"Safe and trusted AI is when you do the innovation, try and be...
Category:
Regulation
Latest
IRDA may unveil new regulations to check insurers’ overdependence on promoter banks
In some cases, parent banks of insurers are selling over...
Secure messaging apps big challenge to counter online radicalisation: Govt
"The use of more secured messaging applications like Signal,...
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.
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.