It is designed to cater to a wide audience, including students,...
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Transport ministry proposes more sops for scrapping vehicles with BS-II
The Ministry of Road Transport and Highways (MoRTH) in a draft...
Govt drafts rules for mandatory adoption of Indian Standard Time nationwide
IST shall be the mandatory time reference across all sectors,...
IRDA likely to ask life insurers to launch Index Linked Insurance Products
There is a need exists to have ILIP which would not only give more options and alternatives to the policyholders to choose from, but also could help the insurers to manage their asset liability management risks in a better way, said the panel
RBI unveils ‘One Nation One Ombudsman’ for grievance redressal of financial consumers
The RBI has said major payment system operators in the country would be required to facilitate setting-up of a centralised industry-wide 24×7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms by September 2021.
RBI appoints firm to audit HDFC Bank’s IT infra in view of service outages
“RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre,” HDFC Bank had said in a regulatory filing.
Insurer AIG pays $12 million fine in NY pension transfer probe
An AIG life insurance unit, American General Life Insurance Company, entered into four large-scale deals involving such plans and bid on several others between January 2014 and June 2019 without being licensed in New York, the regulator said.
AIG will also transfer the handling of such transactions to a New York-based subsidiary, the regulator added.
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).