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Government to set-up a Unified Authority for Regulating Entities in IFSC
The Union Cabinet headed by Prime Minister Narendra Modi has approved setting up of a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country. The government has approved a bill to set up a unified regulator. Fact ..
Month: Current Affairs - February, 2019
Insurers to cover mental illness under medical insurance policy: IRDAI
Insurance Regulatory and Development Authority (IRDAI) has asked insurers to cover mental illness under medical insurance policy from immediate effect, treating it at par with physical illness. At present, insurers exclude mental illness from ambit of medical insurance policies. Key ..
Month: Current Affairs - August, 2018
IRDAI constitutes Suresh Mathur committee to review norms related to Insurance Marketing Firms
The Insurance Regulatory and Development Authority (IRDAI) has set up 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee will be headed by Suresh Mathur (ED-IMF, ..
Month: Current Affairs - June, 2018
Government appoints Subhash Chandra Khuntia as new chairman of IRDAI
The Appointments Committee of Cabinet (ACC) has appointed former chief secretary of Karnataka, Subhash Chandra Khuntia as new chairman of Insurance Regulatory and Development Authority of India (IRDAI). He will succeed TS Vijayan whose five-year term ended in February 2018. ..
Month: Current Affairs - May, 2018
Cabinet approves IRDAI's admission as a signatory to IAIS, MMoU
The Union Cabinet approved Insurance Regulatory and Development Authority’s (IRDAI) admission as a signatory to International Association of Insurance Supervisors (IAIS), Multilateral Memorandum of Understanding (MMoU). The IAIS is a global framework for cooperation and information exchange between insurance supervisors. ..
Month: Current Affairs - July, 2017
IRDAI allows Banks to tie up with insurers
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with insurers. This decision was taken as part of the IRDAI’s new Bancassurance model guidelines which will be notified soon. Prior to this decision, banks were ..