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India fought COVID-19 pandemic much better than other nations: Vardhan
Emphasising how each and every component of the government acted in sync to control the pandemic, Vardhan noted, ”With all the efforts, it was important to teach COVID-appropriate behaviour, for which our PM personally addressed nation eight to nine times.”
”Caller tune was set to inform COVID-appropriate behaviour; the AarogyaSetu app gave warning of nearby affected people; around 160 million people downloaded it.” Vardhan expressed his deep gratitude to the scientific community for their contribution in developing and testing COVID-19 vaccine.
IRDAI rejects insurance brokers’ demand for life time licenses
`One of the demands of the brokers was to have their licenses in perpetuity. We can’t accept it. The current system, where each broker has to renew his license in every three years, is perfectly fine. Even,in some countries, the insurance brokers need to renew their licenses in every two years.’’said Subhash Chandra Khuntia, chairman,IRDA whiile addressing the 17th Annual Insurance Insurance Brokers’ Summit organized by Insurance Brokers Association of India (IBAI)
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Global Covid cases top 102 million, death toll at 2,204,494: Johns Hopkins
The US is the worst-hit country with the world’s highest number of cases and deaths at 25,909,336 and 436,541, respectively, according to the CSSE.
India comes in second place in terms of cases at 10,720,048.
Competition Comm rejects complaint against GIC Re on unfair business practices
One of the primary grievance in the complaint filed by the Automotive Tyres Manufacturers Association was about alleged increase in reinsurance premium charged to general insurance companies.
“Setting of premium rates for reinsurance polices would be based on many factors and without proper evidence being furnished before the Commission, the allegations of ‘excessive pricing/ unfair pricing’ cannot be analysed. Therefore, no case is made out against GIC Re on this count,” it said.
COVID-19: India records 18,855 fresh cases, 163 more fatalities; recovery rate surges to 96.96 pc
The number of people who have recuperated from the disease has surged to 1,03,94,352, pushing the national COVID-19 recovery rate to 96.96 per cent, while the case fatality rate stands at 1.44 per cent.
The number of active COVID-19 cases in the country remained below two lakh for the 10th consecutive day.
Life and health insurance most likely products to see long-term benefits from COVID-19:GlobalData survey
Ben Carey-Evans, Analyst at GlobalData, comments: “Business interruption insurance is another product that could positively be impacted by COVID-19. Businesses around the world would have been scarred by forced closures throughout 2020 and into 2021 were they not able to operate. It is likely that the positive impact to this business line will be felt over time, as business owners would be very interested in policies that include pandemic cover. This product would likely have scored even higher had there not been disputes around whether insurers should pay out on COVID-19-related claims.”
OUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages
While a major overhaul of insurance regulation has been ruled out, and Biden’s primary insurance-related focus is expected to be on healthcare, experts say life and property-and-casualty insurers will also need to prepare for an increase in regulatory attention from the new administration as it rushes to temper the impact of the COVID-19 pandemic.
J&J says vaccine offers 100% protection against coronavirus deaths
J&J’s vaccine is different from the messenger RNA-based shots made by Moderna and partners Pfizer and BioNTech SE, which each were shown to be more than 90% effective.
Chinese regulator emphasizes party leadership in corporate governance of banks and insurers
The draft rules urged state-owned banking and insurance institutions to prioritize the key business decisions made by the Communist Party committee before consulting the board and the top leadership, according to statements of the China’s Banking and Insurance Regulatory Commission (CBIRC).
U.N. chief urges business to take the lead on COVID-19, climate and global recovery
“We count on businesses to play an important role by themselves and to put pressure on governments to do the right thing,” he said. “We need you more than ever to help us change course, end fragility, avert climate catastrophe and build the equitable and sustainable future we want and we need.”