RBI:
RBI has laid down the Modalities for implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) as Government of India, Ministry of Finance intends to roll out the Schemes from June 1st, 2015. PMJJBY Scheme offers life insurance worth Rs 2 lakhs at Rs 330 per annum while PMSBY Scheme offers accident insurance worth Rs 2 lakhs at Rs 12 per annum. The schemes will be implemented by banks in accordance with the preliminary rules and terms finalised by the Government. Further, these schemes have to be implemented in a system driven IT mode and banks are required to make necessary changes in their CBS package. The acknowledgement slip may be made into an acknowledgement slip cum certificate of insurance.
IRDA:
IRDA has notified the IRDAI (TRANSFER OF EQUITY SHARES OF INSURANCE COMPANIES) REGULATIONS, 2015 which shall come into force from the date of notification. Previous approval of the IRDA will now be required for transfer of shares of an Insurance Company where post transfer, holding of the transferee is likely to exceeds 5% of the paid up capital or where nominal value of share exceeds 1% of the paid up capital of the Insurance Company. The application shall be accompanied by the requisite documents and the complete details of the transferee, its financial strength, source of fund and such other information as may be desired by the Authority.
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