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IRDAI’s Distribution Reforms: Commission on general insurance products proposed to be slashed from 30% to 20%, to 12.5% for life over 5 yrs
Greater transparency would be required from insurers and large distribution entities, which would have to disclose commission policies and structures in a simple and accessible manner. Specified commercial insurance policies would also carry commission disclosures,...
Saudi oil export strategy hits new hurdle as Red Sea insurance costs soar
Quoted war risk premiums for Saudi-linked tankers calling at Yanbu have risen to around 3% of a vessel's value, four industry sources told Reuters. They were less than 1% in early July, before London's marine insurance market designated that stretch of water as...
India’s Girija Subramanian conferred IIS’s Vanguard Market Development Award for emerging markets
Girija Subramanian,member, Distribution, Insurance Regulatory & Development Authority of India `` Subramanian’s career reflects an extraordinary commitment to expanding the reach and relevance of insurance across India,” said Josh Landau, President of the...
FSSAI starts penal action against Amazon, Swiggy, BigBasket, others
In a social media post, the Food Safety and Standards Authority of India (FSSAI) informed that it has launched a "major crackdown on e-commerce platforms, including Amazon, Swiggy Instamart, BigBasket, Flipkart India and Zepto over regulatory non-compliances". The...
Karnataka govt constitutes SIT to probe fraudulent insurance claims
The government order directed the SIT to conduct a comprehensive investigation into all fraud complaints received from insurance companies and submit investigation reports to the government without delay through the Director General and Inspector General of Police....
Banks to remain open on next Sunday, ahead of proposed 3-day strike, Sept salaryof govt employees to be paid on 25th: MoF
The release said the decision was aimed at ensuring that the banking needs of customers are not adversely affected for an extended period due to the strike and the preceding holidays. New Delhi: Public sector banks and regional rural banks will remain open and...
LICHFL becomes a corporate agent of Niva Bupa Health Insurance
Niva Bupa Health Insurance has signed a corporate agency agreement with LICHFL Financial Services to expand access to comprehensive health insurance solutions.Prakash Kumar Sinha, CEO, LICHFL Financial Services, said, “This partnership brings together our network and...
Hydropower Risks: Mapping interdependencies and building resilience
From an insurance perspective, events such as recent floods in South Asia reinforce the need for a forward-looking approach to risk assessment. Historical loss data remains important, but should be complemented by climate science, catastrophe modelling, engineering...
Record savings on medical expenses under Ayushman Bharat: PM Modi
“Today, more than 60 crore beneficiaries have access to Rs 5 lakh annual health cover making it the largest healthcare scheme in the world,” he said in his post.It has enabled record savings on medical expenses, thus benefitting the poor and middle class.Ayushman...
Patient safety top priority, working with authorities on counterfeit-medicine probe: Pfizer
The Karnataka health regulator on Sunday said it has cancelled 16 drug licences of retailers and wholesalers and suspended eight others in connection with the alleged distribution and sale of spurious medicines. New Delhi: Pfizer on Tuesday said patient safety and...
British Columbia sues OpenAI in US court over Canada school shooting
The filing says it seeks to hold the company “accountable for designing a dangerous product, distributing it to every home with internet access, ignoring the warnings of their own safety team, refusing to notify authorities when they knew the shooter was planning gun...
EU to require data centres to disclose energy and water efficiency
To attempt to incentivise companies to build more energy- and water-efficient data centers, the Commission has proposed a rating scheme for facilities, to make this information more transparent. Australia’s state of Victoria has banned the construction of data centers...
MNK International accelerates global growth with launch of MNK International North America
Manoj Kumar, group chief executive officer and chairman, MNK Group MNK Group, the independent international insurance group, has also recently completed the acquisition of 100% of ETU Forsikring A/S, a Danish non-life insurer authorised since 2006 and headquartered in...
From smart glasses to AI pins, privacy fears challenge tech’s next big bet
The backlash against devices that can see, hear and respond to the world around them has been strongest against Meta’s Ray-Bans, which made smart glasses mainstream by pairing EssilorLuxottica’s trendy designs with AI from the social media giant chasing “personal...
Women’s longevity market has USD 350 bn untapped opportunity as demand outpaces offerings: BCG
"Women have long been asked to fit into a health care system that wasn't designed around their needs or biology," said Trish Stroman, a BCG managing director and senior partner, and a coauthor of the report. "Addressing that mismatch starts with more research and...
Star Health settles 2.77 lakh insurance claims worth Rs 1,370 cr since starting ops in Rajasthan
The company is focusing on expanding access to health insurance as well as digital consultations and home-based healthcare services,said Vijay Arora, business head at Star Health Insurance Jaipur:Star Health and Allied Insurance Company, the largest exclusive health...
IRDAI repeals guidelines on repatriation of dividends by intermediaries owned by foreign investors
The new Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, among other things, has removed the requirement of obtaining prior approval of the Authority for the repatriation of dividends and the condition on related party payments. Hyderabad:The IRDAI said it...
Aon appoints Jane Drummond as global chief commercial officer
Jane Drummond, global chief commercial officer-designate Currently, Jane Drummond serves as chief commercial officer of Asia-Pacific, working with sales leaders and country CEOs to drive new business, strengthen strategic client relationships and enhance commercial...