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Health insurers disallowed claims worth Rs 15,100 cr during FY24
Insurers repudiated claims amounting to Rs 10,937.18 crore (9.34...
Labour reforms, focus on informal workers, other policies on cards in 2025
The four labour codes on social security, industrial relations,...
IRDAI chief cautions India Inc on Cyber Risks, 14 general insurers issue 38,000 individual cyber covers
Khuntia was addressing “ The Global Cyber Insurance Summit 2021”,the first -ever such international event organised virtually, on Friday,by GIC Re, Data Security Council of India and City of London Corporation, to identify and discuss leading cyber risks faced by corporates
According to a senior Marsh India official , not more than 400 to 500 Indian corporates that have bought cyber policies
The average policy size of a cyber insurance policy, in the BFSI segment, ranges from $ 1-50 million while a few have taken covers for $ 300 million and the largest policy size in this segment is at $ 400 million.
IRDAI rejects insurance brokers’ demand for life time licenses
`One of the demands of the brokers was to have their licenses in perpetuity. We can’t accept it. The current system, where each broker has to renew his license in every three years, is perfectly fine. Even,in some countries, the insurance brokers need to renew their licenses in every two years.’’said Subhash Chandra Khuntia, chairman,IRDA whiile addressing the 17th Annual Insurance Insurance Brokers’ Summit organized by Insurance Brokers Association of India (IBAI)
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OUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages
While a major overhaul of insurance regulation has been ruled out, and Biden’s primary insurance-related focus is expected to be on healthcare, experts say life and property-and-casualty insurers will also need to prepare for an increase in regulatory attention from the new administration as it rushes to temper the impact of the COVID-19 pandemic.
Financial operations of FB, Google, Amazon regulated: RBI, Sebi tell HC
The submission by Sebi and Reserve Bank of India have been made in response to a PIL seeking a detailed legal framework for regulating operations of techfin companies such as Facebook, Google and Amazon in India’s financial sector space.
Reliance signs $15 million deal with an Israeli firm to distribute Covid-19 breath test kit
Preliminary results from clinical trials it is conducting with Israeli hospitals Hadassah Medical Center and the Sheba Medical Center at Tel HaShomer have shown a success rate of 98 per cent compared to the standard PCR test authorised by global medical organisations.
IRDAI extends CKYCR to legal entities
As the Central KYC Registry (CKYCR) is now fully operational for individual customers, it has been decided to extend the CKYCR to Legal Entities (LEs), regulator IRDAI said in a circular to life and general insurers (including standalone health insurers).
RBI says it is open to exploring possibility of digital version of fiat currency
“In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.”Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said in its booklet on ‘Payment Systems in India — Journey in the Second Decade of the Millennium’.
Global life insurers impose restrictions, worried about long-term pandemic risks
Life insurers, including Prudential Financial Inc, and Aviva PLC, are now imposing waiting periods before COVID-19 patients, including those who have recovered, can apply for coverage, executives and spokespeople said. Some are also limiting coverage for certain age groups.
Irdai panel for separate payments of vehicle, insurance premium
The committee recommended that the customer should make payment to the insurance company directly which is facilitated by the MISP.
”MISP shall not collect the insurance premium amount in its own account and then transfer the same to the insurance company,” it added.
According to the report, the motor insurance business sourced by MISPs through brokers and insurers put together constitutes around 25 per cent of the total motor insurance business or around 11.25 per cent of the overall general insurance business.
Pay business insurance claims or face enforcement, UK watchdog says
“Where we see that insurers are not meeting the expectations set out here, we will use the full range of our regulatory tools and powers to ensure they do so,” the FCA’s executive director for consumers and competition Sheldon Mills said in a letter to insurers’ chief executives.
The watchdog brought the test case on behalf of policyholders last June, saying it could affect 370,000 policyholders and 60 insurers, paving the way for an estimated 1.2 billion pounds ($1.6 billion) of claims.