K Rajaraman,Chairman, International Financial Services Centres...
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29 insurers launch new standard health products, to cover Covid-19 treatment costs
Besides newly launched ‘Arogya Sanjeevani’ IRDAI has already clarified to the public, that the existing indemnity based health insurance products, that cover the treatment costs of hospitalization offered by all general and health insurance companies,also cover the costs of hospitalization treatment on account of COVID -19.
IRDA clears 16 Regulatory Sand Box proposals from 8 insurers
This is for the first time Regulatory Sandbox proposals from life insurers have been approved as in the first tranche the regulator had only allowed such proposals from only general insurance companies.
IRDA bans Capital Gearing treaties by insurers
Insurers who are having such treaties on their books as on the date of issuance of this circular shall take the following steps-
-Submit board approved action plan to the IRDAI on or before 30th June, 2020 for phasing out the treaties along with timelines such that it complies with the Solvency Stipulations.
-The plan of action will also include assessment of requirement of capital infusion and sources of funds for the capital infusion so required due to prospective closure of these Capital Gearing treaties.
IRDAI postpones its move to hike 3rd party motor premium from Apr 1
“Validity of premium rates for Motor Third Party Liability Insurance Cover set out for the year 2019-20 stands extended beyond 31st March, 2020 until further notice, Accordingly, all insurers shall continue to charge the rates currently being charged for Motor Third Party Liability Insurance Cover from 1st April, 2020 onwards until further orders.,’’said IRDA in its order on Friday.
Repayment moratorium covers all loans, including credit card dues: RBI
Term loans and working capital facilities include all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India financial institutions, and NBFCs (including housing finance companies) are permitted to grant a moratorium of three months on payment.
RBI quickly sets up Business Contingency Plan amid coronavirus outbreak
The BCP playbook documents the measures for anticipated disruptions, smooth flow of operations and staffing, identification of the key resources, formation of crisis management groups, while keeping all the staff insulated from exposure to the coronavirus.
EU insurers must preserve capital positions as Coronavirus crisis escalates: Watchdog
“Insurers are likely to face progressively difficult conditions in the immediate future, both in terms of navigating challenging market conditions and in maintaining operations,” the European Insurance and Occupational Pensions Authority (EIOPA) said in a statement.
IRDAI forms committee to review corporate governance guidelines for Indian insurers
Four key functions (risk management, actuarial, compliance and internal audit) are an essential part of the system of governance.
These key functions are expected to be operationally independent to ensure an effective and robust internal control environment within an insurer and support high quality of decision-making by the management, said IRDAI.
IRDAI proposes to simplify norms on deductions in health policies
In the health insurance contracts, where there is a sub limit for room rent, in the event policyholder occupying a room with higher tariff, than the one that he is eligible, health insurance products, subject to product design, may stipulate recovery of proportionate deductions in respect of various associated medical expenses, said IRDAI.
Alamelu Panel recommends reduction of tax rates from 40% to 25 % for Indian FRBs
On the fit and proper criteria of Key Managerial Personnel (KMP), the committee has recommended that FRBs , Lloyd’s India will appoint KMPs as per corporate governance guidelines when the book gross premium reaches a level of Rs 5000 crores for the first time.