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Transport ministry proposes more sops for scrapping vehicles with BS-II
The Ministry of Road Transport and Highways (MoRTH) in a draft...
Govt drafts rules for mandatory adoption of Indian Standard Time nationwide
IST shall be the mandatory time reference across all sectors,...
India’s IFSCA gets members from 4 regulators,to regulate financial markets in IFSCs
The centre has notified the names of T.L.Alamelu,member, IRDAI, Indrani Banerjee,executive director,Reserve Bank of India(RBI), Sujit Prasad,executive director,Securities and Exchange Board of India(Sebi),Ananta Gopal Das,executive director,Pension Fund Regulatory and Development Authority(PFRDA), as members of IFSCA)
After OIC,AM Best withdraws its ratings for United India
AM Best had withdrawn its ratings for United India Insiurance and Oriental Insurance Comoany, as these companies have requested to no longer participate in AM Best’s interactive rating process.
Hong Kong moves to create regional hub for insurance-linked securities
The Hong Kong government introduced in March the Insurance (Amendment) Bill 2020[here]. The bill provides a regulatory framework for insurers to transfer risk to the capital markets by issuing insurance-linked securities in Hong Kong through special purpose insurers, or SPIs. Special purpose insurers are essentially the same as the dedicated special purpose vehicles that are authorized in other jurisdictions to issue insurance-linked securities, or ILSs.
More S.African insurers yield to customer demands to pay COVID BI claims
The FSCA and the Prudential Authority, which oversees the strength of the financial-services industry, last week struck a deal with insurers to consider once-off payments to help keep customers afloat, while courts decide whether insurers are correctly interpreting the terms of contracts.
Germany prepares “action plan” to reform banks, insurers and payment companies post Wirecard scandal
Financial watchdog BaFin, which reports to Scholz’s ministry, was sued by Wirecard investors who say the regulator turned a blind eye to widespread evidence of an accounting scandal.
Govt amends certain Indian Accounting Standards amid Covid-19 pandemic
Leading consultancy EY India’s Partner and National Leader (Financial Accounting Advisory Services) Sandip Khetan said the amendment was keenly awaited by Indian companies who were gearing up for their quarterly results.
After US directive,DGCA tells airlines to inspect Boeing B737s in fleet
The US aviation regulator Federal Aviation Administration asked the airlines to inspect their B737 aircraft that had not flown for seven days or more and the ones that had operated not more than 10 flights after return to service.
A senior DGCA official said the Indian regulator had asked Indian carriers SpiceJet, Vistara and Air India Express to inspect their B737 aircraft as directed by the FAA.
The emergency directive was “prompted by four single-engine shutdowns” that happened due to compromised air check valves in the engines of the certain B737 aircraft, said the FAA in its emergency directive.
Insurers should pay UK businesses over ‘cataclysmic’ pandemic, court hears
A ruling against the insurers could mean tens of millions of dollars in additional claims, hitting a sector that is already facing its biggest test to date. Lloyd’s of London, the world’s largest insurance exchange, estimated the global pandemic could cost insurers more than $200 billion.
China raises equity investment cap for insurers to 45%
Ensure ban on petcoke,furnace oil; use cleaner fuels,NGT directs CPCB
The tribunal was hearing pleas filed by Sumit Kumar and Amarjeet Kumar seeking a ban on the use of all forms of petcoke, as it emits fine particulate matter (PM) which is harmful to human health.
According to the plea, the objection to the use of petcoke and furnace oil, which has already been banned in certain states, is causing of huge emission of sulphur dioxide and other pollutants.