Regulation

Irdai imposes Rs 51 lakh penalty on 4 insurers

Indian News       Apr 19, 2021

New Delhi: Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance. A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not...

Explain basis for approving insurance policies excluding mental illnesses from full coverage: HC to IRDA

Indian News       Apr 19, 2021

  New Delhi: The Delhi High Court has asked insurance sector regulator IRDAI to explain on what basis it was approving insurance policies that excluded mental conditions from full coverage. Justice Prathiba M Singh said the Mental Healthcare Act of 2017 makes it clear that there...

M Rajeshwar Rao, deputy governor,Reserve Bank of India

Customer privacy, data protection non-negotiable: RBI deputy governor

Indian News       Apr 17, 2021

  MUMBAI: Reserve Bank deputy governor M Rajeshwar Rao has said that technological innovation in banking is of paramount importance but cannot be pursued at the cost of customer privacy and data protection which are non-negotiable. "We must generate trust amongst the customers that their data...

Govt notifies draft rules for hiking FDI to 74 % in insurance sector

Indian News       Apr 16, 2021

  New Delhi: After the passage of the enabling amendments in the Insurance Act 1938, by the parliament, to hike the foreign direct investment (FDI) in the Indian insurance sector to 74 per cent from 49 per cent, the ministry of finance, on Tuesday has notified...

Health ministry issues regulatory pathways for foreign-produced Covid-19 vaccines

Indian News       Apr 15, 2021

  New Delhi: The Central government on Thursday issued the regulatory pathway in India for Covid-19 vaccines approved for restricted use by US FDA, EMA, UK MHRA, PMDA Japan or which are listed in WHO Emergency Use Listing (EUL), said the Union health ministry. The Central...

German regulator acts to halt 'illegal' WhatsApp data collection

Facts       Apr 13, 2021

  BERLIN: Germany's lead data protection regulator for Facebook said on Tuesday that it was taking action against the social network to prevent the collection of personal data from users of its WhatsApp messaging app. The regulator in the city-state of Hamburg said that it had...

Aon's EU concessions for $30 billion Willis bid may not be enough: 

International News       Apr 13, 2021

  BRUSSELS: Insurance broker Aon’s offer to sell assets in five EU countries and takeover target Willis Towers Watson’s reinsurance arm may not be enough to address EU competition concerns, people familiar with the matter said on Tuesday. Aon is looking to the acquisition to create...

India's richest man Ambani fined for irregularities in Reliance share issue

Indian News       Apr 07, 2021

MUMBAI: India’s market regulator fined Reliance Industries Chairman Mukesh Ambani and others 250 million rupees ($3.36 million) on Wednesday over irregularities in a two-decade-old share issue in the company. Ambani, the country’s richest man, his family members and some entities linked to them were penalised...

Subhash C Khuntia, Chairman,IRDAI

IRDAI tightens product and pricing regulations to check undercutting or inflating of premiums by general insurers

Indian News       Apr 05, 2021

  Hyderabad: In a bid to check the rampant undercutting and jacking up of of premiums arbitrarily by the domestic general insurers to corner business through unhealthy competition, the insurance regulator IRDAI,on Monday, in its proposed General Insurance Products Regulations, 2021, among other provisions, has ruled...

RBI orders MobiKwik to probe alleged data leak: source

Indian News       Apr 01, 2021

  NEW DELHI: India’s central bank has ordered digital payments firm MobiKwik to probe allegations that data of its 110 million users was breached, and warned that the company will face fines if lapses are found, a source with direct knowledge of the situation told Reuters...

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