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GST on Health, Life Insurance: Newly formed GoM to meet on Oct 19
A final call by the council on taxation of insurance premiums is...
Businesses in APAC taking longer to convert working capital into cash, affecting liquidity: Aon
According to the report, the average days receivable for Asia...
IRDA keeps a tab on `non-promoters’ investments in insurance cos
“The existing prescribed format for the submission of the shareholding pattern is revised to capture the non-promoters’ investments made in the insurance companies,’’ said IRDA’s order signed by Pravin Kutumbe, member,Finance, IRDAI
IRDAI allows distribution of all micro-insurance products via PoS
Agreeing to the suggestions of insurance companies, IRDAI in a circular has done away with the practice of pre-fixing the word ‘PoS’ on life, general and health products sold through PoS. The regulator said it has received representations from insurance companies requesting to do away with the prefix ‘POS’ in the product name.
Govt moves to find successors of Joseph and Sathe at IRDAI
Though candidates from all categories- public, private and academics- can apply for the posts of members, except member, actuary, only public sector officials have been appointed in the past.
IRDA approves revised reinsurance regulations
The revamped regulations aim to ensure that maximum reinsurance business is retained within the country and preference would be given to Indian domiciled entities — with the first right of refusal lying with the GIC Re and then cascading down to foreign reinsurers (FRBs) and other ‘Indian reinsurers’. The spillover should be placed with cross border reinsurers (CBRs), fulfilling certain laid-down criteria.
Aadhaar not mandatory for opening bank accts, insurance policies & mobile connections:SC
The Court struck down down section 57 of Aadhaar Act preventing the use of Aadhaar number for establishing the identity of an individual for any purpose, whether by the State or any body corporate or person. “Minimal demographic & biometric data of citizens are collected by the UIDAI for Aadhaar enrolment. Aadhaar number given to a person is unique & can’t go to any other person” said the SC. Now, Aadhaar cannot be mandatory for mobile connections but is maded mandatory for Income Tax returns.
Compulsory personal accident cover hiked to Rs 15 lakh, premium rises to Rs 750
Earlier while giving verdict while disposing a MACT(Motor Accident Claims Tribunal) case in Oct 2017, the Madras High Court had asked the IRDAI to enhance the CPA cover from the existing Rs 1 lakh to at least not less than Rs.15 lakh so that the amount of will add to some succor or solace to the victims of road accidents, who are the owner of the vehicle, who may incidentally sustain bodily injury or death
IRDAI forms committee on insurance regulatory sandbox & fintech
A “Regulatory Sandbox Approach” can be used to carve out a safe and conducive space to experiment with Fin-Tech solutions, and where the consequences of failure can be contained, said S C Khuntia, chairman,IRDAI.
IRDAI extends deadline for filing long term motor TP products to Oct 15
The regulator has cautioned all the industry players any delays in submission of data beyond the specified time limits or non-submission of requisite data for onsite inspections conducted by it is a serious cause of concern
IRDAI Board to meet on Sep 27, to review reinsurance regulations
“We would be very happy if some of the basic problems in the existing reinsurance regulations are addressed by the IRDAI soon as they are highly uneven and favour only GIC Re in terms of right to refusal. What is the point of opening the market and not allowing us a fair play ? We are investing six to seven time more capital than that regulations require us to do. A lot of reinsurance business is also going out of the country to the offshore reinsurers that can be retained in the country.’’ said an official of a global reinsurance company that has operations in India.
RBI imposes Rs 10 mn fine on Union Bank for delay in fraud detection
“This is to inform that Reserve Bank has imposed a penalty of Rs 10 million on the bank for delay in detection and reporting of fraud. The penalty has been imposed in exercise of powers vested in RBI under …Banking Regulation Act,” Union Bank of India said in a regulatory filing Friday.