According to an office memorandum dated November 26, 2024, it is...
Category:
Regulation
Latest
Social media platforms urge Australia to delay ban on children under 16
The legislation would impose fines of up to 50 million Australian...
RBI approves Central Bank buying stakes of Generali group’s Indian companies
The Reserve Bank of India (RBI) has approved state owned Central...
Sebi comes out with new mechanism to reward whistleblowers, informants
Under the new framework, it would be mandatory to disclose the source of information, besides, confidentiality regarding the identity of the informant would be protected, the regulator said in a statement.
Cardif’s sale of 5% of its stakes in SBI Life was illegal:IRDAI
However,the IRDAI said that In view of the submissions made by the Cardif during the personal hearing and their request for taking a lenient view, the IRDAI has granted post-facto approval to the said transaction of transfer
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