S Krishnan, secretary, MeitY, highlighted the critical role of the...
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General Insurance industry grows 28% to Rs 30,378 crore in Oct
In a note worthy trend, seven stand alone health insurers have now...
IRDA asks general insurers not to report premiums and commission for long term policies at one go
``Currently, only long-term Motor Third Party (TP) premium is...
Malaysia Expected to Give Foreign Insurers More Time to Cut Local Stakes
The central bank has been urging overseas insurers to reduce their holdings in Malaysian units to no more than 70 percent as it more strictly enforces ownership limits. The regulator earlier gave these firms until June 30 to cut their stakes, people familiar with the matter said last year
IRDA clears LIC’s IDBI Bank acquistion plans, defers approvals for new `Reinsurance Regulations’
“Yes , we have cleared a proposal from the LIC to pick up upto 51 per cent in the IDBI Bank and asked them to inform us afterwards when they plan to bring it down to 15 per cent, which is the maximum permissible limit a life insurer can have in its investment in another company. But we have postponed our approval for the new reinsurance regulations.,’’ said top sources at IRDAI.
China’s former insurance regulator chief Xiang Junbo stands trial for graft
UK financial watchdogs need competitiveness remit after Brexit: lawmaker
“It’s important that we don’t dilute standards beyond the internationally accepted, but tests of appropriateness, proportionality and international equivalence are key,” Stephen Hammond, a member of parliament’s Treasury Select Committee (TSC) told a City & Financial conference
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Khuntia to take charge as new IRDA chairman on Monday
Apart from expanding the reach of government programmes for crop, social security, Khuntia is expected work on various issues to develop the sector.
Subhas Khuntia, a retired top bureacrat,appointed as new IRDAI chairman
Ministry of finance sources pointed out while selecting Khuntia, the government has kept in mind its priorities for the insurance sector.With Khuntia’s appointment, government after gap of five years, when Vijayan was the chairman of IRDAI between 2013-18-has once again picked up a bureaucrats over the insurers.
EU’s Barnier plays down bespoke Brexit deal for British financial sector
“Why would the equivalence system, which works well for the U.S. industry, not work for the City?,” Michel Barnier told a financial conference in Sofia, the Bulgarian capital.The so-called equivalence system works on the basis of Brussels granting access to the EU for banks, insurers and asset managers from outside the bloc if the bloc deems their home rules to be similar enough.
Insurers gear up for new accounting regime `Ind AS 117′
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)
IRDA asks general insurers to strictly comply with existing reinsurance regulations
“ 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.
RBI dumps GVA model, switches back to GDP to measure economy
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