1956, have been amended.
India invites UK companies to invest in insurance sector
The Dialogue saw government-to-government discussions to strengthen cooperation on four key themes: Gujarat International Finance Tec (GIFT) City; banking and payments; insurance, and; capital markets. It was led by senior officials from the UK Treasury and the Indian Ministry of Finance, with participation from independent British and Indian regulatory agencies, BHC said.
Global Covid-19 caseload tops 184.5 mn; deaths surge to more than 3.99 mn
The US continues to be the worst-hit country with the world’s highest number of cases and deaths at 33,746,275 and 605,903, respectively, according to the CSSE.
In terms of infections, India follows in the second place with 30,619,932 cases.
In crosshairs of ransomware crooks, cyber insurers struggle
Now, the sector isn’t just in the criminals’ crosshairs. It’s teetering on the edge of profitability, upended by a more than 400% rise last year in ransomware cases and skyrocketing extortion demands. As a percentage of premiums collected, cyber insurance payouts now top 70%, the break-even point.
Saudis may work longer, pay more to Kingdom’s pension fund: Report
The government — faced with an estimated actuarial gap of 800 billion riyals ($213 billion) at the state-controlled pension fund — is weighing proposals to increase the retirement age, according to three people familiar with the matter, who asked not to be identified to discuss confidential deliberations. It could also require workers to contribute more of their salaries to the General Organization for Social Insurance, or GOSI, which manages both public and private sector pensions, the people said.
Global financial regulators attempt to align rules on climate risks
The Financial Stability Board (FSB), which coordinates financial rules for the G20 group of nations, said its “roadmap” seeks to coordinate approaches to disclosures by companies and plug gaps in the data needed to spot financial stability “vulnerabilities” and develop tools to address them.
The roadmap attempts to align rules still in the planning stage between now and 2023 to avoid more divergences between various measures for the same activity.
Singaporeans spend 2.5 times more on their children’s needs than their retirement planning:AIA survey
60% of Singaporeans face an uncertain future by not prioritising their retirement planning
As a simple rule of thumb, monthly income is recommended to be spilt using 50/30/20 rule. Allocate the first 50% of one’s take-home income pay on necessities such as housing, food, and transport. The remaining half should be split up between 20% for long-term savings and investments and with 30% for “wants” like hobbies and travel. However, research shows that Singaporeans are 13% below the target for their retirement planning.
Gibraltar Japan partners with Munich Re to improve underwriting experience for customers
Seigo Nakano, CIO at Gibraltar Life added: “We have seen an enormous change in the Japanese life insurance market in the past 10 years with the majority of large life insurance firms introducing automated underwriting.
Hiroko Izumisawa, Corporate Vice President at Gibraltar also added: “Our partnership with Munich Re, Japan Branch, allowed us to develop a comprehensive underwriting rule-set which covers over 270 risk factors. It enables us to automatically assess 85% of applications while digitally capturing all application data. We’ve been utilizing the underwriting engine for a couple of months, and so far, customers are reacting favorably to the enhanced application process.”
Delhi govt launches financial assistance scheme for families of Covid victims
”Each family in which a death has occurred due to Covid will be provided an ex gratia of Rs 50,000.”
”We are launching a portal through which such people can apply for financial assistance. Our representatives will also visit such families and get applications filled up,” he added.
The chief minister said such representatives will not reject claims of families in case any document is missing and will only facilitate the process.
There is no income criterion to apply for financial assistance under the scheme.