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Max Life Insurance rebrands to Axis Max Life Insurance
“With Axis now an integral part of our identity, we are...
Work on to assess safety of AI; job loss from GenAI not intense in India: IT Secy
"Safe and trusted AI is when you do the innovation, try and be...
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
RBI bans regulated entities from dealing with cryptocurrencies,promotes Blockchain
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.
IRDAI investigation finds no proof of kickbacks in Marsh- Jagson deal
“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. .
IRDAI reduces TP motor premium for bikes, cars and taxis from Apr 1
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
Sebi partly accepts Kotak panel suggestions; for separating Chairman, CEO posts
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.
Irdai extends Aadhaar linking deadline for insurance policies
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.
Sebi plans to lower expenses charged by mutual funds
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.