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Instances have come to the notice of the Authority that a large number of firms were floated by the same set of individuals under different or similar names to act as Corporate Agents. Some of corporate agents were observed to utilize the services of a large number of people not having requisite Licence/Certificate to solicit or procure the insurance business, and paid remuneration for procuring the insurance business.
The Insurance Regulatory and Development Authority (Irda) has now proposed to streamline the promotion of insurance products through distance sales channels, such as the telephone and the internet. It has said it will issue rules in this regard and these will cover selling by ‘voice mode’, which includes telephone calls, ‘electronic mode’ (e-mails, internet and interactive television) and also the ‘physical mode’, though postal mail and newspapers.
approval committee for the sector specific Special Economic Zone for information technology and information technology enabled services-C at Village Ulwe, Taluka Panvel, District Raigad in the State of Maharashtra by M/s. Navi Mumbai SEZ Private Limited
The Insurance Regulatory and Development Authority (Irda) has not cleared any unit-linked insurance plans (Ulips) for nearly two months, following the recent changes to the norms and the regulatory tussle over the investment-cum-insurance products.
In line with the nation’s approach to economic reforms, the IRDA has initiated reform measures around the principle of sustainable growth along with public accountability. Therefore protecting the interests of policyholders is the main mission of IRDA and the Authority’s efforts have been constantly directed towards this end.
The Authority proposes to come out with the Guidelines on Distance Marketing and Sale of Insurance Products to streamline the manner of sale of insurance products and to address some of the issues which are specific to protection of interests of policyholders buying insurance over distance modes such as telephone and the internet.
With more SEZs becoming operational, the Centre will consider on June 8 framing rules that would allow migration of units from one special economic zone to the other. As of now there is no specific provision for transfer of a unit from one SEZ to the other.
I am very happy to know the news that the Bar Council of India has already taken a decision to conduct an All India Qualifying Examination for law graduates for entering into profession. I don’t think that there will be an illogical uproar in legal circles in India on the proposed Examination to be conducted by the Bar Council of India. Even if there is an illogical uproar, it is the time to forcibly implement the reforms at any cost as otherwise, the damage to the legal profession; legal system and the society will be irreparable.
The Centre has not closed the window for issuing warrants and partly-paid shares to non-residents even as the recently announced consolidated FDI policy framework excluded these instruments from the definition of “capital”, a senior Government official said.
The government has decided to allow Indian companies to freely enter into share-swap deals with foreign firms to facilitate cross-border mergers and acquisitions, provided such deals are consistent with the country’s policy on foreign direct investment (FDI).
