K Rajaraman,Chairman, International Financial Services Centres...
Category:
Regulation
Latest
Burmans’ Religare open offer for additional 26% stake to start on Jan 27
The Burman family -- a promoter of Dabur India and other entities...
Wish to bring as many Indians into market ecosystem to help in wealth creation: Buch
"'… a system that is efficient but is exclusive does not serve the...
IRDAI forms panel to modify engineering retail segment products
Among the issues, the panel will revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them.
IRDAI unveils draft norms on shareholders’ compensation post M & A of insurers
The Insurance Act, 1938 has laid down that every policyholder or shareholder or member of each of the insurers, before amalgamation, will have the same interest in, or rights against the insurer resulting from amalgamation as he had in the company of which he was originally a policyholder or shareholder or member
Singapore’s Dy PM launches Global Asia Insurance Partnership,to incubate new risk financing solutions for emerging risks in Asia
“Through GAIP, we aim to produce actionable research insights, develop policy recommendations, There are many structural protection gaps facing Asia, but pandemic risk and climate risk are two critical areas that demand our immediate and collective attention,.” Heng Swee Keat Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance,Singapore, said adding that GAIP is expected to commence work in January next year.
CCI approves merger of Bharti AXA General Insurance into ICICI Lombard General insurance
The merger of Bharti Axa General Insurance with ICICI Lombard General Insurance, India’s largest non-life company had got formalised in an all-stock deal, valued at €521 million(approximately Rs 4,200 crore).AXA, with 49 per cent of stake and Bharti, with 51 per cent of stake, to combine their non-life operations in India into ICICI Lombard, in exchange of shares
RBI asks Axis bank to restructure its plans to acquire stakes in Max Life
Under the revised agreements, Axis Bank will acquire upto 9.002 per cent of the equity share capital of Max Life, and, Axis Capital Limited and Axis Securities Limited will together acquire upto 3.000 per cent of the share capital of Max Life.
In addition, Axis Entities will have a right to acquire an additional stake of upto seven .per cent of the equity share capital of Max Life, in one or more tranches..
LIC IPO may spill over to next fiscal as govt looks at valuation of insurer
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the pre-IPO work of LIC is going on at four stages — appointment of advisors for ensuring compliance, legislative amendment, LIC’s internal software changes to come out with its ’embedded value’ and appointing an actuary for vetting LIC’s actuarial valuation.
Pandey said only after the four stages converge, then a decision would be taken on the quantum of government stake to be diluted in LIC.
“We are trying our best to do this fiscal. But this IPO is a big issue and I think it will take time,” Pandey said when asked if the offering would happen this fiscal.
U.S. says AIG settles tax shelter lawsuit, forgoes over $400 million tax credits
“AIG created an elaborate series of sham transactions that were designed to do nothing–and in fact did nothing–other than generate hundreds of millions of dollars in ill-gotten tax benefits,” Acting U.S. Attorney Audrey Strauss in Manhattan said in a statement.
No foolproof anonymity: Justice Srikrishna on data protection
“What is thought to be anonymous can be de-anonymised tomorrow. Therefore, there is no foolproof anonymity. All that law can say is take it as anonymous, if you do de-anonymity, identify the person, then you will be answerable to the law,” Justice Srikrishna said at a FICCI event.
The draft of the personal data protection bill, approved by the Cabinet in December 2019, proposes a penalty of up to Rs 15 crore and up to three-year jail term for company executives for violating privacy norms.
IRDAI issues stringent advertisement norms for insurance industry
The IRDAI has also asked the insurers to issue a statutory warning, saying “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer.”
London must ‘seize the moment’ to maintain global leadership amid COVID-19 pandemic:Report
Britain accounted for nearly a third of financial activity in the European Union, which it left last January, and will no longer have to comply with its rules after Dec. 31.
New Financial said in its study “Beyond Brexit,” supported by Barclays bank, that leaving the EU would be a seismic change and involve significant disruption for the banking and finance industry’s relations with the bloc.