Page-2 of IrDA Current Affairs, GK & News

Drafting the Indian Financial Code

India’s financial market is deepening with the global interconnectedness and growing complexity in the economy. In such circumstances consumer at times become vulnerable to exploitation by the market forces. In an environment of ill-information and institutionalized mis-selling, consumers do not know where to go and whom to complain. Hence consumer protection spots the top priority ..

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Union Cabinet gives nod to 49% FDI in insurance sector

The Union Cabinet approved the proposal of increasing the Foreign Direct Investment (FDI) limit in the insurance sector to 49% from the existing 26%. The move is in sync with the proposal made by Finance Minister Arun Jaitley in his maiden Budget speech to raise the FDI cap in insurance sector from 26% to 49%. ..

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SBI Life Insurance to appeal against the order of IRDA to refund Rs.275 crore

The Private sector life insurer, SBI Life Insurance would appeal against the order of Insurance Regulatory and Development Authority (IRDA) to refund Rs.275 crore to the policy holders of Dhanaraksha Plus Limited Premium Paying Term (LPPT), a group insurance policy. Why IRDA directed SBI Life Insurance to refund Rs.275.29 crore to policy holders within six ..

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Govt. allows FIIs, NRIs to invest in insurance sector

The Union Government has allowed 26% foreign investment in insurance sector in activities related to insurance viz. broking, Third Party Administrators (TPAs) and surveyors and permitted Foreign Institutional Investors (FIIs) and Non-Resident Indians (NRIs) to also invest in insurers within the stipulated cap. The Department of Industrial Policy and Promotion (DIPP) stated that in case ..

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Justice B.N.Srikrishna Committee recommendations to be reviewed by a 9-member IRDA panel

The Insurance Regulatory and Development Authority (IRDA) set up a 9-member panle to review the 14 non-legislative recommendations made by the Financial Sector Legislative Reforms Commission (FSLRC). The role of panel is to: Examine the extant legislative and regulatory framework in compliance 14 Non-Legislative Recommendations (NLRs). Identify the gaps and possible improvements in the extant ..

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