Sanjay Malhotra, governor, Reserve Bank of India The central bank...
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Govt gets 3,000 complaints of misleading discounts after GST cuts
"If there are too many complaints from different sectors, then they...
Govt proposes sound alert system for all electric vehicles from October 2027
The ministry in a draft notification said that all new models of...
Zurich acquires 70% of Kotak General Insurance
The acquisition of Kotak General Insurance sets the way forward for Zurich to be a leading player in a very significant growth market – India. This is a key strategic step for Zurich,” said Tulsi Naidu, CEO - Asia Pacific, Zurich Insurance Group Mumbai: Zurich...
Consumer Affairs Secy cautions e-commerce on ‘unfair’ dark patterns
Nidhi Khare, Secretary, Consumer Affairs ``Various ways to refrain from using such deceptive designs or improving user interface were suggested such as relying upon consumer feedback, consumer satisfaction, repeat user rate, using in-built app/features to identify...
US Surgeon General calls for social media warning labels to protect adolescents
Vivek Murthy, Surgeon General,US US Surgeon General Murthy wrote in the New York Times on Monday that a warning label alone will not make social media safe for young people but that it can increase awareness and change behavior as shown in evidence from tobacco...
RCap resolution: NCLT to hear IIHL plea for deadline extension on June 20
IIHL has moved NCLT seeking a 90-day extension beyond the deadline to implement the resolution plan for acquiring Reliance Capital for a consideration of Rs 9,850 crore Mumbai: National Company Law Tribunal (NCLT) will hear the plea of Hinduja Group firm IndusInd...
Life Insurance: Surrender charges to reduce finally, hit insurance companies
The Indian life sector has been marred with tax-rate changes (on high-ticket non-par policies) in the budget last year (2023). Investments in smaller tickets, growth in interiors, higher payouts and the ULIP wave (over non-par) have kept margins muted. In this...
IRDAI wants life insurers to pay Surrender Value from 1st yr, allows customers more facilities against their life insurance policies
We note that the final guidelines are somewhat more favorable than the earlier draft. Based on our preliminary calculations, surrender income could decrease by approximately 55-70%. It's too early to quantify the impact on the Value of New Business (VNB) margin, as...
GI Council to develop a tech platform auto-generating jobs seamlessly to surveyors for retail claims: IRDAI
The system should be developed in such a manner that whenever a claim is reported by the customer and registered by the insurer, the assignment of surveyor should happen automatically on a random basis by the new digital platform. The system will also seamlessly...
No retail general insurance claims can be rejected for want of documents, have to be settled within 7 days of survey report: IRDAI
The insurer has to decide on the claim within seven days of receipt of the survey report. This condition will not apply in case of policies issued on the property/building on reinstatement value basis. Any delay in settlement of the claims beyond the above stipulated...
IRDAI asks general insurers to provide `Customer Information Sheet’ to all of their retail policyholders
The IRDA has outlined 14 key points which have to be mentioned mandatorily in the `Customer Information Sheet' by the general insurers with immediate effect This is a positive step towards making insurance more customer-friendly, ensuring smoother claims services, and...
Jun 10 interview for IRDAI’s member, Non-life, postponed, new date yet to be fixed
After SK Rath, general manager(GM), GIC Re dropped out of the race, CS Radhika, GM, United India Insurance (UII) has been added to the list of five contenders New Delhi: In a last minute development, the government has postponed the interview scheduled on June 10 for...