Finance Minister Nirmala Sitharaman “We have heard the voice of...
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Budget 2025: Insurers and experts hail game changing moves
The FDI limit being raised from 74% to 100% will prove to be a...
Union Budget 2025-26: Reshaping Indian insurance landscape
Tapan Singhel, MD&CEO, Bajaj General Insurance& Chairman,...
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.
German regulator acts to halt ‘illegal’ WhatsApp data collection
The regulator in the city-state of Hamburg said that it had opened emergency proceedings against Facebook after WhatsApp earlier this year informed users that they would need to consent to new data terms or stop using the service.
“We have reason to believe that the data sharing policy between WhatsApp and Facebook is being impermissibly enforced due to the lack of voluntary and informed consent,” said Hamburg’s data protection officer Johannes Caspar.
Aon’s EU concessions for $30 billion Willis bid may not be enough:
Last Friday, the London-headquartered company submitted concessions to the European Union’s competition watchdog, which did not disclose details in line with its policy. The watchdog often requires acquiring companies to make concessions that will strengthen rivals before giving its go-ahead.
Aon has proposed selling Willis Re, its biggest concession, and Willis’ German retirement benefits and consulting business. It has also offered to sell Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands, one of the people said.
India’s richest man Ambani fined for irregularities in Reliance share issue
“It is noted that in the instant matter the noticees have been alleged to have failed to make public announcement to acquire shares of RIL and deprived the shareholders of their statutory rights / opportunity to exit from the target company and therefore they breached the provisions of Takeover Regulations. Such charges against the noticees make the instant matter grave,”Sebi has said in an order.
IRDAI tightens product and pricing regulations to check undercutting or inflating of premiums by general insurers
Analysts point out that, such regulations to check undercutting of premiums, that have been happening since detariffing was launched in the Indian general insurance industry in 2007 were overdue. Such cut throat unethical competition was generating huge underwriting losses in the domestic general insurance indstry which was not good for the financial viabilities of the players who are saddled with underwriting losses and even net losses even after so many years of operations..
RBI orders MobiKwik to probe alleged data leak: source
“The RBI has given MobiKwik an ultimatum and ordered them to retain an external auditor to conduct a forensic audit,” said the person, adding the RBI could also impose fines if the breach is proven.
Skyrocketing liability insurance rates for SPACs
. Coverage of about $10 million to indemnify a blank-check company’s directors and officers now costs more than $1 million on average, according to a lawyer who works on SPAC deals. That’s up from $250,000 to $300,000 a year ago.
Britain and EU strike financial services cooperation pact
So far, the EU has declined to grant any long-term direct access for financial firms from Britain, saying this week that it was in no rush.
“Overall, for investors in UK financial services, a greater degree of cooperation between Europe and the UK can only be seen in a favourable light,” said Alan Custis, head of UK equities at Lazard Asset Management.
There’s need to integrate various regulatory agencies with single-window system: Pharma secy
The medical devices industry, which is growing at a compound annual growth rate (CAGR) of about 15 per cent, holds the highest growth potential among all the constituents of the healthcare sector such as pharma and hospital services, an official statement said quoting S Aparna, secretary of Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilisers.