Regulation

LIC, GIC Re & New India Assurance are Domestic Systemically Important Insurers, need enhanced supervision:IRDAI 

Indian News       Sep 25, 2020

  Hyderabad: The insurance regulator IRDAI has identified three large state owned insurers- Life Insurance Corporation of India,( LIC), General Insurance Corporation of India and The New India Assurance as Domestic Systemically Important Insurers (D-SIIs) which need enhanced regulatory supervision.. ``D-SIIs are perceived as insurers that...

Ajay Tyagi,,Chairman,Sebi

Mutual Funds are not banks, shouldn't behave like one: Sebi chief Ajay Tyagi

Indian News       Sep 22, 2020

  Mumbai: Sebi Chairman Ajay Tyagi on September 22 said mutual funds are not banks and should not attempt to behave like one. The remark comes against the backdrop of some mutual fund houses giving moratorium to borrowers in recent months on the lines of banks....

IRDAI allows “Video Based Identification Process'' for KYC of customers

Indian News       Sep 21, 2020

  Hyderabad: In order to simplify the process of Know Your Customer (KYC), the insurance regulator IRDAI, on Monday, has decided to allow the various electronic platforms including the use the “Video Based Identification Process (VBIP)” to make it customer friendly. However, the ultimate responsibility for...

World's top companies urge action on nature loss ahead of U.N. talks

International News       Sep 21, 2020

LONDON: Some of the world’s biggest companies on Monday backed growing calls for governments to do more to reverse the accelerating destruction of the natural world and support broader efforts to fight climate change.More than 560 companies with combined revenues of $4 trillion including Walmart...

HSBC HK shares drop to lowest since 1995, StanChart falls after 'FinCEN' leak

International News       Sep 21, 2020

HONG KONG: HSBC and Standard Chartered’s Hong Kong shares dropped on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.BuzzFeed and other media reports were...

Subhash C Khuntia,chairman, Irdai

IRDA to unveil standard Term Policy and covers for MSME and small dwellings soon:Khuntia 

Indian News       Sep 17, 2020

  New Delhi: In  a bid to push the insurance penetration further in the country, the Insurance Regulatory and Development Authority of India (Irdai) has decided to enlarge its basket of existing standard products by launching solutions for MSMEs,small dwellings and a standard term plan. The ...

Varun Dua, Founder and CEO, ACKO

Munich Re Ventures invests $60mn in digital insurer ACKO

Indian News       Sep 16, 2020

Bengaluru: Home-grown digital-native insurer ACKO on Wednesday said it had raised $60 million (approximately Rs 441 crore) in a round of funding led by Munich Re Ventures,the investment arm of the global reinsurer Munich Re. Existing investors Amazon, RPS Ventures and Intact Ventures Inc.also participated...

China’s Anbang Insurance Group to apply to disband, liquidate

International News       Sep 15, 2020

  BEIJING: China’s Anbang Insurance Group said on Monday that it will apply to the country’s banking and insurance regulator to disband and liquidate the company, a step towards the official end of the once high-flying conglomerate. The government took control of Anbang in February 2018...

T.L. Alamelu,member (Non-Life),IRDA

IRDAI plans broad basing exclusive Carona covers, moots digital health insurance claim platform:Alamelu

Indian News       Sep 11, 2020

  Hyderabad: TL Alamelu,member (Non-Life),IRDAI, has said the the recently launched standardised Covid-specific health insurance policies Corona Kavach and Corona Rakshak have become effective and the regulator would like to convert these segmented products into a full-fleged health insurance policy by adding other features. . “We...

General insurers can issue e-policies till March,2021:IRDAI

Indian News       Sep 10, 2020

  Hyderabad: In the wake of Covid-19 pandemic, the insurance regulator IRDAI has granted  exemption , to the general insurers, till March, 2021  from issuing  insurance policies in physical format.  Insurers are also allowed to obtain the customer’s consent without requiring wet signature on the hard...

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