Regulation

IRDAI postpones implementation Indian Accounting Standard for insurers indefinitely

Indian News       Jan 21, 2020

  Hyderarbad: The Indian Insurance regulator IRDAI on Tuesday has decided to postpone the implementation of Indian Accounting Standard ( Ind-AS). which was supposed to start in 2020-21, indefinitely for the domestic insurance sector.Earlier,IRDAI’s in its circular dated June 28, 2017 had deferred the effective date...

S C Khuntia, chairman,IRDAI

IRDAI chief cautions insurers against predatory pricing

Indian News       Jan 17, 2020

  New Delhi: Insurance Regulatory and Development Authority of India (IRDAI) chairman S C Khuntia on Friday cautioned insurers against indulging in predatory pricing, saying it is not a sustainable model while citing examples of airline and telecom sectors.   Highlighting that the insurance industry is different...

IRDA approves 33 regulatory Sandbox proposals

Indian News       Jan 15, 2020

  Hydearabad: Even as the regulator IRDAI has approved 33 proposals out of 173 projects related to Health, Motor and Intermediaries  under its innovative regulatory sandbox project, ICICI Lombard General Insurance has bagged the maximum projects- five-  in the scheme.   All approved products have been filed...

Register drones by January 31 or face action: Aviation ministry

Indian News       Jan 14, 2020

NEW DELHI : The Aviation Ministry on Monday announced a scheme providing a window up to January 31 for voluntary registration of all drones and their operators, days after top Iranian General Qasem Soleimani was killed in a US drone attack.   Those who fail to...

Insurers have to pay interest if health claims are delayed beyond 30 days:IRDAI

Indian News       Jan 10, 2020

  Hyderabad:  The insurance regulator wants a health insurance claims to be settled or rejected  within 30 days from the date of receipt of last necessary document In the case of delay in the payment of a claim, the insurer will be liable to pay interest...

Scandal-hit Indonesian insurer, with $2B financial hole, could get government bailout

International News       Jan 10, 2020

  Jakarta: Policyholders at Indonesia’s state-owned PT Asuransi Jiwasraya are looking to the government to rescue the scandal-hit insurer, which has uncovered a $2 billion hole in its books.   The crisis affects 17,000 buyers of investment products and 7 million clients, and may pose systemic risks,...

IRDAI penalises Malaysian brokers for cheating TATA-AIG in Rs 300 cr crop reinsurance deal

Indian News       Jan 09, 2020

  Hyderabad: Regulator IRDAI has completed its year-long investigation and pronounced its verdict about a Rs 300 crore fraudulent crop reinsurance deal in which TATA AIG General Insurance has dealth with multiple intermediaries including Unison Insurance Broker, an Indian composite insurance broker, Confiance, a Malaysian based ...

Cholamandalam GI and Toyota Tsusho lnsurance Broker penalised for violating MISP norms

Indian News       Jan 09, 2020

  Hyderabad: Even as Maruti lnsurance Broking Hero lnsurance Broking lndia  have brought stays from the Securities Appellate Tribunal (SAT) against IRDAI's decision to fine them for violating  the Motor lnsurance Service Provider (MISP) norms, the insurance regulator continued its punitive actions against more players on...

HDFC ERGO Health and HDFC ERGO General to seek NCLT nod soon for their merger

Indian News       Jan 09, 2020

Mumbai: HDFC Limited, has completed the acquisition of 50.80 per cent share of Apollo Hospitals Group, in Apollo Munich Health Insurance Company Ltd. (Apollo Munich) for Rs 1,485.14 crore and 0.36 per cent shareholding held by employees for Rs 0.67 crore.   After the HDFC deal,...

Trump Administration seeks to limit ‘Overreach’ of Regulation of Artificial Intelligence

International News       Jan 08, 2020

  Washington: The White House on Tuesday proposed regulatory principles to govern the development and use of artificial intelligence (AI) aimed at limiting authorities’ “overreach,” and said it wants European officials to likewise avoid aggressive approaches.   In a fact sheet, the White House said federal agencies...

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