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“Acquisitions in India remain an option if a compelling opportunity arises aligning with our long-term vision”
Laurent Rousseau, CEO of Europe, IMEA and Global Capital Solutions,...
FIU-IND signs MoU with Irdai for enhanced coordination, information exchange
(L to R) Satyajit Tripathy, Member (distribution), Irdai and Vivek...
IRDAI asks insurers to ensure expeditious settlement of COVID-19 claims
Insurance Regulatory and Development Authority of India (IRDAI) has also requested all the hospitals not to differentiate the patients in terms of admission or treatment.
The regulator noted that there are reports of certain network providers (hospitals) charging high rates and insisting on cash payments from the policyholders for providing treatment to COVID-19 infected patients despite having cashless arrangement with insurers.
FM asks IRDAI to act against insurers for denying cashless claims
‘Reports are being received of some hospitals denying cashless insurance. Spoken to Chairman, IRDAI Shri SC Khuntia to act immediately. In March’20 #Covid included as a part of comprehensive health insurance. Cashless available at networked or even temporary hospitals,’ the minister said in a series of tweets.
The Insurance Regulatory Development Authority of India (IRDAI), she added, has asked insurance companies to prioritise settlement of COVID claims.
`Insurer can’t invest more than 10% of their outstanding debt in a single InvIT/REITs issue’
-The cumulative Investments in Units and Debt Instruments of InvITs and REITs shall not exceed 3% of total fund size of the Insurer at any point of time.
– No investment can be made in Debt instruments of an InvIT/REIT where the sponsor is under the promoter group of the insurer.
Investment in Debt Instruments of InvIT will form part “Infrastructure Investments”.
Covid vaccine-makers largely protected on side effects
While some governments will pay compensation due to sufferers, others assume it is the responsibility of the companies even after drug agencies back the vaccines.
In the US, the Public Readiness and Emergency Preparedness Act authorises the health secretary “to limit legal liability for losses relating to the administration of medical countermeasures such as diagnostics, treatments, and vaccines”.
China launches first class-action lawsuit in war against corporate fraud
China introduced the class-action mechanism to capital markets last year as part of efforts to crack down on corporate malfeasance and bolster investor confidence.
Although corporate fraud is not uncommon in China, retail investors have historically had little chance to make their voices heard. Small investors often likened legal action to ants fighting elephants.
Explain basis for approving insurance policies excluding mental illnesses from full coverage: HC to IRDA
The direction to the Insurance Regulatory and Development Authority of India (IRDAI) by the court came on a plea of a man whose claim for reimbursement of costs in the treatment of his mental illness was restricted to Rs 50,000 by the insurance provider – Max Bupa Health Insurance Company Ltd.
The court issued notice to IRDA and Max Bupa seeking their stand within two weeks, saying a large number of insured persons would be affected by such an insurance policy.
Irdai imposes Rs 51 lakh penalty on 4 insurers
In the order on SBI General Insurance Company, Irdai said the charge was that the the insurer did not comply with the MTP Obligation for the financial year 2017-18 calculated as per Regulation 3 of the Irdai (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015.
Customer privacy, data protection non-negotiable: RBI deputy governor
“We must generate trust amongst the customers that their data is safe and secure in all their financial relationships with regulated entities and for that – innovation and regulation should go hand-in-hand,” he said while speaking at a webinar on Open Banking organised by Tata Consultancy Services (TCS) in association with the Embassy of India in Brazil on April 14. RBI posted the speech on Friday.
Health ministry issues regulatory pathways for foreign-produced Covid-19 vaccines
The first 100 beneficiaries of such vaccines shall be assessed for seven days for safety outcomes before it is rolled out for further Vaccination programme.
“Applicant shall initiate conduct of post-approval bridging clinical trials within 30 days of such approval,” it said.
Govt notifies draft rules for hiking FDI to 74 % in insurance sector
According to the draft rules, in an Indian insurance company having foreign investment exceeding 49 per cent not less than fifty per cent. of the net profit for the financial year have to be retained in general reserve, if the insurer’s solvency margin is less than 1.2 times the control level of solvency for a financial year for which dividend is paid on equity shares.
Not less than fifty per cent. of directors of such insurers will be independent directors, unless the chairperson of its board is an independent director, in which case at least one-third of its board shall comprise of independent directors.