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India and UK to collaborate on developing financial regulations
Participants from India and UK touched upon reforms in respective...
E-commerce to adopt Safety Pledge to protect online consumers on Dec 24
With India projected to have 500 million online shoppers by 2030...
IRDA pulls up Bharti AXA General Insurance on furning wrong data
Taking into consideration the submissions by the company to the IRDAI, the regulator has warned the company to be careful in future while furnishing data to it.`The insurer is hereby advised to put in place proper checks for furnishing correct data and is also directed to ensure compliance with the extant applicable regulatory provisions hereafter, added IRDAI
President gives assent to Motor Vehicles Bill
Driving without insurance will be punishable with Rs 2,000 fine, while driving without helmets will attract Rs 1,000 penalty and three-month suspension of licence.
SAP and Swiss Re expands its joint co-innovation initiative for financial reporting
Our close partnership with Swiss Re has helped us create an exceptional customer experience across the insurance and financial sectors,” said Luka Mucic, SAP CFO and member of the Executive Board of SAP SE.
Inter-ministerial group suggests banning of private cryptocurrencies in India
“The committee is of the view that it would be advisable to have an open mind regarding the introduction of an official digital currency in India,” the report said.
IRDAI cautions Reliance Nippon Life on expense management
-According to the IRDAI rulings on Friday , the insurer has neither furnished the Certificate from the appointed actuary nor demonstrated that the interest of the policyholders was not affected due to the excess of expenses over the prescribed limits.
-The insurer is found to have contravened provisions of section 40B of the Insurance Act, 1938 with respect to non-compliance of the limits prescribed for expenses of management, said IRDAI.
Fed’s Bullard sees cryptocurrencies shifting US financial system
While it is possible for multiple currencies to exist simultaneously and lead to more voluntary transactions, “in the real world, some of these now-enabled transactions may be illegal or quasi-legal,” he said.
Relaxing foreign-ownership laws will benefit Indian insurers:Fitch
“We believe increased international involvement, particularly from developed markets, will contribute positively to the development of distribution networks, use of technology in distribution as well as bring in expertise in areas such as marketing and client-servicing,” said Fitch.
Life insurers to refund premium in a yr old policy in case policyholder commits suicide:IRDAI
In case of non-linked policy, the nominee or beneficiary of the policyholder shall be entitled to at least 80 per cent of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force, said IRDAI in its revamped life insurance regulations that will be effective from Monday.
DGCA issues showcause notices to Chennai, Ahmedabad airport directors over safety lapses
Earlier this month, the main runway at the Mumbai airport was shut for more than three days after a SpiceJet plane from Jaipur veered off it while landing amid heavy rainfall on July 1 night and got stuck in the adjacent grass area.