In court papers filed late Tuesday, government lawyers outlined a...
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Increasing UPI 123Pay, UPI Lite limits to benefit more users
With new guidelines, the users will soon be able to do low-value...
Google loses final EU court appeal in $2.7 bn antitrust shopping case
The European Union's Court of Justice upheld a lower court's...
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.
New norms soon for facilitating innovative products by insurers: IRDAI Chief
“There are some new types of products which have not been tested out, suppose some companies want to experiment with innovative products then we can allow them through a regulatory sandbox method where in a limited scale, either for a limited geography or a limited number of policyholders it will be tried out, so we will allow them,” said Khuntia
MOU between India and USA in insurance regulatory sector
Under the agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance including training activities
IRDAI unveils pricing & procedures for long term motor policy
Insurers may price the Own Damage component of the long term package covers suitably, in line with their current approach for pricing. Given the immediate need to offer long term package covers, insurers may start issuing such policies effective 1st September, 2018 even while ensuring filing such products under the File and Use Guidelines before 15th September, 2018, said P J Joseph, member, IRDAI
Sebi panel recommends seeking powers to tap phone calls
The committee suggested a series of changes in rules on market frauds, insider trading, surveillance and investigations, while recommending mandatory whistleblower policies at listed firms and a searchable list of all immediate relatives and persons living at the same address with those in possession of price-sensitive information
Tests expose risks of Semi-Autonomous driving systems
The Insurance Institute for Highway Safety, in a paper titled “Reality Check,” issued the warning Tuesday after testing five of the systems from Tesla, Mercedes, BMW and Volvo on a track and public roads. The upshot is while they could save your life, the systems can fail under many circumstances.
Concerns mount over Data Privacy Guidelines set by Genetic-Testing companies
Under the guidelines, genetic-testing companies must obtain “express consent” before sharing an individual’s data with third parties. They can’t hand it over to employers, insurance companies, educational institutions, or government agencies without being legally compelled
IRDAI to unveil stringent customer data protection regulations vis-a-vis Insurtech
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The use of technology has an impact on product design and the efficiency of inclusive insurance delivery. However, it can pose certain risks.Data capture may pose several concerns and challenges, said IRDA’s Working Group’s report
SAS supports Insurers to meet IFRS 17 compliance
“The disparate nature of incumbent accounting systems, actuarial tools and data sources, conventionally with weak workflow and integration capabilities, will pose a significant hurdle for insurers to overcome in complying with IFRS 17, particularly as many grapple with IFRS 9 compliance in tandem,” said Cubillas Ding, Research Director at Celent