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UAE lifts entry ban for vaccinated residents of India, some other countries
Dubai, one of the UAE’s seven emirates, is due to open the Expo 2020 world fair on Oct. 1 after a year-long delay due to the pandemic. The regional business and tourism hub is relying on the fair to give its economy a boost.
Organisers had previously said they expect remaining UAE flight restrictions imposed to curb coronavirus infections to be lifted in time for Expo 2020.
India eyes turning 3-wheelers into EVs
Mahua Acharya, MD and CEO,Convergence Energy Services Ltd said there are 5.5 lakh electric three-wheelers (E3W) on the road.
”After accounting for central government subsidy, the price of E2W comes to Rs 55,000 to Rs 1.3 lakh. If states give subsidies, the prices will come down further. At this, price is very competitive (compared to fossil-fuel-based two-wheelers),” she said.
IRDA revamps trade credit insurance norms, SMEs and project finance to benefit
Some of new kind of covers that will now available in India are:
“Project Cover”- insurance of receivables, against non-payment by the principal or buyer, provided to a contractor engaged in but not limited to long term infrastructure, civil and industrial projects and services. The project period should be more than six months.
“Protracted Default”- failure by a buyer to pay the contractual debt within a predefined period calculated from the due date of the debt.
“Reverse Factoring arrangement” where any arrangement in whatever name or form, between a borrower and a financer, wherein a borrower receives or is supposed to receive finance, either directly or indirectly, for borrower’s purchase of trade receivables, goods or services
IRDAI asks insurers to design innovative, tailor-made Cyber products for policyholders
The main objectives of new the guidance document on product structure for Cyber Insurance are;to enable insurers to evaluate new technologies posing heightened cyber risk, identify protection gaps in the existing products and address the changing needs of market,to facilitate insurers in developing stand-alone cyber insurance products, specifically designed to address the evolving cyber risks,to provide a set of recommendations on maximum possible coverages that could be included in the cyber insurance products, to encourage insurers to adopt best practices and provide additional covers in response to customer needs, to improve the development of the cyber insurance market with new products and enhance benefits for policyholders, explained the IRDAI.
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