“As banks, insurers and financial market infrastructures become...
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US eyes steering wheel-free cars
“If you’re developing a vehicle that is designed never to be driven...
WhatsApp submits reply on ‘username’ notice; govt examining messaging platform’s response: Sources
The Centre issued a notice to Meta last Wednesday, questioning the...
IRDAI plans commission overhaul to curb insurance mis-selling
There have been concerns that hefty upfront commissions encourage distributors to prioritise sales volumes over customer suitability, resulting in mis-selling and customers being pushed into purchasing policies frequently. MUMBAI: India's insurance regulator is...
RBI tells Par panel that virtual digital assets like cryptocurrency a threat to economy
The RBI also told the Parliamentary Standing Committee on Finance, headed by BJP member Bhartruhari Mahtab, that China and Qatar are among the countries that have banned such financial activities, while Europe has allowed virtual digital assets in a very stringent,...
RBI flags AI-Powered cyberattacks as biggest threat to banks, NBFCs
"AI-enabled cyber attacks emerged as the most important near-term challenge," it said in the comments that come amid heightened commentary around the capabilities of systems like Mythos. Mumbai:Artificial intelligence-enabled cyberattacks were classified as the "most...
Australian consumer regulator sues Amazon over Prime Video advertising
The Australian Competition & Consumer Commission said Tuesday it has commenced proceedings in the Federal Court alleging Amazon breached consumer law by including unfair contract terms in its Prime subscription contracts. It also alleges Amazon later relied on...
Stop miscommunicating, build trust, not fear, to achieve insurance for All: Seth urges life insurers
R Doraiswamy, MD&CEO, Life Insurance Corporation and Ajay Seth, Chairman, IRDAI at an event on Tuesday in Mumbai , Seth raised concerns over selling long-term products without considering customer needs, questioning the rationale for selling term insurance to an...
PIL in SC seeks national fire and life safety framework for public premises
The plea sought a direction that the Centre and other concerned authorities, in consultation with all states and Union territories, "frame within a time-bound period a national minimum fire and life safety compliance, audit, disclosure and accountability framework for...
IRDAI launches Rs 800 cr Policyholders’ Education and Protection Fund, set to widen policyholder services
The consequences of this lack of awareness are significant. At the beginning of FY2025, insurers were holding more than ₹9,305 crore in unclaimed amounts, including maturity proceeds, death claims and surrender values. In a move aimed at enhancing policyholder...
Repo Deals, G-Sec Lending: IRDAI recasts insurers’ investment playbook
In a significant change, insurers would be allowed to invest a portion of their shareholders' funds in private limited companies. Such investments, however, will be capped at 5 per cent of the shareholders' funds available beyond the solvency margin and will be...
Insurance intermediaries must report big commission payments, Publish details online: IRDAI
In a move aimed at strengthening oversight of sales practices, IRDAI has proposed that every branch of a Corporate Agent designate at least one Specified Person (SP) responsible for supervising solicitation activities at that location. The regulator has also proposed...
IRDAI constitutes expert panel to chart AI roadmap for insurance sector
The panel, chaired by Sandeep K. Shukla, director of IIIT Hyderabad, will examine AI's impact on insurers, policyholders and the broader insurance ecosystem, with a particular focus on ethical adoption, transparency and data security. Hyderabad:Insurance regulator...