Participants from India and UK touched upon reforms in respective...
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E-commerce to adopt Safety Pledge to protect online consumers on Dec 24
With India projected to have 500 million online shoppers by 2030...
Max Life Insurance rebrands to Axis Max Life Insurance
“With Axis now an integral part of our identity, we are...
General insurers can issue e-policies till March,2021:IRDAI
Now, all motor, health insurance policies,fire insurance policies, all package insurance policies issued to individuals and all miscellaneous policies issued to individuals where the sum insured does not exceed Rs. 5 crore,can be issued through digital/electronic mode.
RBI in process of constructing digital payment index to assess extent of digitisation: Exec director
“RBI is in the process of…constructing and periodically publishing a composite digital payment index (DPI) to capture the extent of digitisation. The DPI could be the key to accurately measure the deepening and penetration of digital payments across the country,” he said while addressing a webinar organised by the US-India Business Council.
Don’t stop us paying dividends, European insurers tell regulators
The pandemic will likely lead to between $50 and $100 billion in losses for insurers, the Insurance Europe trade body said in response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of the pandemic
IRDA allows wide-ranging incentives by insurers to promote wellness and affordable health insurance
Based on criteria stipulated for wellness and fitness, insurers may endeavor promoting wellness amongst health insurance policyholders by offering host of services:
-Health specific services provided by Network providers or other empanelled hospitals / service providers for the following (in addition to any such benefits already offered):
-Outpatient consultations or treatments
-Pharmaceuticals
-Health check-ups/diagnostics
-Including discounts on all the above.
– Redeemable vouchers to obtain health supplements.
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.