The industry group goes on to state that operating systems embedded...
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Marsh fined Rs1 crore by IRDAI for violating Indian re/insurance regulations
The broker did not remit the premium to the insurer/reinsurer...
CCI approves Central Bank of India’s proposed stakes acquisition in Future Generali Insurance ventures
Earlier, state-owned bank Central bank said it has been declared as...
DGCA issues showcause notices to Chennai, Ahmedabad airport directors over safety lapses
Earlier this month, the main runway at the Mumbai airport was shut for more than three days after a SpiceJet plane from Jaipur veered off it while landing amid heavy rainfall on July 1 night and got stuck in the adjacent grass area.
K Ganesh appointed as member, Life,IRDAI
Insurers allowed to sell stand-alone OD auto covers from Sep 1
Consequently, effective from 1st September, 2019, the issuance of bundled policies for cars and two-wheelers will not be compulsory.Further, insurers will have the option to offer package policies, in addition to stand-alone OD and third party (TP) policies. Long term stand-alone OD policy will not be permitted for the present.
Five in the race to become Secretary of GI Council
The insurance professionals who are contenders for the post are:MN Sharma, former CMD, United India Insurance, John Pulinthanam. general manager & director,National Insurance Company, Balwant Singh, former general managers, OIC ,CR Vijayan, former GM & director, GIC Re , Deepak Sood, former CEO. Future Generali India Life Insurance Co
Khuntia Panel focuses on insurance penetration and natural disaster for action plans
The panel has asked Chandrasekaran, and Joydeep Roy of PwC to prepare a detailed report on what need to be done on issues like insurance penetration and natural disasters.
Airlines urge Nations’ Regulators to avoid competing Safety Rules
The head of the International Air Transport Association (IATA), representing 290 airlines or more than 80 percent of world traffic, backed the existing process that usually involves one host regulator lead certification for each type of new aircraft, in exchange for reciprocal agreements with other agencies across the world.Airlines want to “avoid each model being certified 1,000 times” but focus instead on a single lead regulator, Alexandre de Juniac told a meeting of aerospace executives in Paris.
Facebook reported agreeing to 20-yr Pact on Privacy Oversight by US Govt
The FTC has been investigating allegations that Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica. The probe has focused on whether the sharing of data and other disputes violated the 2011 consent agreement.
IRDAI unveils norms on exclusions in health covers, new products from 1st April, 2020
Every health insurance product has to cover all pre existing diseases disclosed by the persons to be insured immediately after the expiry of the forty-eight months waiting period or such lower period as stipulated in the product, said the IRDA’s draft exposure draft.
Cyber Insurance growth slows down in US, records reaching $2 Billion in 2018, Fitch
Standalone cyber insurance premiums grew 12% in 2018, according to insurer statutory financial data. Fitch said high profile cyber events and previous uncertainty around cyber terms in commercial insurance policies continue to demonstrate the need for coverage. Insurers are addressing silent cyber risks by adding affirmative coverage in policies, including sublimits and cyber endorsements, but these efforts vary widely among individual companies.
Bank of England fires warning shot to insurers over capital, Libor
The BoE and the Financial Conduct Authority have written to the chief executives of insurers and banks, asking them to spell out their preparations for effectively ditching the use of Libor by the end of 2021.The BoE wants insurers to reference its overnight rate SONIA in contracts and balance sheet assessments after banks were fined billions of pounds for trying to rig Libor.