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DPDP rules in monsoon session of Parliament, Digital entities to get 2-yrs to comply: Vaishnaw
"We have also kept graded punishments to protect the interests of...
Consent management, localisation, parental nod for kids on social media in focus: Experts on DPDP
"We foresee that businesses will face some complex challenges in...
AXA XL receives green light for first Shanghai domiciled reinsurer
With a strong S&P A+ financial strength rating, AXA XL Re China will be the first reinsurance subsidiary domiciled in Shanghai and the first foreign-owned reinsurance subsidiary in China. It will provide non-life reinsurance in China.
Lloyd’s calls for state-backed ‘Black Swan’ reinsurance
The Black Swan cover could be used to ensure payments after catastrophes such as a cyber attack or solar storm destroying critical infrastructure, as well as for pandemics, Lloyd’s said in a report published on Wednesday.
“Our concern is you solve for pandemic and you don’t solve for the next disaster,” Lloyd’s Chief Executive John Neal told Reuters.
Mild to medium colour blind people can now obtain driving licence
The Ministry of Road Transport and Highways has been taking many measures to enable ”divyangjan” citizens to avail transport-related services and especially relating to the obtaining of the driving licence, it said.
Can’t expect poor patients to give proof for free treatment: Bombay HC
The court on Friday was hearing a plea filed by seven residents of a slum rehabilitation building in Bandra, who had been charged Rs 12.5 lakh by K J Somaiya Hospital for COVID-19 treatment between April 11 and April 28.
The bench of Justices Ramesh Dhanuka and Madhav Jamdar directed the hospital to deposit Rs 10 lakh in the court.
The petitioners had borrowed money and managed to pay Rs 10 lakh out of Rs 12.5 lakh that the hospital had demanded, after threatening to halt their discharge if they failed to clear the bill, counsel Vivek Shukla informed the court.
IRDA finalises short-term standard Covid-19 policies,asks insurers to launch them by July 10
To be mandatorily termed as “Corona Rakshak Policy’’ it has been made mandatory for all the general insurers and exclusive health insurers, while life insurers have been encouraged to launch such products(benefit based) .
The benefit based policies, to be launched by a life insurers, will have a minimum sum insured of Rs50,000 and a maximum limit of Rs.2,50,000 (in the multiples of fifty thousand).For the standard covid indemnity policies, to be launched by the domestic general insurers and exclusive health insurers, the maximum sum assured can be Rs 5 Lakh (in the multiples of fifty thousand)
Both COVID Standard benefit based health policy and indemnity based health policies should be offered with a policy term of three and half months (3 ½ months), six and half months (6 ½ months) and nine and half months (9 ½ months) i.e,105 days,195 days and 285 days respectively, clarified IRDA..
IRDAI forms panel to suggest ways to insure drone technology
Among other issues,the committee will make recommendations relating to design and development of product/s meeting the needs of RPAS owners and operators, including Third Party Liability,make recommendations relating to underwriting of such risks including the re-insurance perspective and examine any other relevant matter relating to the subject.
IRDAI asks insurance industry to guard against large-scale phishing attack campaign against Indian individuals and businesses
Any unusual activity or attack should be reported immediately to cert-in at incident@cert-in.org.inin the format prescribed by Cert-In (https://www.cert-in.org.in/PDF/certinirform.pdf)under intimation to IRDAI at infosec@irdai.gov.in.
The IRDAI has further said it has been brought to the notice of the authority that a website using domain name- www.irdaionline.org.in is advertising to the general public on sale of insurance and exams conducted by IRDAI. This domain name is not authorized by the authority.
Insurers can now offer short-term Covid-19 policies:IRDAI
Short term policies may be issued for a minimum term of three months to a maximum term of eleven months.In between three months and eleven months, the policy term should be in multiples of completed months, said IRDAI.
Nikhil Rathi appointed as Chief Executive of UK’s FCA
On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).The FCA is the conduct regulator for the UK’s financial markets, over 59,000 financial services firms, and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
AIA receives nod for China’s first wholly foreign owned life insurance company
China removed foreign shareholding restrictions on life insurers in January to further open up the financial market
AIA Company Limited has received approval from the China Banking and Insurance Regulatory Commission to convert its Shanghai Branch into a wholly-owned subsidiary of AIA Co. This new subsidiary will be incorporated in Shanghai and is the first wholly foreign owned life insurance company approved for incorporation in Mainland China,said AIA .
AIA will now begin the application process for separate regulatory approvals to establish branches of the newly incorporated subsidiary in additional territories in Mainland China.