SIRC 26
Indian
Lok Sabha passes bill to amend general insurance law without debate
As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the central government should hold not less than 51 percent of the equity capital in a specified insurer.
It aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products.
Full functional autonomy for PSU general insurers not privatisation: Unions
On Friday, Sitharaman also said the private general insurers have greater penetration and raised more money from the market and therefore give a better premium for public and innovative covers. On the other hand, the government insurers are not able to perform as they are short of resources.
Responding to that Jha said: “In 2019-20 the four PSU general insurers issued about 7.33 crore policies. The numbers of last fiscal will be similar. One should compare this with the number of policies issued by the private players to calculate insurance penetration.”
Bengal finance minister Amit Mitra questioned the “anti-people policy” of privatising public sector insurance companies LIC and United India Insurance Company, urged her to stop the privatisation attempt that will jeopardise investments of crores of people.
Estimated loss worth Rs 632 crores occurred due to rain, cloudburst, landslide in Himachal
While speaking to ANI, State Disaster Management Authority Director Sudesh Kumar Mokhta said, “So far, 211 people and 438 animals have died in incidents related to rain, cloudburst, and landslide in Himachal Pradesh during this monsoon season.”
“109 houses are fully damaged. Estimated loss worth Rs 632 crores has occurred”, said SDMA Director SK Mokhta. This development comes hours after various incidents of floods, landslides following heavy rainfall were reported in the State.
Delhi: Water level in Yamuna rises again; over 100 families moved to safer areas
On Friday, the Delhi administration had sounded a flood alert and expedited efforts to evacuate people from vulnerable areas, as the river in the capital breached the danger mark of 205.33 meters amid heavy rains in the upper catchment areas. The water level was recorded at 205.30 meters at the Old Railway Bridge at 9 am.
International
Wall Street increasingly weighs risk from climate change
The increase in wildfires has prompted underwriters, such as Hiscox Ltd to incorporate new risks models and stop insuring some clients in high-risk areas such as California.Overall, 10% of insurers refused to renew policies in wildfire-prone areas in California in 2018, according to the California Department of Insurance.
New FDA warning letters show Indian drug makers’ quality concerns persist
The latest regulatory crackdown shows US regulator’s stance is hardening toward lapses in quality control even as it seeks cheaper drugs to contain health care costs. Indian pharmaceutical factories collectively produce about 40 per cent of the American generic drug supply and have been faulted in the past by the FDA for everything from lax documentation to open toilet drains and malfunctioning equipment.
Swiss Re may invest in a possible primary offering of CPIC’s securities
US woos Asia with plan to rival China’s ‘Belt and Road’
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