The case has drawn attention due to its focus on AI LLM training, a...
Category:
Regulation
Latest
Slain UnitedHealth CEO puts new focus on CEO safety policy
No UnitedHealth executive receives benefits specifically related to...
‘Digital gold’ Bitcoin surpasses $1,00,000 for first time, may reach $120,000 soon: Experts
According to Vishal Sacheendran, Head of Regional Markets at...
Insurers face possible British action over calculation of pandemic payouts
Some insurers were making deductions for government loans – which businesses had received as a result of the pandemic – when calculating payouts.
The FCA said this could be appropriate but insurers should not take a one-size-fits-all approach and make uniform deductions.
The Financial Conduct Authority (FCA) has taken eight insurers to court over business interruption policy wordings, which the insurers say do not cover the pandemic, with a ruling expected in mid-September.
But the case does not address how any resulting claims payments would be calculated, the FCA said on Monday.
Life insurers can issue e-policies in 2020-21:IRDAI
The life insurers have to confirm the date of receipt of electronic policy document by the policyholder through PIVC or other means and preserving the proof so that free look period may be calculated from that date and 30 days free look period should be allowed for all such electronic policy documents, said the IRDAI
International Financial Services Centres Authority forms panel to develop global retail business in IFSCs
Apart from channelizing India’s offshore business to the IFSC located at GIFT City and making it the gateway for India centric international financial services, the objective is to make it a global hub for international financial services on the lines of London, Hong Kong,Singapore and Dubai.
India’s IFSCA gets members from 4 regulators,to regulate financial markets in IFSCs
The centre has notified the names of T.L.Alamelu,member, IRDAI, Indrani Banerjee,executive director,Reserve Bank of India(RBI), Sujit Prasad,executive director,Securities and Exchange Board of India(Sebi),Ananta Gopal Das,executive director,Pension Fund Regulatory and Development Authority(PFRDA), as members of IFSCA)
After OIC,AM Best withdraws its ratings for United India
AM Best had withdrawn its ratings for United India Insiurance and Oriental Insurance Comoany, as these companies have requested to no longer participate in AM Best’s interactive rating process.
Hong Kong moves to create regional hub for insurance-linked securities
The Hong Kong government introduced in March the Insurance (Amendment) Bill 2020[here]. The bill provides a regulatory framework for insurers to transfer risk to the capital markets by issuing insurance-linked securities in Hong Kong through special purpose insurers, or SPIs. Special purpose insurers are essentially the same as the dedicated special purpose vehicles that are authorized in other jurisdictions to issue insurance-linked securities, or ILSs.
More S.African insurers yield to customer demands to pay COVID BI claims
The FSCA and the Prudential Authority, which oversees the strength of the financial-services industry, last week struck a deal with insurers to consider once-off payments to help keep customers afloat, while courts decide whether insurers are correctly interpreting the terms of contracts.
Germany prepares “action plan” to reform banks, insurers and payment companies post Wirecard scandal
Financial watchdog BaFin, which reports to Scholz’s ministry, was sued by Wirecard investors who say the regulator turned a blind eye to widespread evidence of an accounting scandal.
Govt amends certain Indian Accounting Standards amid Covid-19 pandemic
Leading consultancy EY India’s Partner and National Leader (Financial Accounting Advisory Services) Sandip Khetan said the amendment was keenly awaited by Indian companies who were gearing up for their quarterly results.
After US directive,DGCA tells airlines to inspect Boeing B737s in fleet
The US aviation regulator Federal Aviation Administration asked the airlines to inspect their B737 aircraft that had not flown for seven days or more and the ones that had operated not more than 10 flights after return to service.
A senior DGCA official said the Indian regulator had asked Indian carriers SpiceJet, Vistara and Air India Express to inspect their B737 aircraft as directed by the FAA.
The emergency directive was “prompted by four single-engine shutdowns” that happened due to compromised air check valves in the engines of the certain B737 aircraft, said the FAA in its emergency directive.