Jyotiraditya Scindia, Union Minister for Communications "In terms...
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LIC’s net profit rises 4% to Rs18,082 crore in H1FY25, Health JV plans may be completed this fiscal
Siddhartha Mohanty, CEO & MD, LIC LIC's plan to pick up some...
IRDAI wants changes in the functioning of IAC
The new regulation will bring flexibility in conducting number of...
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.
Lloyd’s of London seeks behavior crackdown with culture Survey
The move is the latest part of the 331-year-old insurance exchange’s response to the scandal, after Bloomberg’s report found an atmosphere of near-persistent harassment ranging from inappropriate comments to unwanted touching to sexual assault. Lloyd’s has already said it will set up an independent whistleblower hotline and give potential lifetime bans for inappropriate behavior.
Finally, IRDA cancels license of ITI Reinsurance
Meanwhile, Canadian based Indian born billionaire Prem Watsa, through his Indian general insurance company Digit Insurance, had tried to take over the company but was not allowed by the IRDAI do it as the company hadn’t done any business and any takeover of the company would have been treated as a trading of license which is not allowed under regulations
IRDAI to unveil Risk Based Capital & Supervision soon:Khuntia
IFRS 17, he informed, has been postponed to 2022 globally. India has also postponed its introduction, but IRDAI needs the help and cooperation of insurers during the preparatory phase prior to its introduction.
Alphabet’s wing is first commercial Drone Unit certified as Airline
“It’s an exciting moment for us to have earned the FAA’s approval to actually run a business with our technology,” Wing Chief Executive Officer James Ryan Burgess said in an interview. He called it “pivotal” both for his company and the drone industry in general.
UAE Takaful companies catching up with conventional peers
Emily Thompson, financial analyst, said: “Despite the growth in GWC, Takaful operators still account for a modest part of the UAE’s overall insurance market, commanding a stable 17% market share in 2018. Penetration has been consistent in recent years, but whether Takaful insurers can gain a sufficient foothold in the market to challenge the conventional players remains to be seen.”
GIC Re’s move to hike reinsurance prm challenged in Telengana HC
The writ petition of the Hyderabad based Laurus has taken a stand that the recent circular of the GIC Re, hiking the reinsurance rates, is illegal arbitrary and violative of Articles 14 and 191g of the Constitution of India and also contrary to the existing rules and regulations of the insurance regulator IRDA.
IRDA postpones annual revision of Motor TP tariff due on Apr 1
Yegnapriya Bharath, chief general manager(Non-Life), in a notification on Thursday, has said, “Insurers will continue to charge the rates currently being charged for Motor Third Party Liability Insurance Cover from 1st April, 2019 onwards until further orders.’’
IRDAI clears new norms for life products and Indiabulls entry as a non-life insurance player
The much expected second level of approval-known for R2- for Indiabulls has been postponed to the next board meeting that would happen after three months..