The investigation also brings unwelcome attention to BYD when it is...
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FinMin asks banks, insurance firms to expedite public grievances resolution
M Nagaraju, Secretary, Department of Financial services At the...
2024 Insurance Amendment Bill: Ushering in a New Era in Indian Insurance
Shailaja Lall & Shivangi Talwarer Some clarity has been...
Government pro-actively looking for action on WhatsApp privacy rules issue: MeitY official
“The ministry is cognisant of this problem. Today, Germany has banned this privacy policy of WhatsApp. The ministry is proactively looking at what we can do about it,” MeitY Special Secretary and Financial Advisor Jyoti Arora said at an Assocham event.
Arthur J. Gallagher & Co to acquire Willis Re and WTW’s corporate risk, broking, health and benefits services for $3.57 billion
Gallagher has agreed to purchase a group of businesses from Willis Towers Watson that includes:
Willis Re operations globally, excluding operations in mainland China and Hong Kong;
Global cedent facultative reinsurance, excluding operations in mainland China and Hong Kong;
Corporate Risk and Broking business unit known as Inspace globally and certain business undertaken for Aerospace Manufacturing clients;
IRDAI imposes Rs 30 lakh penalty on SBI General Insurance
SBI General Insurance Company had underwritten Rs 316.36 crore as against the minimum obligatory MTP insurance business of Rs 638.34 crore resulting in a shortfall of Rs 321.98 crore. In percentage terms, the shortfall worked out to be around 50.44 per cent of MTP insurance obligation.
IRDAI seeks insurers’ compliance on issuance of ESOPs
The prior approval of the IRDA has to be sought before such exercise.where exercise of ESOP by one or more key employees of the comoany whether singly or jointly is beyond the threshold limit specified
Insurers can’t deny Carona covers to customers: IRDAI
All insurers, as applicable, are advised to continue offering Corona Kavach and Corona Rakshak Policies and also to renew these policies, said the IRDAI.
EU top court upholds ban on Bayer pesticides linked to harming bees
The Commission in 2013 restricted the use of the neonicotinoids, meaning they could not be used on maize, rapeseed and some spring cereals. They could still be used for other crops, such as sugar beet.
The Commission had reviewed the approvals because of the loss of bee colonies due to the misuse of pesticides.
“Presence of a health regulator would have ensured treatment protocols, reasonability of charges and quality of service in hospitals”
In an interview with Asia Insurance Post, Subhash Chandra Khuntia, who, on Thursday. will be completing his three year term as the chairman, IRDAI , highlights some of the burning issues of Indian insurance industry and how the regulator is addressing them
Khuntia panel submits report to centre on increasing country’s insurance penetration
Subhash Chandra Khuntia, chairman, IRDAI, revealed that a proposal to initiate pilot projects covering some states or districts prone to natural disasters like cyclone and flooding has been sent to the government and the National Disaster Management Authority(NDMA).
The idea is to cover all dwelling units in a vulnerable geographical area against natural catastrophes. The cost of coverage upto a limit can be funded by the Government and the owners can pay additional premium for higher coverage. Since dwelling unit insurance is very cheap, this is quite affordable and feasible and will save Government expenditure in terms of compensation to the affected after the incident,’..
Looking at the size of India in terms of population, geographical spread, diversity and low insurance penetration, there is tremendous scope to have more insurance companies. The market is far below the saturation point.
IRDAI suggests model insurance villages to increase insurance penetration in rural areas
“The concept may be implemented in a minimum of 500 villages in different districts of the country in the first year and increased to a minimum of 1,000 villages in subsequent two years,” the paper said on which the insurance regulator has invited comments from stakeholders by May 17.
It also said the choice of villages is to be made carefully, considering various relevant aspects and parameters in order to implement the concept successfully for a period of three to five years.
Vehicle ownership transfer: Road ministry notifies changes in motor vehicle rules
“Where the owner of a motor vehicle dies, the person nominated by the vehicle owner in the certificate of registration or the person succeeding to the possession of the vehicle, as the case may be, may for a period of three months from the death of the owner of the motor vehicle, use the vehicle as if it has been transferred to him, Provided that such person has, within thirty days of the death of the owner, informed the registering authority of the occurrence of the death of the owner and of his own intention to use the vehicle,” the notification said.