In an advisory, Goods and Services Tax Network (GSTN) said GST...
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Lockton acquires Arihant Insurance Broker, receives IRDAI approval
Lockton, the world's largest independent insurance brokerage, had...
Cryptocurrencies huge risks to financial stability, RBI Governor
Shantikanta Das,Governor, Reserve Bank of India ``I am actually of...
Relief to e-wallets: RBI extends KYC compliance norms by six months
“Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative systems for completing the KYC process, it has been decided to allow PPI issuers additional time of six months for completion of the KYC process,” the RBI said in a statement.
Minimum assured return scheme for NPS subscribers soon
EOI has been invited from actuarial firms to design, develop and recommend minimum assured return scheme (MARS) under the National Pension System that can be implemented under NPS architecture
‘Unregulated deposit ordinance to lead to creation of central repository of registered firms
The Ordinance makes it absolutely necessary for everyone to register before taking a deposit and creating a central repository of all the registered entities which can take deposits. So, whosoever are not registered are not regulated entities,” said Financial Services Secretary Rajiv Kumar.
From now on, there is a complete ban on unregulated deposit and anyone promoting this will be punished, he said. “It also says you cannot dupe anybody as an agent or even as advertisement, you cannot give face to that scheme which is not regulated by any agency,” he added.
Citi India CEO lost RBI confidence
The RBI around the end of last year informed Citigroup that it wouldn’t approve a new term for Pramit Jhaveri, who had been India chief executive officer (CEO) for almost a decade, people with knowledge of the matter said. That prompted the bank, which had planned to nominate Jhaveri for another three-year term, to change course and move him to another position, the people said, asking not to be named.
Reliance Insurance files fresh IPO papers, removes Edelweiss as merchant banker
The firm had earlier filed its draft papers in October 2017 for which it received the Securities and Exchange Board of India’s approval in November 2017.
The Sebi’s approval for IPOs is valid for one year, which expired on November 29, 2018, in the case of Reliance General Insurance Company, according to data available with the markets watchdog.
Insurers need to diversify investments to tackle climate risks:IRDA chief
Alice Vaidyan, CMD, GIC Re said that the reinsurance and insurance sector have witnessed varies catastrophes in the last few years and in case of hurricane scenario, some patterns can be found. She emphasised that there is urgent need by insurers and govt. to put forth finances and support the risk management processes.
“Insurers perceived to be moderately equipped to deal with new age risks”
Bhargav Dasgupta, MD & CEO, ICICI Lombard, “New age risks are already a reality today, globally and in India. It is most critical that Indian firms take cognizance of this aspect. As is evident from our ‘Managing New Age Risks’ survey, being prepared and having the right risk management framework in place is the need of the hour.”
`Regulatory Sanbox: IRDAI Irdai to allow testing of products before launch
The applicant can apply in any one of more of the five categories namely insurance solicitation or distribution, insurance products, underwriting, policy and claims servicing and any other. The applicant could apply singly or jointly in one or more than one category, provided that if the category involves insurance product or underwriting, then the applicant necessarily has to partner with an insurer.
IRDAI expresses concern over insurers paying illegal commissions to dealers to grab motor biz
“Whenever it is coming to our notice, we are taking action. We have also done some focused inspection of some of the service providers, we are watching the market very carefully for some violations,” he said. adding that some insurers are incentivising car dealers in violation of motor insurance service providers(MISP) guidelines.
Interim Budget 2019-20: Focussing on Health Insurance & Wearable Technology
The Union Budget of 2019 can provide an instant fillip to health insurance by incentivising manufacture and sale of health wearable technology devices and biosensors. Similar to the boost provided to the education sector through distribution of laptops to students and the revolution in the communication sector through enhanced mobile connectivity, tax breaks on wearable health devices can stimulate the economic growth rate through social wellbeing.