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Strengthen framework to curb unethical practices RBI Guv to bank boards
"While such practices may yield short-term gains, they ultimately...
8th Bima Manthan: IRDAI and Insurers brainstorm implementation of IFRS and Cyber security measures
In an era where digital transformation is reshaping industries,...
Govt unveils norms for 100% FDI in insurance intermediaries sector
However if a bank, whose primary business is outside the insurance area, is allowed by the IRDAI to function as an insurance intermediary, the foreign equity investment caps applicable in that sector, which is 74 percent, will continue to apply, subject to the condition that the revenues of such entities from the primary (non-insurance related) business must remain above 50 per cent. of their total revenues in any financial year.
IRDAI shuts down Anil Ambani’s health insurance co,merge it with Reliance General
The IRDAI was compelled to take such a drastic action as the debt laden Reliance Capital, the parent company of RHICL has consistently failed to provide adequate capital to its one year old health insurance subsidiary, that had experienced steady erosion of the required solvency margin of 150 per cent over one year and had plunge to 63 per cent as on Sept 2019.RHICL, which commenced operations in October, 2018 has not been able to maintain the required solvency margin since June,2019,said the IRDAI
IRDAI slaps Rs 15 lakh penalty against Shriram Transport Finance
“Even the submission of the insurer clearly indicates that in majority of cases, involvement of SP is negligible during solicitation of business and hence the CA is engaging unlicensed persons for soliciting business,’’ said IRDAI in its penalty order.
IRDA forms panel to standardise Title Insurance products
The feedback received from the Government of India reveals that the stakeholders, especially the Developers Associations have flagged the need for standardisation in the Title Insurance products, said IRDAI.
IRDAI makes travel insurance sale via online ticket booking portals more stringent
This circular will come into force with immediate effect. All the group insurance arrangements that are not in compliance to these norms shall be terminated with effect from 01st Oct
SEBI pulls up SBI Life for not complying with minimum public shareholding norms
“The company and BNP Cardif may note that the dilution of shareholding beyond the permissible limit is not in compliance with provisions of the said circular and hence, such dilution would not be counted towards achieving MPS threshold,” SBI Life said in a regulatory filing quoting the letter of Securities and Exchange Board of India (SEBI).
RBI in talks with govt to ensure mega bank mergers are non-disruptive: Das
Last month, the government had announced creation of four large state-run banks by merging ten of them. The will take down the number of total state-owned banks to 12 from the 19 this April.
IRDAI penalises Bagic and Go Digit for violating its norms
In one of the findings, the IRDAI has said that the number of offices (financial year wise) indicates that the actual number of offices as per the records of Bagic varies with the number of offices as per the records of the IRDAI and public disclosures. There is noticeable increase in the number of offices and staff after MISP guidelines have come into effect.
Regulatory Sandbox a win-win position for regulators and Start-ups:IRDAI
Banarji, urged insuretech firms to use the facility to test new products and services and added that IRDAI will start receiving applications under regulatory sandbox from 15 September to 14 October 2019
FPIs pulled out Rs 38,930 cr in FY19 due to weak market sentiments: Sebi
“Despite heavy capital infusion by FPIs in last two months, the Indian capital market suffered a net outflow to the tune of Rs 38,930 crore in 2018-19 as macroeconomic headwinds weighed on investor sentiment through the year,” the report said.