The Insurance penetration in India is very low at 3.9 per cent.
The Insurance Regulatory and Development Authority on Monday proposed major amendments in the Insurance Act,
Any defect identified by the expert would have to be rectified within one month, failing which compensation of 5,000 per day would be payable.
The Supreme Court of India has reprimanded the central government for failing to implement a cashless treatment scheme for road accident victims. The court expressed its concern over the delay in formulating the scheme, which is designed to provide immediate medical care to accident victims within the crucial "golden hour." The court highlighted that despite a statutory provision requiring the scheme's implementation, the government has not taken any action, prompting the court to intervene. The court also criticized the General Insurance Council (GIC) for raising objections to the scheme and delaying its implementation. The court has now directed the government to notify the scheme within a week and has scheduled a hearing on the matter for May 13.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
In a letter to Prime Minister Manmohan Singh, Global Federation of Insurance Associations has said the global insurance industry is 'most encouraged' to learn that the government intends to bring up Insurance Laws (Amendment) Bill, 2008, for consideration in the current session of Parliament.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
Foreign investment capped at 49 per cent.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The government had first mentioned raising foreign direct investment ceiling in insurance sector to 49 per cent from the current 26 per cent in the 2004 Union Budget and introduced a Bill to do so over a year ago.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
The Cabinet on Thursday approved 49 per cent foreign investment in insurance companies through the Foreign Investment Promotion Board route ensuring management control in the hands of Indian promoters.
More than 25 crore workers engaged in sectors ranging from banking, insurance, postal to coal mining, highway and construction are expected to go on a nationwide general strike on Wednesday, potentially disrupting services across the country. A forum of 10 central trade unions and their associates has called for a general strike or 'Bharat Bandh' to "oppose the anti-worker, anti-farmer and anti-national pro-corporate policies of the government".
The CPI (M) members seemed determined to thwart the bill, aimed at increasing the FDI limit in the insurance sector. As Minister of State for Finance P K Bansal rose to introduce the Insurance Laws (Amendment) Bill, 2008, CPI (M) member T K Rangarajan tried to grab the copy of the bill from him. An agitated-looking external affairs minister Pranab Mukherjee pushed Rangarajan to protect Bansal. Another minister Meira Kumar rushed to shield Bansal, who introduced the bill.
Some of the suggested strategies include making thoughtful trade-offs between career choices and family responsibilities to avoid the guilt of not spending adequate time with elders and children at home; resisting the pressure to be a 'superwoman' by trying to manage everything alone; demanding, negotiating, and selecting jobs with flexible working hours; exploring work-from-home options; choosing an appropriate time for a career break; upskilling to re-enter the workforce after a break; and communicating openly with family members -- including spouse and in-laws -- about the support needed to grow professionally and the challenges faced at work, highlights N Ravichandran.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Many other companies have expressed intent of diluting stakes.
The Enforcement Directorate on Friday withdrew its summons to a senior lawyer for reportedly giving legal advice in a case after the Supreme Court Advocates on Record Association (SCAORA) wrote to the chief justice of India for taking note of the action.
The existing rules under the insurance laws prescribe a 10-year minimum period before insurance companies can list their shares.
However, under several external factors -- such as technological disruption or advancement, regulatory or policy changes, or economic shocks -- the gig workforce may grow only to 32.5 million by 2047, a report points out.
Selected applicants will receive a monthly stipend of Rs 4,500 from the government and an additional Rs 500 from participating companies as a part of the Prime Minister Internship Scheme (PMIS) 2025.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
The insurance Bill seeks to increase the cap on shareholding of foreign investors
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
An insurance company is liable to pay compensation to the accident victim's kin even if the driving licence of the offending vehicle's driver has expired and not renewed, as an expired licence would not make him an unskilled driver, the Bombay high court has said.
'40 percent of voters in Bihar will be excluded.'
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The new Insurance Bill may be implemented in 2015.
The National Commission ruled that the insurance policy is deemed to be automatically transferred to the purchaser when the vehicle is registered in their name.
The Cabinet had had approved promulgation of the Ordinance on Insurance Bill and re-promulgation of the Coal Ordinance on Wednesday, a day after the conclusion of the Winter session of Parliament.
'Today, we have 2 million active drivers earning through our platform every month.'
The Supreme Court of India will examine the age limits for surrogate mothers and other provisions of the Surrogacy Regulation Act and Assisted Reproductive Technology (Regulation) Act on February 11. The court has asked the government to file its written submissions on the matter. The laws set age limits for intended parents and surrogate mothers, restricting commercial surrogacy and emphasizing altruistic surrogacy. The court is also considering alternative mechanisms for compensating surrogate mothers and has proposed a designated authority for disbursing payments instead of intended couples.
Currently, the select committee is considering the Bill.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
Chief Minister-designate Rekha Gupta and her Council of Ministers will take oath at the Ramlila Maidan on Thursday afternoon in the presence of Prime Minister Narendra Modi, marking a return of the BJP in Delhi after 26 years.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
The insurance sector is going to get a big boost.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
