Shaktikant Das,Governor,Reserve Bank of India Annual retail...
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Floridians flee looming catastrophe as Hurricane Milton approaches
The storm was on a collision course for the Tampa Bay metropolitan...
Indian regulators have done world-class job made system more transparent: FM
Union Finance Minister Nirmala Sitharaman asked banks not to be...
EU states step in where trade credit insurers fear to tread
Without insurance, companies can be reluctant to buy or sell goods or services to others, with a rise in insolvencies expected among European firms forced to halt operations due to lockdowns aimed at slowing the coronavirus pandemic’s spread.
Atradius, which like rivals Coface and Euler Hermes sells protection to companies against the risk of default by their customers, forecasts a 2.1% rise in insolvencies in western Europe this year, compared with a 0.2% fall in 2019.
IRDA bans Capital Gearing treaties by insurers
Insurers who are having such treaties on their books as on the date of issuance of this circular shall take the following steps-
-Submit board approved action plan to the IRDAI on or before 30th June, 2020 for phasing out the treaties along with timelines such that it complies with the Solvency Stipulations.
-The plan of action will also include assessment of requirement of capital infusion and sources of funds for the capital infusion so required due to prospective closure of these Capital Gearing treaties.
Swiss Re, Zurich insurance in talks with Swiss regulator about Coronavirus Impact
Insurers — as well as the re-insurers who take up their losses — are assessing the cost of disruptions related to the virus – which has claimed the lives of more than 10,000 and put swathes of the U.S. and Europe on lockdown. The industry has worked to reduce its exposure to pandemics since the 2003 outbreak of SARS in Asia. Over recent years, that’s included tightening their policies by inserting communicable-disease exclusions in contracts.
RMS appoints Michael Steel as global head of business development
Steel said, “The insurance industry is at a key inflection point in terms of harnessing advances in data, analytics, and technology. RMS has always been the leader in catastrophe modeling and the significant investments it is making in technology solutions will assist the industry to navigate through this transformation. I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”
US regulators will force Boeing to rewire faulty 737 MAX jets: Report
“The aircraft will be cleared for return to passenger service only after the FAA is satisfied that all safety-related issues are addressed,” it added.
Govt to restructure SFIO; increase manpower to 350 at probe agency
Tata Motors asked to pay Rs3.5 lakh compensation for Indigo’s misleading advertisement
Pradipta Kundu, who purchased a Tata Indigo in 2011 after seeing an advertisement which claimed its mileage to be 25 kilometres per litre, was disappointed to find out that the car did not provide the promised mileage. The advertisement had also claimed that it was India’s most fuel-efficient car and that it was an offer for a limited period. Kundu had moved the district forum after the company refused to replace the car.
UK fines Cathay Pacific $639,000 for data-security lapses over 4-yr period
Between October 2014 and May 2018, Cathay Pacific’s computer systems “lacked appropriate security measures which led to customers’ personal details being exposed, 111,578 of whom were from the UK, and approximately 9.4 million more worldwide,” the UK Information Commissioner’s Office said in a statement on its website on Wednesday.
Govt approves 72 amendments to Companies Act to decriminalise offences: FM
As many as 23 offences would be recategorised out of 66 compoundable offences under the Act. Besides, seven compoundable offences would be omitted, she said.
Sitharaman said the government would remove provisions of imprisonment in various sections and also reduce penalties in case of various compoundable offences.
Britain’s Financial Conduct Regulator admits data breach
The Information Commissioner’s Office, the body responsible for investigating and imposing sanctions on organizations found guilty of breaches of sensitive data, said the FCA had reported the incident and it would assess the information provided.