Consumer Affairs Secretary Nidhi Khare said the department has...
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India’s insurance penetration falls further from 4% to 3.7% in FY 24
According to the latest IRDAI annual report for Fy 23-24, released...
European Central Bank plans insurance for climate risks
One part of the plan is a voluntary public-private reinsurance...
Sebi proposes stricter rules on independent directors
The Securities and Exchange Board of India (SEBI) proposed that if listed companies in India wish to appoint or remove independent directors they should require the “dual approval” of shareholders and a majority of the company’s minority investors.
If either of the requirements are not met, a new person will not be appointed and existing independent directors can’t be removed, SEBI said in its proposal, which is open for public consultation until April 1.
Currently, only 51% shareholder approval is required for appointing or removing such directors in most cases, and no separate sign-off is needed from minority investors.
Rajeswari joins IRDA as member, Distribution
Meanwhile, the government has advertised for the post of member, Finance & Accounts,IRDAI as the incubment Pravin Kutumbe will be retiring on 12th March after completing his three-year term.
Subhash Chandra Khuntia, chairman, IRDAI, will completing his three-year term in May.
Aon’s $30 billion bid for insurance broker Willis hits EU antitrust hurdle:Reuters
The European Commission, which suspended its investigation into the deal last month while waiting for Aon to provide requested information, is concerned the takeover may drive up prices and hold back innovation.
Boeing to pay $6.6 million to FAA over safety lapses
The new settlement covers FAA allegations that Boeing managers exerted undue pressure on Boeing workers performing certification duties for the FAA at the company’s South Carolina plant. The FAA also alleged Boeing “failed to follow its quality control processes” and “interfered with an airworthiness inspection of a Boeing 787-9.”
IRDA allows dividend payment by insurers to their shareholders
However, insurers are requested to take a conscious call in the matter of declaring dividends for FY 2020-21 considering their capital, solvency and liquidity positions, said Pravin Kutumbe, member, Pravin Kutumbe, Member (F&I) IRDAI.
IRDA allows Axis Bank to pick up 12 % stake in Max Life
Mohit Talwar, Managing Director, Max Financial Services who has led the transaction, said, “Since all other regulatory, shareholder and board approvals are already in place, we will now progress towards swift conclusion of this transaction. We hope we will be able to make quick progress in harnessing the synergies and benefits from this joint venture between Max Life and Axis Entities.”
About 1,000 finance firms eying Post-Brexit outposts in U.K.
This year, London lost its crown to Amsterdam as Europe’s top place to buy and sell stock, traders have shifted interest-rate swaps out of the UK and the relocation of bankers into the bloc continues.
“These firms are therefore likely to invest in real estate and professional services advice as they set up a UK office for the first time.”
RBI issues master direction to ensure security of digital payments
The Master Direction lays down guidelines for internet banking, mobile payments, card payments, customer protection and grievance redressal mechanism.
“In view of the proliferation of cyber-attacks and their potential consequences, regulated entities should implement, except where explicitly permitted/ relaxed, multi-factor authentication for payments through electronic modes and fund transfers, including cash withdrawals from ATMs/ micro-ATMs/ business correspondents, through digital payment applications,” the RBI said.
IRDA issues alerts on fraud company selling insurance policies “Digital National Motor Insurance”
The IRDAI has cautioned the public not to make any transaction related to insurance business with M/s DIGITAL NATIONAL MOTOR INSURANCE.
Fines, jail term for breach of UK’s new Covid-19 travel rules
In a statement to the House of Commons, Health Secretary Matt Hancock unveiled the new rules to come into force from next Monday, which also include two additional compulsory PCR tests on arrival during a 10-day hotel quarantine as part of a 1,750 pounds pre-booked package covering accommodation, transport and testing.
“From Monday, all international arrivals will be required by law to take further PCR tests on day two and day eight of that quarantine,” said Hancock.