The government, along with LIC, is selling nearly 61 per cent stake...
Category:
Regulation
Latest
IRDAI chief to meet insurance industry CEOs for Bima Sugam and Bima Manthan on Feb 12-14
Debasish Panda,chairman,IRDAI The IRDAI, on Feb 12, is expected to...
Govt looking at procedural easing to further promote FDI, says official
The department for promotion of industry and internal trade (DPIIT)...
IRDA allows dividend payment by insurers to their shareholders
However, insurers are requested to take a conscious call in the matter of declaring dividends for FY 2020-21 considering their capital, solvency and liquidity positions, said Pravin Kutumbe, member, Pravin Kutumbe, Member (F&I) IRDAI.
IRDA allows Axis Bank to pick up 12 % stake in Max Life
Mohit Talwar, Managing Director, Max Financial Services who has led the transaction, said, “Since all other regulatory, shareholder and board approvals are already in place, we will now progress towards swift conclusion of this transaction. We hope we will be able to make quick progress in harnessing the synergies and benefits from this joint venture between Max Life and Axis Entities.”
About 1,000 finance firms eying Post-Brexit outposts in U.K.
This year, London lost its crown to Amsterdam as Europe’s top place to buy and sell stock, traders have shifted interest-rate swaps out of the UK and the relocation of bankers into the bloc continues.
“These firms are therefore likely to invest in real estate and professional services advice as they set up a UK office for the first time.”
RBI issues master direction to ensure security of digital payments
The Master Direction lays down guidelines for internet banking, mobile payments, card payments, customer protection and grievance redressal mechanism.
“In view of the proliferation of cyber-attacks and their potential consequences, regulated entities should implement, except where explicitly permitted/ relaxed, multi-factor authentication for payments through electronic modes and fund transfers, including cash withdrawals from ATMs/ micro-ATMs/ business correspondents, through digital payment applications,” the RBI said.
IRDA issues alerts on fraud company selling insurance policies “Digital National Motor Insurance”
The IRDAI has cautioned the public not to make any transaction related to insurance business with M/s DIGITAL NATIONAL MOTOR INSURANCE.
Fines, jail term for breach of UK’s new Covid-19 travel rules
In a statement to the House of Commons, Health Secretary Matt Hancock unveiled the new rules to come into force from next Monday, which also include two additional compulsory PCR tests on arrival during a 10-day hotel quarantine as part of a 1,750 pounds pre-booked package covering accommodation, transport and testing.
“From Monday, all international arrivals will be required by law to take further PCR tests on day two and day eight of that quarantine,” said Hancock.
UK company directors face personal liability for financial statements
Directors would have to vouch for the accuracy of financial statements in a version of the Sarbanes-Oxley regime introduced in the United States to crack down on accounting fraud after energy company Enron collapsed, the sources said.
IRDAI asks insurers to promote Govt’s Digilocker for e-storing their policy documents
Digilocker is an initiative under the Digital India program by the Government of India where citizens can get authentic documents/ certificate in digital format from original issuers of these certificates.
The insurers should inform their retail policyholders about Digilocker and how to use it. Insurers are also advised to enable the process by which the policyholders can place their policies in the digilocker., said the IRDAI.
I
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.