"The idea is to benchmark treatment rates, agreed between insurers...
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Careless AI use could create new forms of financial exclusion, instability:RBI Governor
Reserve Bank of India Governor Sanjay Malhotra said AI built on top...
Girija Subramanian takes over as member Distribution,IRDAI
Girija Subramanian, member, Distribution, IRDAI Except the post of...
Financial services AI dangers highlighted by regulator’s review
Regulators globally have begun to focus more keenly on the impact of AI, from cyber and operational risks associated with frontier AI models such as Anthropic’s Mythos to the challenges posed by the agentic systems capable of acting with limited human intervention....
Google loses final appeal against €4.1 billion EU antitrust fine
The Android fine was imposed in 2018, a year after the Commission fined Google €2.42 billion ($2.77 billion) for using its shopping comparison service to gain an unfair advantage over smaller rivals. Google lost an appeal against that in 2021. Alphabet’s Google last...
World’s biggest domain seller fears India’s fake site crackdown could damage internet
Starting in 2019, lawsuits were brought by dozens of Indian and global firms - Amazon against fake shopping sites trading on its name and McDonald's complaining against bogus sites offering franchises. In December, an Indian court blocked more than 1,100 such...
IRDAI plans commission overhaul to curb insurance mis-selling
There have been concerns that hefty upfront commissions encourage distributors to prioritise sales volumes over customer suitability, resulting in mis-selling and customers being pushed into purchasing policies frequently. MUMBAI: India's insurance regulator is...
RBI tells Par panel that virtual digital assets like cryptocurrency a threat to economy
The RBI also told the Parliamentary Standing Committee on Finance, headed by BJP member Bhartruhari Mahtab, that China and Qatar are among the countries that have banned such financial activities, while Europe has allowed virtual digital assets in a very stringent,...
RBI flags AI-Powered cyberattacks as biggest threat to banks, NBFCs
"AI-enabled cyber attacks emerged as the most important near-term challenge," it said in the comments that come amid heightened commentary around the capabilities of systems like Mythos. Mumbai:Artificial intelligence-enabled cyberattacks were classified as the "most...
Australian consumer regulator sues Amazon over Prime Video advertising
The Australian Competition & Consumer Commission said Tuesday it has commenced proceedings in the Federal Court alleging Amazon breached consumer law by including unfair contract terms in its Prime subscription contracts. It also alleges Amazon later relied on...
Stop miscommunicating, build trust, not fear, to achieve insurance for All: Seth urges life insurers
R Doraiswamy, MD&CEO, Life Insurance Corporation and Ajay Seth, Chairman, IRDAI at an event on Tuesday in Mumbai , Seth raised concerns over selling long-term products without considering customer needs, questioning the rationale for selling term insurance to an...
PIL in SC seeks national fire and life safety framework for public premises
The plea sought a direction that the Centre and other concerned authorities, in consultation with all states and Union territories, "frame within a time-bound period a national minimum fire and life safety compliance, audit, disclosure and accountability framework for...
IRDAI launches Rs 800 cr Policyholders’ Education and Protection Fund, set to widen policyholder services
The consequences of this lack of awareness are significant. At the beginning of FY2025, insurers were holding more than ₹9,305 crore in unclaimed amounts, including maturity proceeds, death claims and surrender values. In a move aimed at enhancing policyholder...