Siddhartha Mohanty, CEO & MD, LIC LIC's plan to pick up some...
Category:
Regulation
Latest
IRDAI wants changes in the functioning of IAC
The new regulation will bring flexibility in conducting number of...
India updates biodiversity action plan, to conserve 30pc areas by 2030
Reducing threats includes eight targets focused on major...
Bank of England enhances scrutiny of Lloyd’s whistleblower systems
Govt plans to make PFRDA sole regulator for the pension products
“The proposed amendments will segregate the marketing functions from the PFRDA which will be only be a licensing authority. The Ministry of Finance*MoF) has finalised a few amendments to the existing PFRDA Act and after inter-ministerial consultations, it will go to the Cabinet for its final approval.It may be placed in the parliament during the forthcoming Budget session,” said Supratim Bandyopadhyay, Member (Finance). PFRDA.
Life insurers bat for 100% foreign investment in sector via automatic route
India has received nearly Rs 30,000 crore worth of FDI in the private sector insurance firms since 2015, when the government increased FDI limit from 26 per cent to 49 per cent
Climate change has a significant impact on the liabilities of non-life insurers and reinsurers:EIOPA
Regarding climate risk, insurers and pension funds can play a key role in the transition towards a low carbon economy as major institutional investors, but this transformation carries significant investment risks as well. It is therefore crucial that both insurers and pension funds actively incorporate climate change risks in their own risk management frameworks.
Financial Action Task Force cautions financial institutions on dealings with North Korea
The FATF remains concerned by theNorth Korea’s failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats they pose to the integrity of the international financial system. The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies.
British watchdog FCA probes data sharing in financial services
Britain’s FCA said on Tuesday that going a step further with open finance could set up “dashboards” to help consumers keep an eye on their finances, encourage shopping around for better deals, and become a means to obtain financial advice.
Insurers and brokers can’t set up TPAs as promoters:IRDAI
It is not immediately known in what ways new regulations will be applicable to four PSU general insurance companies , National Insurance Company, New India Assurance Company, United Insurance Company, Oriental Insurance Company and General Insurance Corporation of India, which are promoters of , Health Insurance TPA of India(HITPA), the common in-house TPA for four companies to handle health insurance claims. There are couple of insurance brokers who have set up TPAs.
China to allow 100% FDI in life insurance sector from Jan 2020
Currently, there are at least 28 foreign owned life insurers in China, with AIA being the only company to have a 100% shareholding.The first wholly owned foreign insurance operations were granted almost a year ago, when Axa bought out its domestic joint-venture partner and within the last few weeks Allianz won initial approval to set up a wholly owned holding company. AIA also owns its China business outright, but it was grandfathered in under a licence that pre-dated the restrictions
Insurers need profound transformation and the right talent, reveals EY Insurance Outlook 2020
Insurers agree that talent is the “secret sauce” to maximize returns on investments in technology, digital transformation and new business models. But with the industry struggling to attract the right talent, the report finds that insurers need to either reposition themselves as technology firms or proactively communicate on why the industry matters, what value it brings to society and the overall appeal of an insurance career.
California puts one-year halt on insurers dropping customers in wildfire-prone areas
The moratorium, which ends Dec. 5, 2020, is meant to draw insurers and state legislators to the negotiating table to find a solution to the state’s wildfire insurance dilemma.