According to an office memorandum dated November 26, 2024, it is...
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Social media platforms urge Australia to delay ban on children under 16
The legislation would impose fines of up to 50 million Australian...
RBI approves Central Bank buying stakes of Generali group’s Indian companies
The Reserve Bank of India (RBI) has approved state owned Central...
IRDA proposes changes in product designs of life and pension products
Minimum death benefit has been made 7 times for regular premium products and 1.25 times for single premium products for all ages,.Non-linked policies to acquire guaranteed surrender value after 2 years, Revival period extended to 5 years from the current 2 years in respect of non-linked products,In respect of pension products, option for commutation up to 60 pension allowed,
Insurers call for delay in implementing “IFRS 17” rule by 2 yrs to Jan 2023
Nine national and regional insurance industry bodies from Europe, Canada, Korea, New Zealand, Australia and South Africa want the International Accounting Standards Board (IASB) to amend and delay its “IFRS 17” book-keeping rule by two years to January 2023
“Data analytics & security’ have to go together :IRDAI Chief
Irda is also keen on introducing regulations on risk-based capital.A paper to this effect has already been circulated to all the insurers. These companies, who can manage their risks, their need of capital will be less. IRDAI will also focus on risk based supervision afterwards, he said.
IRDAI forms panel to examine if insurers can pay PA claims & Benefit Based Health Policies in installments
According to IRDAI,some general and health insurance companies have proposed payment of claim benefits in installments that will enable the beneficiaries / claimants to receive payments in a series of pre-determined installments.
Banks, telcos may be allowed to use Aadhaar again via legislation: Jaitley
The Supreme Court had last month upheld the Constitutional validity of Aadhaar, the 12-digit biometric-based unique identity number, but restricted its use by private entities like telecom operators for verifying the identity of mobile phone users
IRDA’s nod for Anil Ambani’s Reliance Health Insurance
Anmol Ambani, Executive Director, Reliance Capital had said “Traditionally, heath insurance was part of our general insurance set-up. But to create retail focus we are setting up a standalone health insurance company.” said Anmol is the eldest son of Reliance ADAG Chairman Anil Ambani.
Pakistan approves first Islamic reinsurance service
Islamabad: Pakistan’s capital market regulator has granted approval to the country’s sole reinsurer to offer sharia-compliant reinsurance, part of efforts to boost the fledgling Islamic insurance (takaful) sector.The Securities and Exchange...
IRDA keeps a tab on `non-promoters’ investments in insurance cos
“The existing prescribed format for the submission of the shareholding pattern is revised to capture the non-promoters’ investments made in the insurance companies,’’ said IRDA’s order signed by Pravin Kutumbe, member,Finance, IRDAI
IRDAI allows distribution of all micro-insurance products via PoS
Agreeing to the suggestions of insurance companies, IRDAI in a circular has done away with the practice of pre-fixing the word ‘PoS’ on life, general and health products sold through PoS. The regulator said it has received representations from insurance companies requesting to do away with the prefix ‘POS’ in the product name.
Govt moves to find successors of Joseph and Sathe at IRDAI
Though candidates from all categories- public, private and academics- can apply for the posts of members, except member, actuary, only public sector officials have been appointed in the past.