Expressing concern over the rising sums of money lying in such...
Category:
Regulation
Latest
wefox agrees to sell insurance carrier to a group of Swiss companies led by BERAG
wefox has agreed to sell the insurance company to a group of Swiss...
Health, life insurance premium to fall if GST Council decides to reduce taxes on premium: FM
Nirmala Sitharaman, Finance Minister "…The matter of review of GST...
IRDAI penalises Malaysian brokers for cheating TATA-AIG in Rs 300 cr crop reinsurance deal
It all started when TATA-AIG General, which has since exited the crop insurance business after losing money heavily in the deal, made a complaint to IRDAI against Unison lnsurance Broker on Dec 21,2018 alleging fraud in reinsurance placement pertaining to crop insurance,with a premium of around Rs 300 crore in Rajasthan cluster for Kharif 2018.
Trump Administration seeks to limit ‘Overreach’ of Regulation of Artificial Intelligence
The comments come at a time when companies are racing to integrate AI and deep machine learning into their businesses to remain competitive. However, the technology raises ethical concerns about control, privacy, cyber security and the future of work, companies and experts have said.
IRDAI slaps a Rs 3 cr penalty against Aditya Birla Insurance Brokers for violating MISP norms
IRDAI has found fault with ABIBL as the broker has directly or indirectly controlled or interfered in determining of premier of policies.
Experiments to study operation of commercial BVLOS drones to take place in Jan: Aviation Minister
The minister also said the Centre will start registering drones – BVLOS and others – within a few weeks time.Potential use of drone technology for commercial purposes is very high, Puri said, adding that the Centre “is moving ahead on the BVLOS front”.
Govt plans quarterly, half-yearly financial statement norms for unlisted companies
There are more than 11 lakh unlisted companies that are active in the country and the proposal also assumes significance against the backdrop of instances of financial woes at some large unlisted entities.
Insurance intermediaries with majority foreign stake can’t repatriate over 75% as dividend: IRDAI
Besides, the financial statements pertaining to the financial year for which the insurance intermediary is declaring a dividend should be free of any qualifications by the statutory auditors, which have an adverse bearing on the profit during that year.
Mandatory standard health policy to have lifelong renewability:IRDA
General and health insurers should offer this product from April 1, 2020 onwards.Irdai has fixed the minimum entry age as 18 and maximum as 65 years and said the policy is subject to lifelong renewability
IRDA slaps Rs 2.18 cr of fine against Hero lnsurance Broking lndia for violating MISP norms
lt was observed that even though HIBIL has empanelled nine general insures and one standalone health insurers, no justification was given by HIBIL to restricl the number of insurers to 10 and not allow other general insurers to sell motor insurance policies through HIBL’s sponsored MISPs thereby leading to violation of MISP guidelines.
Maruti lnsurance Broking fined Rs 3 cr by IRDAI for violating motor insurance norms
Further, taking serious note that the affidavit submitted by the principal officer-Surender Shrivastav,- of MIBL is contrary to the facts, the IRDAI had directed that MIBL not not pay performance incentives to the Principal Officer for one year from the date of this order.
IRDAI cancels 100% pledging of Reliance GI’s shares with Credit Suisse & Nippon India MF
IRDAI said its prior approval was not taken for the transfer. The Irdai added that the unauthorised transfer also violates FDI regulations.
Irdai’s action will benefit all lenders of Reliance Capital as sale proceeds of RGICL’s shares will go to all lenders and not just Credit Suisse and Nippon India MF.