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Trump signs executive order directing US withdrawal from the Paris climate agreement — again
US President Donald Trump Trump also signed a letter to the United...
IFSCA and IRDAI to work together for pulling global re/insurance investment into India: Rajaraman
L to R - PK Arora, Member, IRDAI, T Alamelu, Principal Advisor,...
Policyholders can pay health insurance premium in instalments:IRDAI
The premium installment facility may be offered either as a permanent feature or may be offered as a temporary relief for a period of twelve months (one policy year) in respect of all the health insurance policies that are due for renewal up to 31st March, 2021, said IRDAI.
Govt approval must for all FDIs from neighbouring countries including China
The note states: “A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.”
The new rules will also apply to ‘the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly,’ the DPIIT has said.
India’s central bank surprises with reverse repo rate cut in bid to spur bank lending
However, analysts believe much more help will be needed from the government to help tide over the crisis.The government so far has only announced a $22 billion package targetted at the poor but refrained from any big bang measures.
Health and motor insurance renewal date further extended till May 15
“With a view to mitigate hardship to policyholders whose health&motor (3rd party) insurance policies are due for renewal during lockdown, Govt. has issued a notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies,” said Finance Minister N Sitharaman .
Sachin Bansal’s NAVI General Insurance begins operation
In Januray,Bansal’s Navi Technology had acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for around Rs.100 crore and had received all necessary regulatory approvals. from the IRDAI to make a new begining.
Covid-19 Crisis:IRDAI asks insurers to be cautious on dividend payments,rationalise expenses and ensure solvency margin
Emphasising on prudent management of financial resources by the domestic insurers in the days of Covid-19 pandemic and ongoing lockdown in the country, the board of insurers are advised to devise strategies to ensure that they have adequate capital and resources available with them, said Pravin Kutumbe, member(Finance & Investment),IRDAI in a circular to the insurers on Monday.
China plans allowing a foreign life insurer to own more than one main business license
Existing regulations allow overseas life insurers, with operations in China, to own up to 15% stake in a local rival. Under the new rules being considered, the CBIRC will allow a foreign life insurer to own more than one main business license, the people with knowledge of the matter said.
IRDA allows 3 months moratorium on repayment of term loans sanctioned by insurers
IRDAI has allowed insurers to grant a moratorium of three months towards payment of instalments falling due between 1st March, 2020 and 31st May, 2020. The repayment schedule for such loans and also the residual tenor, will be shifted across the board by three months subsequent to the moratorium period.
Merging PSBs can continue their existing bancassurance partnerships for a year:IRDAI
Punjab National Bank (PNB) has absorbed Oriental Bank of Commerce and United Bank — which makes it India’s second-largest bank after State Bank of India (SBI).Similarly, Syndicate Bank merges with Canara Bank, Union Bank of India absorbs both Andhra Bank and Corporation Bank. Indian Bank and Allahabad Bank’s merger also comes into effect from April 1
IRDAI asks insurers to follow rules strictly in paying commissions to the intermediaries
The board approved policy should stipulate the specific proportion of rewards to commission/remuneration which sholud be reasonable and justifiable, to individual insurance agent/insurance intermediary subject to the overall limit as specified in the existing regulations-Reg 6(d)(ii) and 6(e)(ii) of IRDAI (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.