Connect with us
Friday,13-June-2025
Breaking News

Business

Consultancy firm may be appointed by insurance councils to recommend changes in regulations

Published

on

 The insurance regulations in India are set for a major overhaul with the two industry bodies likely to hire a consultancy firm to recommend regulatory changes, said senior industry officials.

The two industry bodies are – Life Insurance Council and General Insurance Council.

Industry officials told IANS preferring anonymity that the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) Debasish Panda at his meeting with the sectoral officials had said the two Councils should turn vibrant.

It is learnt Panda had told them that the Insurance Information Bureau (IIB) should ideally be part of the Councils as it collects the data from the industry to come out with research reports.

Similarly, the Institute of Insurance and Risk Management (IIRM) should also be part of the industry and not that of the regulator.

A media statement from IRDAI had said: “It was proposed to revamp the role and functioning of the Life Insurance and General Insurance Councils, to make them more vibrant bodies. Role of Insurance Information Bureau of India (IIB) in supporting data and tech-driven insurance solutions was also discussed.”

“To take these ideas forward and also come out with recommendations for overhaul of the regulations, the two Councils may have to hire a consultancy firm,” officials told IANS.

The consultancy fee would be shared by both the Councils.

“How the fee would be shared by the members of the Councils-insurers- has to be seen. Whether it would be shared in the ratio of their gross premium or equally will have to be decided,” a senior industry official told IANS.

Already several groups have been formed in the life/non-life/reinsurance to study the existing regulations and come out with recommendations on them.

IRDAI Chairman Panda had told the insurers that every Indian should have a life insurance policy; every family a health insurance family and every bread winner should have an accident insurance policy.

At its meeting with the industry officials, IRDAI said it had displayed firm commitment to carry out reforms which will lead to the objective of “Insurance for all” by 2047.

“These reforms, among others, include promoting ease of doing business by encouraging new insurance players, allowing niche players in insurance, relaxing renewal norms for intermediaries,” product certification by insurers, time-bound approvals, administrative flexibility, fast-track approvals for investment proposals, facilitating InsurTech and distribution agility,” IRDAI had said.

The IRDAI also has plans to make the regulations lighter and reduce the compliance burden on the insurers.

“Additionally, the need for risk based capital and solvency, convergence to Ind-AS, rationalising expenses of management, developing talent pool, updating investment norms and sustainable growth of industry were also deliberated,” IRDAI said after its meeting with industry officials.

The two councils may soon come out with a request for proposal for interested consultancy firms to bid for the project.

National

BJP worker murder case: SC declines Congress MLA’s plea seeking more time to surrender

Published

on

New Delhi, June 13: The Supreme Court on Friday turned down the prayer of former Karnataka Minister and Congress MLA Vinay Kulkarni to grant him additional time to surrender before the concerned jail authorities in connection with the murder of BJP worker Yogesh Gowda.

A bench of Justices Prashant Kumar Mishra and Manmohan refused to grant seven more days to Kulkarni, who was ordered on June 6 to “surrender before the concerned trial court or jail authority within a period of one week”.

In an order passed last Friday, the top court had allowed the Central Bureau of Investigation (CBI)’s plea to cancel Kulkarni’s bail over allegations of witness tampering.

It had taken note of the Central agency’s submission that the accused, presently the Chairman of the Karnataka Urban Water Supply and Drainage Board, attempted to contact witnesses through their friends and known persons to depose against the prosecution.

A bench of Justices Sanjay Karol and Satish Chandra said that there was “sufficient material on record” to suggest that attempts were made by Kulkarni to “either contact witnesses or alternatively, influence such witnesses”.

Keeping in mind the totality of circumstances, the Justice Karol-led Bench was of the considered opinion that the bail granted to Kulkarni should be cancelled. However, it “consciously” refrained from making detailed observations in respect of the allegation of witness-tampering.

In its order, the Supreme Court asked the trial court to make an endeavour to conclude the trial expeditiously, without being influenced by any of its observations contained in the order cancelling the bail of Kulkarni.

Earlier, the trial court had taken the view that it did not have the jurisdiction to consider the CBI’s application seeking cancellation of regular bail since Kulkarni was enlarged on bail by the Supreme Court.

The apex court observed that the trial court’s view was not in consonance with its decision in Gurcharan Singh vs. State (Delhi Admn.) case, and the court below could have entertained an application seeking cancellation of bail on the grounds of violation of bail conditions notwithstanding the fact that bail was granted by the Supreme Court.

Kulkarni was accused of conspiring in the murder of the BJP Zilla Panchayat member Yogesh Gowda in 2016. He was then a Cabinet minister in the Siddaramaiah-led Congress government. Though his name came up, no action was initiated against him. The BJP made it an issue, and former Chief Minister B.S. Yediyurappa vowed at election rallies that he would send Kulkarni to jail if the BJP was voted to power. Later, the case was handed over to the CBI, and Kulkarni was arrested. He spent more than nine months in jail and finally obtained bail from the Supreme Court.

Continue Reading

National

33 from Anand, 17 from Kheda perish in plane crash leaving Gujarat shell-shocked

Published

on

Ahmedabad, June 13: As India grapples with the devastating Air India plane crash in Ahmedabad, the Charotar region comprising Anand and Kheda districts has emerged as one of the most affected areas. A sense of disbelief hangs heavy in the villages and towns across the two districts, as reports confirm that at least 50 people from the region were on board the ill-fated London-bound flight.

The flight AI171, which crashed just minutes after takeoff from Ahmedabad airport, had 242 people on board. Of these, 33 were from Anand district, and 17 from Kheda, according to initial reports. Many families have been left shattered, with multiple members perishing in the tragedy.

Among those killed were students, homemakers, doctors, and people who were going to reunite with their loved ones in the UK. One such family is the Halani family from Anand, who had received visitor visas and were travelling to meet relatives. Tragically, all three members lost their lives.

The Anand District BJP released a list of 33 known passengers from villages like Borsad, Phangni, Chikhodara, Karamsad, Sojitra, Ramnagar, Khambholj, Umreth, Kasumbad, Gana, Tarapur, and Anand city. The list includes 15 women and at least one medical doctor. Crowds of grieving relatives rushed to Ahmedabad Civil Hospital, where government teams are carrying out DNA identification and helping families through the nightmare.

In Kheda district, the toll remains uncertain. However, it is confirmed that Prashant Patel, former president of Kathlal Municipality, who recently joined the BJP, was also among the passengers. People from Nadiad, Mehmadabad, Thasra, and Kathlal were also headed to London.

There are stories that pierce the heart.

Nikhil Patel, a bright student from Fogani village in Petlad, was travelling to the UK for higher studies on a student visa. It was his first international trip — one filled with dreams and hope. His life ended before it could begin anew.

Parth Sharma (22), from Tarapur in Anand, had also just secured his student visa to London.

After being dropped off at the airport by family and friends, the same group had only just reached Kheda when they heard the crushing news of the crash. They turned around, now engulfed in shock.

Manjula Patel, a mother from Borsad, had spent ten years trying to get a visa to visit her son and grandchildren in the UK. After 20 visa rejections, her wish was finally granted.

But fate was cruel — this long-awaited reunion never happened. Her family says she boarded the flight full of joy. She never made it.

Dirgh Prafulbhai Patel, the younger son of a family from Vadali in Kapadvanj, had come home on a visit barely 25 days ago. A London resident, Dirgh was returning abroad when the crash took his life. His father, an ITI employee, is inconsolable.

Continue Reading

National

Air India plane crash: 14-year-old boy among victims as fire engulfs tea stall near crash site

Published

on

New Delhi, June 13: The tragedy of the Air India Flight AI-171 crash continues to unfold in sorrowful stories emerging from across India. Apart from the 241 people aboard the ill-fated aircraft who perished in the crash, many innocent people on the ground were feared killed as the Boeing plane crashed into a residential building and burst into a ball of flames. Among those killed on the ground was 14-year-old Akash, who became a victim of the crash’s fiery aftermath.

Akash was sitting near a tea stall next to the BJ Medical College, close to the crash site, when part of the aircraft struck the area. His mother, who ran a shop below the hospital, witnessed the horrific scene.

“He was sitting there near the shop when a part of the plane landed, hitting his head, and then fire engulfed him,” said his aunt. “His mother tried to save him, but the flames spread so quickly. She was almost caught in the fire herself.”

Locals say the crash site turned into a scene of chaos and terror as debris and fire scattered through the area, killing not only those on board but also innocent people on the ground like Akash.

Another family devastated by the tragedy is that of Neeraj Lavania and Aparna Lavania, a couple from Akola village near Agra, Uttar Pradesh. Both were on board Flight AI-171 and lost their lives.

The Lavania family’s ancestral home in Akola is now engulfed in mourning. Mahendra Kumar Sharma, a cousin, said: “They were the sons of my uncle. The entire area is in deep shock. Everyone is devastated.”

Their nephew, Shubham Lavania, shared the emotional toll the news has taken: “We learnt about the crash through the news. There’s nothing but grief in the family. We’re still hoping somehow it’s not true, that maybe they’re injured and getting treatment. We got the news as soon as the flight crashed.”

The Air India Boeing 787-8 Dreamliner, bound for London-Gatwick, crashed shortly after takeoff from Ahmedabad airport on June 12, killing 241 of the 242 people on board. One passenger survived.

Rescue and identification operations are still underway at BJ Medical College, where DNA sampling continues to help identify charred remains.

Continue Reading

Trending