Regulation

Acko Gen Insurance fined Rs 1 core for violating IRDA's advertisement regulations

Indian News       Jan 26, 2020

  Hyderabad: The insurance regulator IRDAI has slapped a fine of one crore rupees against Acko General Insurance (AGIL) for violating various provisions of IRDA(Insurance Advertisements and Disclosure) Regulations, 2000.   AGIL's investors include high-profile backers like Narayana Murthy and Kris Gopalakrishnan of Infosys, DSP Blackrock's Hemendra...

New India Assurance settles insider trading case with SEBI, pays over Rs 62 lakh

Indian News       Jan 24, 2020

  Mumbai: State-owned New India Assurance Company Ltd has settled with markets regulator Sebi a case of alleged violation of insider trading norms by paying over Rs 62 lakh towards the settlement charges. The move comes after the insurer filed an application proposing to settle, without...

Hopeful all countries will come together on AI regulations: Sundar Pichai

International News       Jan 22, 2020

  DAVOS: Google chief Sundar Pichai on Wednesday said the world needs a free and open internet for everyone and hoped that all countries will come together for a common regulatory framework for artificial intelligence (AI). Speaking here at WEF 2020, Pichai also said privacy cannot...

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 ...

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