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New IRDAI head can study existing reports, plug gaps

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Even as strong views are being voiced on the need to review and recast of the two decade old Insurance Regulatory and Development Authority of India (IRDAI) by industry experts, some experts hold contrary opinions.

“There are reports submitted by various agencies. If these reports are studied and a number of gaps noted and noticed periodically are addressed, I think there may not be a need to have another review,” a former Member of IRDAI told IANS preferring anonymity.

“When a new Chairperson joins IRDAI the above can be the agenda to carry out the mandate envisaged in the preamble of the IRDAI Act,” he added.

According to him, the Standing Committee of Finance and the Parliamentary Committee on subordinate legislation reviews the Regulations and working of Regulators periodically.

“Financial Sector Assessment Programme (FSAP) of the International Monetary Fund (IMF) and World Bank reviews the regulators including IRDAI periodically to see whether the International Association of Insurance Supervisors (IAIS), Insurance Core Principles (ICP) are adhered to,” the expert added.

Financial Action Taken Force (FATF) – the global money laundering and terrorist financing watchdog — also reviews the insurance regulatory bodies from the money laundering angle periodically, he added.

“On the twin aim of IRDAI Act ‘to protect policyholders interests and promote orderly growth of the industry’ IRDAI seems to have done a reasonably good job in the 20 years of its existence,” K.K. Srinivasan, former Member, IRDAI had told IANS.

According to him, a Government review of IRDAI be taken up after reviewing the older financial services regulators like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).

“It is time to do a review of IRDAI. It is more than two decades since IRDAI came into existence. As a matter of fact, every regulatory organisation should be reviewed at regular intervals,” N. Rangachary, the first Chairman of IRDAI told IANS.

It was Rangachary who had paved the regulatory path for the sector as the first head of IRDAI.

“There should be a review committee to go into all regulatory aspects. It is time to see whether the original goal of forming the regulatory body has been fulfilled and if not, the action to be taken,” Rangachary suggested.

Echoing similar views was R. Ramakrishnan, Member of the Malhotra Committee on Insurance Reforms.

“It is high time the IRDAI is completely reviewed. This should have been done at the end of the first five years. Better late than never,” Ramakrishan told IANS.

“But the internal organisation of IRDAI needs to be professionalised and strengthened. There is an undeniable perception that compared to its rather small size, there is excessive trade unionism within the Body,” Srinivasan had said.

“This is perhaps attributable to a large extent to the inevitable and somewhat not desirable back-door recruitment of employees in the initial years of its formation. However, this may get corrected in due course when retirements take place,” he added.

One of the areas that needs to be strengthened is the IRDAI’s adjudicatory mechanism.

“With the advent of adjudicatory mechanism that should precede penal action in certain cases, it cannot be said that the adjudication officers have to be continuously well trained and equipped with at least rudimentary legal nuances so as to lend credibility to their performance in quasi-judicial capacity, and recommending penalty with justice and good conscience,” D. Varadarajan, a Supreme Court lawyer specialising in Insurance and Corporate Laws and a Member on KPN Committee on Insurance Laws Reforms.

“In this context, it is also pointed out that unlike the SEBI Act, there is no provision in the IRDA Act, to credit all sums received as penalties to the Consolidated Fund of India. Hence, the penalties imposed have to be just and reasonable, and not excessive, leading to unjust enrichment of the coffers of the Authority,” Varadarajan added.

Crime

Man arrested for raping, murdering 80-year-old woman in Karnataka

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Kolar, June 4: A man has been arrested on charges of raping and murdering an 80-year-old woman in Srinivasapura town of Karnataka’s Kolar district.

The police have apprehended the accused, who has since been remanded to judicial custody.

The accused has been identified as 37-year-old Baba Jaan, a resident of Gaffar Khan Mohalla in Srinivasapura.

According to the police, the victim’s body was discovered on Monday evening at a garage near an open field on Mulbagal Road in Srinivasapura town.

Preliminary investigations revealed that the victim had been raped and murdered.

The victim had left home two days ago, informing her family that she would visit the church at Srinivasapura.

The woman stayed in Srinivasapura for two days, and on Monday evening, when the woman was waiting for a bus to return home, the accused targeted her.

The accused spoke to her to ensure she was alone.

He then allegedly lifted and carried her to an isolated place, where he brutally raped her before strangling her to death.

The accused also robbed Rs 15,000 from her bag.

During their investigation, the police obtained CCTV footage from a nearby shop, which captured the accused lifting the victim and hurriedly carrying her away.

While the police were gathering information, the accused returned to the crime scene to observe the unfolding events. Alert police personnel identified and apprehended him.

The accused later confessed to committing the crime to rob the victim’s money and jewellery.

The victim’s family has urged the police to “kill” the accused due to the heinous nature of the crime.

More details regarding the incident are yet to emerge.

On August 21, 2024, the Chintamani police had arrested a 28-year-old labourer for sexually assaulting a 65-year-old woman on the hospital premises in the wee hours.

Based on a complaint by the staffers at the Chintamani government hospital, the police launched a hunt and nabbed the accused.

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‘Attack on the roots of democracy’, SC on 2021 Bengal post-poll violence

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New Delhi, June 4: The Supreme Court has termed the 2021 post-poll violence in West Bengal against BJP party workers as a dastardly offence which was “nothing short of a grave attack on the roots of democracy”.

The observation came from a bench of Justices Vikram Nath and Sandeep Mehta as it dealt with a plea filed by the Central Bureau of Investigation (CBI) challenging the grant of bail to several accused in the post-poll violence cases.

The CBI contended that the Calcutta High Court granted bail to the respondents-accused on totally extraneous considerations, and after their release on bail, there was no possibility of a fair trial being conducted.

Ordering cancellation of bail, the Supreme Court said that the allegations against the accused were so grave that the same shook the conscience of the court. “The concerted attack on the complainant’s house was launched on the day of the election results with the sole objective of wreaking vengeance because he had supported the saffron party. This is a grave circumstance which convinces us that the accused persons were trying to terrorise the members of the opposite political party whom the accused respondents were supporting,” said the top court.

It took note of the fact that the trial has not budged an inch to date, though a charge sheet was filed way back in 2022, and this delay was mostly attributable to non-cooperation by the accused persons.

Saying that there was no possibility of a fair and impartial trial being conducted if the accused were allowed to remain on bail, the Supreme Court set aside the bail order passed by the Calcutta High Court.

“The accused respondents shall surrender before the trial Court within two weeks from today, failing which, the trial Court shall adopt coercive measures to secure their presence. Upon surrendering/being arrested, the accused respondents shall be remanded to custody,” ordered the top court.

Further, it asked the trial court to expedite the proceedings and conclude the trial within a period of six months.

The Supreme Court asked the Home Secretary and the Director General of Police of West Bengal to ensure that proper protection was provided to the complainant and all other material witnesses so that they can freely appear and depose at the trial without any fear or apprehension.

It granted liberty to the CBI or the complainant to directly report to the top court any violation of the above direction.

Following the post-poll violence, an FIR was registered against the respondents-accused in December 2021 for the offences punishable under Sections 143, 144, 147, 148, 149, 427, 326, 376 read with 511 and 34 of IPC (Indian Penal Code), 1860.

The complainant, a follower of the Hindu religion, claimed that the majority of the residents in his village belong to the other community and are the supporters of the ruling Trinamool Congress. As per the complainant, a few villagers started campaigning for the Bharatiya Janata Party (BJP) prior to the Assembly election, which drew the wrath of Trinamool supporters, and allegedly, a bomb was thrown at his tea stall.

On the date on which the election results were announced, a gang of 40-50 miscreants gathered together and started throwing bombs towards the house of the complainant.

The complainant’s house was totally vandalised and looted by the accused persons. The wife of the complainant was grabbed by the hair, her clothes were snatched away, and she was forcibly undressed. To save herself, the complainant’s wife poured kerosene oil on her person and threatened that she would set fire to herself on which the miscreants left the spot.

When the complainant and his family approached Sadaipur Police Station the next day, the officer-in-charge did not accept the complaint and advised them to leave the village.

After several writ petitions were filed before the Calcutta High Court containing allegations of non-registration of FIRs in post-poll violence cases, a CBI probe was ordered into all the cases where the allegations involved murder and crimes against women.

The CBI filed its charge-sheet against a number of assailants, including the respondents-accused, for the offences punishable under Sections 34, 148, 149, 326, 354, 511, read with 376D and 450 of IPC.

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National

After plastic found in dead elephant’s belly, TN forest division flags open waste dumping

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Chennai, June 4: After the death of a female wild elephant that ingested plastic waste, the Coimbatore Forest Division in Tamil Nadu has issued a stern appeal to local bodies to immediately stop dumping garbage along forest fringes.

The elephant, which was found dead near the Maruthamalai foothills recently, had reportedly consumed plastic bags and leftover food from an open dump yard.

Forest officials and wildlife activists have since blamed poor waste management practices by nearby civic bodies for drawing wild animals to human settlements, thereby intensifying human-wildlife conflict in the region. “Open dumping is hazardous to animal health and increases the chances of dangerous human-animal interactions,” said a forest department official.

Letters have been sent to the Block Development Officers (BDOs) of Periyanacikenpalayam and Thondamuthur, urging immediate action to halt garbage disposal along forest boundaries and clear existing waste to safeguard wildlife.

Officials warned that once wild elephants locate dump yards as food sources, they are likely to return repeatedly.

“Leftover food waste, especially with high salt content, poses serious health risks to elephants,” the official added.

While the forest department has called for urgent corrective measures from civic agencies, farmers in the region have voiced frustration over the department’s inability to prevent wild elephants from straying into agricultural lands, even those situated far from forest areas.

In response, forest authorities have intensified patrols in vulnerable zones. “We have deployed night staff to monitor and deter elephant movement near the old dump yard in Maruthamalai,” said a range officer.

Additional surveillance is being carried out in areas, including Pannimadai, Veerapandi, Varapalayam, and Thadagam, to prevent elephants from foraging in human settlements.

The department is also working alongside NGOs, volunteers, and staff from the Hindu Religious and Charitable Endowments (HRCE) Department to launch awareness drives.

A major anti-dumping campaign is scheduled for June 5 to coincide with World Environment Day. Forest officials emphasised the need for a coordinated effort between civic bodies, residents, and wildlife authorities to prevent further loss of wildlife due to negligence and promote safer coexistence between humans and animals.

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