The group, which includes Allianz SE and the California Public...
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RBI setting up expert committee for ethical use of AI in financial sector
In a bid to ensure “Zero Financial Frauds” RBI has initiated AI /...
Italy makes it mandatory for companies to buy climate risk covers
Most Italian businesses — especially small and mid-sized ones —...
Revised Weinstein settlement draws opposition from accusers
The $35.2 million proposal filed on Tuesday in the U.S. Bankruptcy Court in Delaware was financed by insurers and includes $17 million to settle sexual misconduct claims in various courts as well as a lawsuit by New York’s attorney general.
IRDA forms panel to examine relaunching of Index-linked products by life insurers
Currently, IRDAI, product regulations do not specifically permit insurers to sell index linked products and life insurers have been requesting the IRDAI to allow them to offer index linked products.
The working group will examine the need for index-linked products in India , availability of various indexes and how it will better serve the needs and interests of customers relative to traditional savings product.
IRDAI asks applications for the 2nd cohort of the Regulatory Sandbox
The window for filing of applications shall open on 15thSeptember, 2020 and close on 14th October, 2020.
The IRDAI has created a Regulatory Sandbox whose objective is to use innovative ideas to foster growth and increase the pace of most innovative companies, in a way that provides flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection.
More than 15 lakh lives covered under exclusive Corona policies:IRDAI chief
“We will be happy if more emphasis will be given by insurers on how to deal with the current pandemic and post pandemic.We will be delighted if more proposals come to deal with present situation,” Subhash C Khuntia, Chairman, IRDA
MR Kumar, chairman, Life Insurance Corporation, emphasized to focus on IDEAS- Investment opportunity, Distribution of insurance products, Economics and efficiencies, Administration of business & focus on technology and Solvency and soundness of the industry.
Centre frames draft policy on data privacy under National Digital Health Mission
Data collected across the National Digital Health Ecosystem (NDHE) will be stored in at the central level, the state or Union Territory level and at the health facility level, by adopting the principle of minimality at each point, according to the document.
PUC certificate not necessary to settle motor claims:IRDAI
The IRDAI had issued a circular on 6th July, 2018 conveying the directive of Supreme Court in M.C. Mehta Vs Union of India to all general Insurance companies to ensure that the vehicle must have a valid PUC certificate at the time of renewal of motor vehicle insurance. This has been reiterated through another circular on 20th August, 2020.
China vows support for Hong Kong as Financial Hub
Bankers and their lawyers from Hong Kong to Washington have been poring over the fine-print to reconcile how they can dodge major consequences from being squeezed between U.S. and Chinese laws. Running afoul of the legislations put companies at risk of fines or losing their license to do business.
Taiwan to further free up economy, aiming to become Asian financial hub
Instability in Chinese-ruled Hong Kong, especially after Beijing enacted a new national security law there, has called into question how long the city can remain Asia’s dominant financial centre.
While Taiwan is unlikely to supplant Hong Kong immediately, the government does hope to seize the opportunity to attract professionals and capital from the city.
Alamelu Panel favours setting up of a Loss Prevention body for the general insurance industry, will aid reduction of premiums
The panel has suggested that the proposed company should be promoted by the IRDAI as well as the industry.
The company may start working on promoting safety and loss prevention in the areas of Property Insurance and motor Insurance to begin with and can expand into all areas of general insurance as well as health insurance in the future.
`The existing loss control practices of the insurers are incidental to the primary function of underwriting. Needless to state reducing the frequency and severity of losses would benefit both insurers and insureds, as the overall burning cost and consequently the premium rate would come down;,said the report prepared by the working group..
Life insurers can obtain customer’s consent without requiring wet signature in pure risk products till Dec 31:IRDAI
The prospect, if he / she wishes to consent to the proposal, may do so by clicking the confirmation link or by validating the OTP shared. The insurer has to maintain verifiable, legally valid evidence for the proposer’s consent received for the fully completed proposal form. Further, the insurer can’t accept any payment of moneys towards proposal deposit till the receipt of consent of the proposer.