Anup Bagchi, MD & CEO, ICICI Prudential Life Since June 2023,...
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Regulation
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IRDAI’s proposed distribution reforms will hurt policyholders, cost jobs and slow insurance growth, says IBAI
The association urges the IRDAI to preserve the 2023 framework,...
Competition Commission okays BNP Paribas-IndiaFirst Life Insurance deal
After the completion of the transaction, IndiaFirst Life's...
Swiss regulator opens enforcement proceedings against Zurich Insurance, bars sales of some new policies
“The regret is that we should have found it ourselves, which we didn’t despite all the audits and checks that we do. Remediation steps hadn’t been followed, which led to the enforcement proceeding, Chief Executive Officer Mario Greco Zurich Insurance said on Monday...
NGT tissues notice to Centre, others over worsening condition of Asia’s largest oxbow lake in Bihar
The bench said the lake, which once covered around 63 sq km, has gradually fragmented into smaller water bodies due to falling water levels and encroachment.It said the matter attracts the provisions of the Environment Act, Biodiversity Act and the Water Act. New...
IRDAI cracks down on 99% Fire Insurance discounts amid pricing war
Although India's general insurance market has been de-tariffed, allowing insurers to determine their own pricing since Apr 1,2024, the IRDAI reminded companies that premiums must remain aligned with board-approved underwriting policies and prudent risk management...
PFRDA opens on-tap licensing for pension fund managers in India
"Earlier, registration of Pension Funds was undertaken through applications invited during specified registration windows. Pursuant to the decision of the Authority, the registration process is now being opened on a continuous 'on-tap' basis and shall remain open...
Supreme Court asks IRDAI to standardise cross-border Motor Insurance clauses
The bench said insurers have, in many cases, exploited this ambiguity either to escape liability which they should rightfully bear, or conversely, found themselves burdened with the liability they never intended to assume simply because their policy language was...
UK unveils rules to establish Captive Insurance regime
The Bank of England and the Financial Conduct Authority laid out plans for a captive insurance regime, according to a statement Tuesday. Captive insurers are entities set up by companies or public institutions that provide their own cover. The UK has proposed rules to...
UK to bring cloud service providers under direct financial regulation
“As banks, insurers and financial market infrastructures become increasingly reliant on cloud services, disruption at a major supplier could affect multiple firms at the same time, potentially impacting services customers depend on,” the government said in a statement...
US eyes steering wheel-free cars
“If you’re developing a vehicle that is designed never to be driven by a human operator, it doesn’t make any sense to require manual controls,” Jonathan Morrison, administrator of the National Highway Traffic Safety Administration, said The head of the top US auto...
WhatsApp submits reply on ‘username’ notice; govt examining messaging platform’s response: Sources
The Centre issued a notice to Meta last Wednesday, questioning the proposed username feature on WhatsApp, flagging concerns that it could materially increase incidents of online fraud, phishing, digital-arrest scams and impersonation attacks. New Delhi:Meta-owned...
No app can block new 1600 govt calls, DND app can block calls from 140 series: TRAI
The regulator said that it has mandated the use of 1600 series numbers for service and transaction calls by regulated entities of banking, financial services and insurance entities regulated by RBI, SEBI, IRDAI and PFRDA to their existing customers and by government...