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Investors with $9.5 trillion seek mandatory Scope 3 emissions disclosures
The group, which includes Allianz SE and the California Public...
RBI setting up expert committee for ethical use of AI in financial sector
In a bid to ensure “Zero Financial Frauds” RBI has initiated AI /...
Five in the race to become Secretary of GI Council
The insurance professionals who are contenders for the post are:MN Sharma, former CMD, United India Insurance, John Pulinthanam. general manager & director,National Insurance Company, Balwant Singh, former general managers, OIC ,CR Vijayan, former GM & director, GIC Re , Deepak Sood, former CEO. Future Generali India Life Insurance Co
Khuntia Panel focuses on insurance penetration and natural disaster for action plans
The panel has asked Chandrasekaran, and Joydeep Roy of PwC to prepare a detailed report on what need to be done on issues like insurance penetration and natural disasters.
Airlines urge Nations’ Regulators to avoid competing Safety Rules
The head of the International Air Transport Association (IATA), representing 290 airlines or more than 80 percent of world traffic, backed the existing process that usually involves one host regulator lead certification for each type of new aircraft, in exchange for reciprocal agreements with other agencies across the world.Airlines want to “avoid each model being certified 1,000 times” but focus instead on a single lead regulator, Alexandre de Juniac told a meeting of aerospace executives in Paris.
Facebook reported agreeing to 20-yr Pact on Privacy Oversight by US Govt
The FTC has been investigating allegations that Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica. The probe has focused on whether the sharing of data and other disputes violated the 2011 consent agreement.
IRDAI unveils norms on exclusions in health covers, new products from 1st April, 2020
Every health insurance product has to cover all pre existing diseases disclosed by the persons to be insured immediately after the expiry of the forty-eight months waiting period or such lower period as stipulated in the product, said the IRDA’s draft exposure draft.
Cyber Insurance growth slows down in US, records reaching $2 Billion in 2018, Fitch
Standalone cyber insurance premiums grew 12% in 2018, according to insurer statutory financial data. Fitch said high profile cyber events and previous uncertainty around cyber terms in commercial insurance policies continue to demonstrate the need for coverage. Insurers are addressing silent cyber risks by adding affirmative coverage in policies, including sublimits and cyber endorsements, but these efforts vary widely among individual companies.
Bank of England fires warning shot to insurers over capital, Libor
The BoE and the Financial Conduct Authority have written to the chief executives of insurers and banks, asking them to spell out their preparations for effectively ditching the use of Libor by the end of 2021.The BoE wants insurers to reference its overnight rate SONIA in contracts and balance sheet assessments after banks were fined billions of pounds for trying to rig Libor.
Lloyd’s of London seeks behavior crackdown with culture Survey
The move is the latest part of the 331-year-old insurance exchange’s response to the scandal, after Bloomberg’s report found an atmosphere of near-persistent harassment ranging from inappropriate comments to unwanted touching to sexual assault. Lloyd’s has already said it will set up an independent whistleblower hotline and give potential lifetime bans for inappropriate behavior.
Finally, IRDA cancels license of ITI Reinsurance
Meanwhile, Canadian based Indian born billionaire Prem Watsa, through his Indian general insurance company Digit Insurance, had tried to take over the company but was not allowed by the IRDAI do it as the company hadn’t done any business and any takeover of the company would have been treated as a trading of license which is not allowed under regulations
IRDAI to unveil Risk Based Capital & Supervision soon:Khuntia
IFRS 17, he informed, has been postponed to 2022 globally. India has also postponed its introduction, but IRDAI needs the help and cooperation of insurers during the preparatory phase prior to its introduction.