IRDAI proposes changes in registration norms for insurance marketing firms

IRDAI has also proposed expansion of the basket of products which can be solicited or procured by an IMF to include group insurance products for Micro Small and Medium Enterprises (MSMEs), crop insurance for non-loanee farmers and combi products

Regulator IRDAI Monday proposed to relax norms for registration of insurance marketing firms with an aim to improve penetration of insurance products in the country. Insurance marketing firms (IMFs) are registered by the Insurance Regulatory and Development Authority of India (IRDAI) to solicit or procure insurance products.

Earlier this year, the regulator had constituted a committee for review of IMF regulations.

 

Based on the recommendations of the panel, IRDAI has proposed several changes in the existing framework governing IMFs.

As part of the proposed changes, IRDAI is considering to reduce the net worth requirement to Rs 5 lakh for applicants opting for an aspirational district. The NITI Aayog has designated 117 districts in 28 states as aspirational districts.

The current capital requirement for registration as an insurance marketing firm is minimum Rs 10 lakh.

IRDAI has also proposed expansion of the basket of products which can be solicited or procured by an IMF to include group insurance products for Micro Small and Medium Enterprises (MSMEs), crop insurance for non-loanee farmers and combi products.

Simplification of process of resignation of insurance sales person and expansion of the scope of work of Principal Officer are some of the other key changes proposed in the current regulations.

IRDAI has sought comments from stakeholders on the proposed changes by December 15.

Source: Asia Insurance Post

Date: 3rd December 2018

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Microsoft offers ₹1.5 crore package in IIT placements

Software giant Microsoft is set to emerge as the top payer at the Indian Institutes of Technology (IITs) this placement season, for the third year in a row. The company is offering the highest annual package, pegged at about ₹1.5 crore for jobs in the US, according to placement teams at the top IITs.

It’s followed by cab aggregator Uber, which is also making ₹1 crore-plus offers for jobs in the US to those graduating in 2019. Placement cell members confirmed that Microsoft is offering as much as $214,600, including base salary, performance bonus, joining bonus and restricted stock units. Microsoft and Uber are so far the only companies offering packages upwards of ₹1 crore inclusive of base salary and all variables at the IITs, they said. Placements at the older IITs start from 1 December, while they start earlier at the newer ones.

“India is a source of strong engineering talent for Microsoft,” said Ira Gupta, head of human resources at Microsoft India. “This year we have already made 400-plus job offers to students at top engineering colleges in India and will continue to look for exceptional talent at the other IITs.” Microsoft seeks to hire from the best schools in India and around the world, she said.The company declined to provide pay details. “Microsoft’s compensation offers are confidential between the company and a candidate. Microsoft does not share details of any compensation offers,” a spokesperson said.

— Prachi Verma, Sreeradha D Basu

Source:- The Economic Times
Date:- 3rd December,2018-Monday