The new Ind AS 117, scheduled to be implemented by 2019,  is currently being jointly prepared by the insurance regulator IRDAI and Institute of Chartered Accountants of India (ICAI)

“ We are informed that some of the insurers are not complying with the existing norms on order of placement . Insurers are advised to strictly adhere to the said regulation in order to avoid any regulatory action,’’ said an order signed by PJ Joseph, member, IRDAI on Wednesday.

While GVA gives a picture of the state of economic activity from the producers’ side or supply side, the GDP model gives the picture from the consumers’ side or demand perspective 

The central bank has given three months to regulated entities like banks to unwind their positions with the entities related to cryptocurrencies, RBI Deputy Governor BP Kanungo said in a media conference. The regulator, however, decided that it will promote the use of blockchain – a public ledger that serves as the backbone of bitcoin – in financial services for strengthening transparency and improving inclusion.

“We have concluded our reinvestigation on the allegations against Marsh India Brokers under Banerji and havn’t found of allegations of corruption against Marsh to be true,’’ said sources at IRDAI.  .

For small car owners (below 1,000cc), third party premium has been reduced by 10 per cent to Rs 1,850. For sedans (1,000-1,500cc) and SUVs (above 1,500cc), there has been a uniform rate cut of 8.5 per cent to Rs 2,863 and Rs 7,890 respectively

Among others, the board has approved expanding the eligibility criteria for independent directors, enhancing the role of audit, nomination and remuneration, and risk management committees.

The Supreme Court of India in Writ Petition (vide order dated March 13) extended the deadline of linking Aadhaar till the matter is finally heard and the judgement is pronounced.The Irdai decision to indefinitely extend the March 31 deadline comes in wake of the Supreme Court order.

The regulator is also looking to amend the regulatory framework to enable disclosures related to mutual funds in investor-friendly electronic form.Under this, mutual fund houses need to prominently disclose on a daily basis the total expenses charged to customers for all schemes under a separate head on their websites. Besides, they need to communicate to investors latest net asset value (NAVs) through SMS following a request from the unitholder.

SAT has asked the insurance regulator IRDAI to pass a new order after providing an “opportunity of hearing’’ to E-Meditek Insurance TPA(as expeditiously as possible.