Regulation

IRDAI forms panel to explore possibility of an ``Indian Pandemic Risk Pool'', to address BI risks arising out of a Pandemic event

Indian News       Jul 08, 2020

  Hyderabad: In line with the global trends in other major economies,the insurance regulator IRDAI, on Wednesday,has constituated a nine- memember  panel under the chairmanship of Suresh Mathur, executive director, IRDAI, to explore the possibility of forming an ``Indian Pandemic Risk  Pool’’ to  address various risks...

Insurers can now offer mandatory Arogya Sanjeevani Policy without Rs 5 lakh cap in sum assured: IRDAI

Indian News       Jul 07, 2020

  Hyderabad:: The insurance regulator IRDAI has now allowed the general and health insurers to offer mandatory,“Arogya Sanjeevani Policy” for a minimum sum insured of less than Rs.1 lakh and maximum sum assured of above Rs 5 lakhs . According to the earlier IRDA norms,the standard...

BOCI writes to IRDAI for extension of vehicle insurance validity

Indian News       Jul 06, 2020

New Delhi: Private passenger transport operators' body Bus & Car Operators Confederation of India (BOCI) has written to insurance regulator IRDAI, requesting extension of vehicle insurance validity.   BOCI operators run 17 lakh buses and account for 30 crore passenger trips. Its members also operate 1.1...

Injeti Srinivas,chairman,International Financial Services Centres Authority

Govt appoints Injeti Srinivas as IFSC Authority's first chairman

Indian News       Jul 06, 2020

  New Delhi: The government on Monday appointed retired IAS officer Injeti Srinivas as the first chairman of the International Financial Services Centres Authority (IFSCA). His appointment is for a period of three years from the date of assuming charge or until further order, whichever is...

UK watchdog ask Big Four accountants to ring fence audit by June 2024

International News       Jul 06, 2020

  London: The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. The Financial Reporting Council is asking the so-called Big Four — KPMG,...

Lloyd’s Chief Executive John Neal

Lloyd's calls for state-backed 'Black Swan' reinsurance

International News       Jul 01, 2020

LONDON:  “Black Swan” reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd’s of London said.   Commercial insurance market Lloyd’s has said insurers worldwide will pay out more than $100 billion in coronavirus-related claims this...

AXA XL receives green light for first Shanghai domiciled reinsurer

International News       Jul 01, 2020

  Singapore: AXA XL today announced its China subsidiary, XL Insurance (China) Company Limited has received green light from China Banking and Insurance Regulatory Commission (CBIRC) to change its business license in China from an insurance license to reinsurance. The new reinsurance legal entity will be...

EU calls British financial market proposals 'unacceptable'

International News       Jun 30, 2020

  LONDON: British proposals to give the City of London access to the European Union are “unacceptable” because they seek to maintain the benefits of the single market without the obligations, the bloc’s chief Brexit negotiator Michel Barnier said on Tuesday.   EU policymakers worry that the...

Can't expect poor patients to give proof for free treatment: Bombay HC

Facts       Jun 28, 2020

  Mumbai: The Bombay High Court observed that COVID-19 patients from poor and indigent sections cannot be expected to produce documentary proof to avail subsidised or free treatment while getting admitted to hospitals.   The court on Friday was hearing a plea filed by seven residents of...

Mild to medium colour blind people can now obtain driving licence

Facts       Jun 27, 2020

New Delhi: The government on Friday said those with mild to medium colour blindness can now obtain driving licence. The Road Transport and Highways Ministry has issued a notification in this regard for necessary amendments in required forms of motor vehicle norms.   "The Ministry of...

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