The verdict came after the IT firm failed to persuade a Los Angeles...
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BC Patnaik quits as Member, Life, IRDAI
BC Patnaik, Member, Life, IRDAI Recently, Patnaik, who retired as a...
Data privacy is a major concern for insurance industry: LIC CEO
(LtoR) Siddhartha Mohanty, CEO and MD, Life Insurance Corporation...
Mathur Panel favours health insurance claim payments in installments
The IRDAI had constituted the Mathur panel as earlier,various general/ health insurance companies had proposed to provide an option for payment of claim benefits in respect of Personal Accident (PA)/ Benefit Based Health insurance policies in installments.
Joseph Panel suggests measures to accord chartered institute status on IIISLA
There is a need to work with all the members of the IIISLA in a coherent manner to design a well-laid governance system to carry out the objects of its present Articles of Association and gain credibility, essentially required for the institute as well as for the profession of survey and loss assessment, suggest the report.
The total amount of domestic insurance claims paid (excluding health segment) has grown by 5.6% and 16.7% over the last two years. The growing volumes of non-life business and the increasing number of claims demand existence of qualified professional surveyors to examine, measure, assess the losses and report to insurers for speedy settlement of claims.
RBI sets up panel under Nandan Nilekani to boost digital payments
The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion. It will also “suggest measures to strengthen the safety and security of digital payments… (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes”.
RBI issues guidelines for tokenisation of card transactions
RBI has given permission to offer tokenised card transactions services to all channels such as near field communication (NFC), magnetic secure transmission (MST) based contactless transactions, in-app payments, QR code-based payments or token storage mechanisms, including cloud, secure element and trusted execution environment.
Users of prepaid instruments now get RBI cover againsy frauds
Prepaid payment instruments (PPI) comprise mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo
Interview to select a new Irda member(non-life) on Jan 10, 2 CMDs are in the race
Among those who have applied are AV Girija Kumar, CMD, Oriental Insurance Company(OIC), TL Alamelu, CMD, Agriculture Insurance Company,,Siddarth Pradhan, director & general manager, National Insurance Company(NIC), John Pulliantham, general manager & director, NIC, C Narambunathan, director & general manager, New India Assurance SN Rajeswari, general manager, NIA,George E Thomas, professor Insurance Institute of India…
With Rs 60 cr, E&Y gets 18 months to devise strategies for merger of 3 PSU general insurers
With E&Y getting 18 months timeframe for preparing the basic strategies, the deadline for completing full merger of three companies, National Insurance Company(NIC), Oriental Insurance Company(OIC) and United India Insurance (UII). with all its legal and IT and operational complexities, will be easily extended into FY 2022, said analysts.
Indiabulls receives IRDAI nod for its life insurance venture
Also, the country’s first dental insurance company OCARE set up by Neeraj Seth, a dentist by profession, that received its R1 license in July, will apply for the R2 in Feb.
The insurer has a capital of Rs 230 crore
GST Council cuts 3rd party motor insurance rates to12% from 18%
Commercial vehicle owners have been asking for a rate cut as the mandatory tax makes the vehicles expensive. They believe that a reduction in tax rate will also help increase the insurance cover, which at present is only 50 percent of all vehicles
Cryptocurrency industry faces insurance hurdle to mainstream ambitions
“Most institutionally minded crypto firms want to buy proper insurance, and in many cases, getting adequate insurance coverage is a regulatory or legal requirement,” said Henri Arslanian, PwC fintech & crypto leader for Asia.