Under the revised framework, Sebi said, the stock brokers can...
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Insurers seek zero-coupon bonds to manage long-term risks
Zero-coupon bonds could help insurance companies better manage...
EPFO invests Rs 34,208 cr in ETFs during Apr-Oct
The total corpus of various funds managed by EPFO was Rs 24.75 lakh...
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.
IRDA to issue new norms on the use of Aadhaar Card for eKYC
“On the basis of our consultation with the (UDAI, we will allow the use of Aadhar Card as long as the insurer mask the 12 digit no and only use the QR code. We will issue new guidelines on the issue soon ,’’said senior official of the IRDAI
LIC can continue its ownership of IDBI Federal Life Insurance for the time being:IRDAI
“LIC, with its higher stake in IDBI Bank, is still an investor and not a promoter of the Bank as we will ask LIC to lower its stake in IDBI Bank from 51 per cent. We haven’t decided how much time we would allow LIC to lower its stake in IDBI Bank.,’’ said Nilesh Sathe, member, LIfe, IRDAI
Mathur Panel favours health insurance claim payments in installments
The IRDAI had constituted the Mathur panel as earlier,various general/ health insurance companies had proposed to provide an option for payment of claim benefits in respect of Personal Accident (PA)/ Benefit Based Health insurance policies in installments.
Joseph Panel suggests measures to accord chartered institute status on IIISLA
There is a need to work with all the members of the IIISLA in a coherent manner to design a well-laid governance system to carry out the objects of its present Articles of Association and gain credibility, essentially required for the institute as well as for the profession of survey and loss assessment, suggest the report.
The total amount of domestic insurance claims paid (excluding health segment) has grown by 5.6% and 16.7% over the last two years. The growing volumes of non-life business and the increasing number of claims demand existence of qualified professional surveyors to examine, measure, assess the losses and report to insurers for speedy settlement of claims.
RBI sets up panel under Nandan Nilekani to boost digital payments
The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion. It will also “suggest measures to strengthen the safety and security of digital payments… (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes”.