The group, which includes Allianz SE and the California Public...
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RBI setting up expert committee for ethical use of AI in financial sector
In a bid to ensure “Zero Financial Frauds” RBI has initiated AI /...
Italy makes it mandatory for companies to buy climate risk covers
Most Italian businesses — especially small and mid-sized ones —...
Health and motor insurance renewal date further extended till May 15
“With a view to mitigate hardship to policyholders whose health&motor (3rd party) insurance policies are due for renewal during lockdown, Govt. has issued a notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies,” said Finance Minister N Sitharaman .
Sachin Bansal’s NAVI General Insurance begins operation
In Januray,Bansal’s Navi Technology had acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for around Rs.100 crore and had received all necessary regulatory approvals. from the IRDAI to make a new begining.
Covid-19 Crisis:IRDAI asks insurers to be cautious on dividend payments,rationalise expenses and ensure solvency margin
Emphasising on prudent management of financial resources by the domestic insurers in the days of Covid-19 pandemic and ongoing lockdown in the country, the board of insurers are advised to devise strategies to ensure that they have adequate capital and resources available with them, said Pravin Kutumbe, member(Finance & Investment),IRDAI in a circular to the insurers on Monday.
China plans allowing a foreign life insurer to own more than one main business license
Existing regulations allow overseas life insurers, with operations in China, to own up to 15% stake in a local rival. Under the new rules being considered, the CBIRC will allow a foreign life insurer to own more than one main business license, the people with knowledge of the matter said.
IRDA allows 3 months moratorium on repayment of term loans sanctioned by insurers
IRDAI has allowed insurers to grant a moratorium of three months towards payment of instalments falling due between 1st March, 2020 and 31st May, 2020. The repayment schedule for such loans and also the residual tenor, will be shifted across the board by three months subsequent to the moratorium period.
Merging PSBs can continue their existing bancassurance partnerships for a year:IRDAI
Punjab National Bank (PNB) has absorbed Oriental Bank of Commerce and United Bank — which makes it India’s second-largest bank after State Bank of India (SBI).Similarly, Syndicate Bank merges with Canara Bank, Union Bank of India absorbs both Andhra Bank and Corporation Bank. Indian Bank and Allahabad Bank’s merger also comes into effect from April 1
IRDAI asks insurers to follow rules strictly in paying commissions to the intermediaries
The board approved policy should stipulate the specific proportion of rewards to commission/remuneration which sholud be reasonable and justifiable, to individual insurance agent/insurance intermediary subject to the overall limit as specified in the existing regulations-Reg 6(d)(ii) and 6(e)(ii) of IRDAI (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
29 insurers launch new standard health products, to cover Covid-19 treatment costs
Besides newly launched ‘Arogya Sanjeevani’ IRDAI has already clarified to the public, that the existing indemnity based health insurance products, that cover the treatment costs of hospitalization offered by all general and health insurance companies,also cover the costs of hospitalization treatment on account of COVID -19.
IRDA clears 16 Regulatory Sand Box proposals from 8 insurers
This is for the first time Regulatory Sandbox proposals from life insurers have been approved as in the first tranche the regulator had only allowed such proposals from only general insurance companies.
IRDA bans Capital Gearing treaties by insurers
Insurers who are having such treaties on their books as on the date of issuance of this circular shall take the following steps-
-Submit board approved action plan to the IRDAI on or before 30th June, 2020 for phasing out the treaties along with timelines such that it complies with the Solvency Stipulations.
-The plan of action will also include assessment of requirement of capital infusion and sources of funds for the capital infusion so required due to prospective closure of these Capital Gearing treaties.