The Reserve Bank of India on Monday said it has imposed a penalty of ₹2.66 crores on Bank of Bahrain & Kuwait BSC, India. The apex bank penalised the banks for its operations for non-compliance with directions on cyber security framework. The Reserve Bank of India (RBI) also imposed penalties on 20 cooperative banks, including […]
RBI penalises Bank of Bahrain & Kuwait BSC; 20 co-op banks Read More »
The measures taken by the IRDAI would help in increasing the insurance penetration in the country, as a corporate agent may represent up to 27 insurers and sell insurance products for them. A prospective customer would now get a wide range of insurance products to choose from by consulting a single corporate agent. As insurance
IRDAI’s new notification throws open wider choices for customers, corporate agents Read More »
The Reserve Bank of India announced penalties against 13 cooperative banks on Monday for breaking regulatory norms. According to the RBI, fines are based on regulatory compliance shortcomings and are not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers The penalties range between ₹50,000
RBI slaps penalty on 13 cooperative banks for breaking regulatory norms Read More »
Irdai proposed a three-year policy in respect of private cars co-terminus with motor third party liability cover and a five-year policy in respect of two-wheelers co-terminus with motor third party liability cover. The Insurance Regulatory and Development Authority of India (Irdai) has proposed allowing all general insurers to offer long-term motor insurance policies to allow
Irdai proposes long-term motor insurance policies Read More »
The reforms recently announced by the IRDAI would help in bolstering the ease of doing business and will aid in making the sector more investment-friendly. The relaxation of solvency norms for general and life insurers would also free up some significant capital for insurance. With a mission of “Insurance for all by 2047” and the
IRDAI 11-point reforms aim to achieve the mission of ‘Insurance for all by 2047’ Read More »
Max Financial Services Limited (MFSL) announced that it has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to purchase the balance 5.17% stake held by Mitsui Sumitomo Company Limited (MSI) in Max Life Insurance Company Limited (Max Life). The transaction is expected to be concluded in the next fortnight. Earlier, Max
This adds another level of validation while issuing professional indemnity insurance covers to medical practitioners and in the future may also be useful in building network hospitals for healthcare. The Insurance Regulatory and Development Authority of India (IRDAI) has advised all general and health insurers to consider capturing or collecting healthcare professional (HPR) ID as
IRDAI: Insurers need to leverage professional registry when issuing indemnity coverage Read More »
Bima Sugam will be a one-stop shop for buying and selling insurance, policy servicing, and also for claim settlement The insurance industry’s regulator, IRDAI, is working on Bima Sugam, a one-stop shop for policy sales, renewals, and claims settlements. Bima Sugam will change the insurance industry forever. By making it easy for customers all over
Bima Sugam to be a game changer for the insurance sector: IRDAI chairman Read More »
