21
Saturday
July 2018
11:16 AM IST
News Headlines
Third party insurance for two, four-wheeler be made mandatory: Supreme Court        Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates        Trump invites Putin to White House in the fall        Zimbabwe vs Pakistan: Fakhar Zaman scores double century in record partnership with Imam-ul-Haq to breeze past hosts        Modi Govt Gets AIADMK Boost as No-Trust Vote Turns Into Show of Strength for 2019        IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        Indian man shot dead in Canada, two suspects arrested        Trump says looking forward to 'second meeting' with Putin        Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards        Unidentified 'intruder' killed at Indo-Pak border: official        Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers        Centre Forcing AgustaWestland Middleman To Frame Sonia Gandhi: Congress        We were clinical, says England captain Eoin Morgan        Growth has been solid, hope Olympiad will demonstrate it: Anand        Govt working on another verison of UDAN, says Sinha        Talks on between India, Singapore for cruise tourism: Gadkari        'Not too late to save Brexit': ex-foreign secretary Johnson        
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Business News
Cabinet clears IRDAI signing pact for information exchange
 
New Delhi, Jul 19 (PTI) The Cabinet today gave ex-post facto approval for regulator Irdai's admission as a signatory to IAIS Multilateral Memorandum of Understanding amid increasing integration of financial markets, a release said.

International Association of Insurance Supervisors (IAIS) is a global framework of cooperation and information exchange between insurance supervisors.

"The MMoU is a statement of its signatories' intent to cooperate in the field of information exchange as well as procedure for handling information requests," said the official statement after the Cabinet meeting.

With increasing integration of financial market and growing number of internationally active insurance companies there is an increased need for mutual cooperation and information exchange between insurance industry supervisors.

In this background the Irdai had become a signatory member of the MMoU, the release said.

"In the absence of any bilateral agreements the IAIS, MMoU provides a formal basis for cooperation and information exchange between the signatory authorities regarding the supervision of insurance companies where cross-border aspects arise," the release said.

The MMoU provides a formal basis for cooperation and information exchange between the signatory authorities regarding the supervision of insurance companies where cross- border aspects arise.

The scope of the IAIS MMoU is wider than the existing agreements as it also provides for supervision of other regulated entities such as insurance intermediaries under Anti Money Laundering, (AML) and Combating the Finance of Terrorism (CFT).

One of the main objectives of the Insurance Regulatory Development Authority of India (Irdai) is to protect the interest of and secure fair treatment to policyholders.


Third party insurance for two, four-wheeler be made mandatory: Supreme Court
Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys
Indo-Pacific must be free, open and and inclusive region: Swaraj
Govt working on another verison of UDAN, says Sinha
Talks on between India, Singapore for cruise tourism: Gadkari
Govt doubles import duty on over 50 textile products
Walmart partners with Microsoft for cloud solutions
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
May announces new 2 bn pounds UK-Italian fighter jet project
Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Trump invites Putin to White House in the fall
 WASHINGTON: The White House announced Thursday that Vladimir Putin has been invited to Washington th
Indian man shot dead in Canada, two suspects arrested
Trump says looking forward to 'second meeting' with Putin
'Not too late to save Brexit': ex-foreign secretary Johnson
NATIONAL NEWS
Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates
 New Delhi: The Supreme Court on Friday stayed the Madras High Court directive to the Central Board o
Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards
Unidentified 'intruder' killed at Indo-Pak border: official
Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers
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