The disruptions in the insurance sector cannot happen without the support of actuaries, said IRDAI Chief Debasish Panda. It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the sector, he added. Panda also spoke about the rising importance of tech in Insurance. Read here:
“This applies to products no longer available for sale but still have existing policies serviced by insurers. The key objective of this circular is to provide greater flexibility to existing policyholders while safeguarding their interests. The decision follows consultation with the Life Insurance Council,” the Insurance Regulatory and Development Authority of India said in a statement.
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
Earlier this week, the Competition Commission of India had approved HDFC Limited (one of the promoters of the Company) to increase its stake in HDFC Life to more than 50%.
"There has been a breach, it is being addressed at the highest level," said one of the people aware of the developments. "Some data has been compromised, the situation is ongoing," said the second person who did not wish to be quoted.
According to reports, China tightened risk management regulations last weekend, requiring banks to categorize financial asset risks promptly and prudently. From July 1, banks must categorize their assets—including bond investments, interbank loans, and off-balance sheet assets. They have been asked to categorise into five groups ranging from 'normal' to 'loss'. This will help commercial banks evaluate credit risks more accurately.
India plans to raise Rs 16,000 crore ($1.96 billion) this fiscal year through the issuance of sovereign green bonds. The RBI is scheduled to offer green bonds at auctions on January 25 and February 9.
Irdai on Wednesday proposed a single management expense limit of 30 per cent of gross premium written in a financial year in the case of general insurers and 35 per cent for standalone health insurers.
Irdai on Wednesday proposed a single management expense limit of 30 per cent of gross premium written in a financial year in the case of general insurers and 35 per cent for standalone health insurers.
Doing away with the minimum capital requirement of Rs 100 crore would allow entry of small, specialised and niche players.
IRDAI has raised questions around discrepancy in the price per share in the last 10 transactions in Max Life, and how is it that in just 15 days the price per share of the company fell from Rs 166 to Rs 32 — shares which are allotted to Axis Bank.
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