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China guides mutual funds, insurers to invest more in stocks
China will commence the second stage of a trial program for...
NHRC faults probe of Foxconn hiring, orders new inquiry
"The commission has no hesitation in stating that the authorities...
Biden sanctions cryptocurrency exchange over ransomware attacks
The Treasury Department accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity.
Hackers use ransomware to take down systems that control everything from hospital billing to manufacturing. They stop only after receiving hefty payments, typically paid in cryptocurrency.
Attacks are increasing in scale, sophistication and scope, the Treasury said. In 2020 ransomware payments reached over $400 million, more than four times the level in 2019, Anne Neuberger, deputy national security adviser for cyber, told reporters on the call.
Airlines can now operate 85 pc of pre-Covid domestic flights: Aviation Ministry
Domestic airlines carried 6.7 million passengers in August,compared with 2.8 million passengers in the year-ago period, the Directorate General of Civil Aviation said on Thursday.
UK COVID-19 business insurance payouts top one billion pounds -watchdog
The Financial Conduct Authority (FCA), which had brought a closely-watched test case on behalf of policyholders against major insurers, said on Wednesday that 27,248 companies out of 42,308, which had had claims accepted, had received at least an interim payment.
Axis Bank gives approval to reclassify Oriental Insurance Co as public category shareholder
The bank said it received a request from OICL dated September 7, 2021, holding a 0.16 per cent stake in the bank, to reclassify it from promoter to public shareholder.
Madras HC withdraws its order on `mandatory bumper-to-bumper cover’ for new vehicles
“it would appear that the order, mandating the coverage of bumper to bumper policy may not be logistically and economically feasible for effective implementation in the present legal dispensation.Considering the overall submissions made by the parties and and taking into account the concern of the IRDAI, this court feels that the direction issued earlier on making bumper to bumper cover for new vehicles may not be conducive and suitable for implementation in the current situation. Therefore the said direction in is hereby withdrawn for the present,” said Justice S Vaidyanathan, who had issue earlier verdict.
RBI cautions against frauds in the name of KYC updation
The central bank has been receiving complaints about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, like calls, SMSs and emails by customer urging him/her to share certain personal details, account/login details/card information, PIN and OTP or install some unauthorised/unverified application for KYC updation using a link provided in the communication.
Insurers can sell 2 short term Carona covers till March 2022:IRDAI
Earlier,many insurance companies have rolled out these standard health insurance policies since July 2020, which orginally were supposed to remain valid until March 31, 2021, but were allowed to issue the policies till September 30, 2021.
The exemptions granted to insurers for issuance of electronic policies as well as dispensing with physical document and wet signature have been extended upto March 2022.
IRDAI asks insurers to come out with new title insurance policies
The main objectives of the ”new Title Insurance products” are to provide cover to promoters/ developers, preferring to opt for a minimum legal defence cost, and end users (allottees, individual buyers and financiers) at the time of possession/handing over of the property unit for protection against any legal suits in future.
Australia appoints former Macquarie boss to supervise financial regulators
The new three-person regulatory body, including corporate lawyer Gina Cass-Gottlieb, will supervise both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
ICICI Lombard ceases to be ICICI Bank subsidiary post Bharti AXA merger
”ICICI Lombard has made the disclosure to the stock exchanges…Accordingly, with the bank’s shareholding reducing from 51.86 per cent to 48.08 per cent, ICICI Lombard has ceased to be a subsidiary of the bank,” the bank said in a regulatory filing.