UP Enforces New Provisions of Employees State Insurance Act
The Ministry of Labour announces the enforcement of provisions of the ESI Act in selected districts of Uttar Pradesh, expanding social security benefits.
IFSCA Standing Committee to Strengthen GIFT-IFSC as Insurance Hub
The SCI is envisioned as a key advisory body, providing strategic insights and guidance on various facets of insurance and reinsurance regulation at GIFT-IFSC.
AP Exempts Tobacco Factories from ESI Act for 2025
AP exempts seasonal tobacco processing establishments from the Employees’ State Insurance Act, 1948, from July 3, 2024, to July 2, 2025, with conditions.
129th Meeting of IRDAI
The 129th meeting of the IRDAI marks a significant moment in the evolution of the Indian insurance industry. With a focus on reinsurance, future-ready initiatives, and insurance inclusion, the meeting reflected the regulator’s commitment to shaping a dynamic and sustainable insurance ecosystem. The decisions made during this meeting, particularly the registration of M/s Valueattics Reinsurance Ltd., the identification of D-SIIs, and the progress on Bima Sugam and the State Insurance Plan, signal that the Indian insurance industry is poised for continued growth and transformation. As these initiatives take shape, they will not only enhance the competitiveness of the market but also ensure that insurance becomes an accessible and essential part of the lives of all Indians.
Government Extends PMFBY & RWBCIS Until 2025-26
The government extends PMFBY and RWBCIS with Rs. 69,515 crore funding, enhancing farmer insurance support and addressing grievances for smoother implementation
ESIC Issues Suspension and Action on Substandard Drug Batch
ESIC has suspended the use of a pharmaceutical drug declared “Not of Standard Quality” and outlined immediate actions including replacement, cost recovery etc
Guidelines on Hedging Through Equity Derivatives
Before taking exposure to equity derivatives, insurers are advised to put in place Board approved Hedging Policy; Internal Risk Management Policies and Processes; Information Technology Infrastructure; and Regular and Periodic Audits. A robust corporate governance mechanism shall be in place wherein the Board and Senior management reviews the contracts undertaken are not prejudicial to the interest of the policyholders.
ESIC Enhances Healthcare Access in Underserved Areas
ESIC expands medical services through PHCs and CHCs in remote areas, ensuring access to primary and secondary care for beneficiaries, providing healthcre acess.
Bima-ASBA for insurance: new facility from IRDAI
IRDAI has introduced facility called the “Bima Applications Supported by Blocked Amount (Bima – ASBA)” transfer of money from the prospect to the insurer happens only when insurance policy is issued. In this facility, insurers can offer one-time mandate for blocking certain amount through Unified Payment Interface (UPI) in the bank account of the concerned prospect.
PFRDA Updates Service Charge Structure for NPS and NPS-Lite
The PFRDA’s updated Master Circular outlines new service charges for NPS and NPS-Lite, effective from January 31, 2025, ensuring transparency and fair practices
