Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021
The amendment provides the manner in which the premium and unearned premium reserve should be recognized by insurers carrying on general insurance business. Insurers shall follow the method of provisioning of Unearned Premium Reserve in a consistent manner. Any change in the method of provisioning can be done only with the prior written approval of the Authority.
NSE directions for introduction of Futures contracts on Gold (1 Gram) in Commodity Derivatives Segment
NSE directions for introduction of Futures contracts on Gold (1 Gram) in Commodity Derivatives Segment has provided that Contracts shall be settled by physical delivery.
ESIC hospitals to promote AYUSH services
The Employees State Insurance Corporation has directed the ESIC hospitals to conduct awareness programmes, medical camps, campaigns etc. to promote AYUSH services.
Patient Information System to be set up in ESIC hospitals
The ESIC has directed setting up of Patient Information System for attendants at ESIC hospitals. A control room is to be immediately set up with a helpline to contact a medical personal on a 24/7 basis.
RBI has notified the interest rates payable on unclaimed interest-bearing deposits.
The banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1, 2018 up to May 10, 2021 and at 3 per cent with effect from May 11, 2021 till the time of payment to the depositor/claimant.
Ministry of Commerce and Industry sets up digital tracking system for real time monitoring of oxygen supply.
Its objectives are effective and instantaneous communication of allocation orders to plants and dispatches from plants, and toenable real-time tracking of Oxygen movement in the country from Plants to States.
IRDAI directs Insurance Companies to continue offering standard corona policies.
The Corona Kavach is an indemnity-based product, Corona Rakshak is a benefit based product launched by IRDAI.
Central Government simplifies the procedure for import of oxygen cylinders and cryogenic tankers/ containers.
The key approvals required for imports will be granted online without any delay upon submission of the manufacturer’s particulars.
