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  • Insurance companies can maintain current accounts in appropriate number of banks: says IRDAI


    Insurance regulator IRDAI on Wednesday said insurers can maintain current accounts in an appropriate number of banks for premium collection and policy payments for the convenience of policyholders and ease of doing business.

    Insurance Regulatory and Development Authority of India (IRDAI) has issued the clarification in the backdrop of the RBI's circular on "Opening of Current Accounts by Banks - Need for Discipline".

    In the August 2020 circular, the RBI had instructed banks not to open current accounts for customers who have availed of credit facilities in the form of cash credit (CC) / overdraft (OD) from the banking system. On a review, the central bank in December last year permitted banks to open specific accounts that are stipulated under various statutes and instructions of other regulators/ regulatory departments, without any restrictions placed in terms of the August 2020 circular.

    "Based on the requests received by the Authority, to avoid hardships, if any, faced by the insurers in maintaining current accounts with banks, it is clarified that the respective insurers may maintain current accounts in an appropriate number of banks for the purpose of premium collection, management expenses, policy payments, investment operations, etc., for the convenience of the policyholders and for the ease of doing business," IRDAI said.

    Insurers maintain separate current accounts with banks at different operational levels (Branch offices, Controlling offices, Corporate office) for different purposes, including, premium collection, management expenses, policy payments, investment operations.

    Maintenance of current accounts at different operational levels for specific purposes helps the insurers in managing funds, reconciliation of transactions and servicing claims of policyholders efficiently, IRDAI said.

    The regulator also said the audit committee of the insurers shall review annually the need for having multiple current accounts and rationalisation, if any, as may be required.

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Flash News 02-Dec-2021
  •  ( 17:36) Tega Industries IPO subscribed 13.87 times  
  •  ( 17:19) Anand Rathi Wealth IPO subscribed 1.60 times  
  •  ( 15:57) Mahindra Finance disbursements rise 14% YoY in November  
  •  ( 15:40) BDL inks Rs 471-cr deal with Indian Army  
  •  ( 15:22) HFCL appoints two industry leaders for its subsidiaries in US & Netherlands  
  •  ( 15:01) Skipper bags orders worth Rs 300 crore  
  •  ( 13:39) Benchmarks trade near day's high; The Nifty index re-claims 17,300 mark  
  •  ( 12:37) Oil & gas stocks rise for second day  
  •  ( 12:35) Indices trade with decent gains  
  •  ( 11:06) Lupin arm, TTP PLC sign deal to develop soft-mist inhalation tech platform  
  •  ( 11:06) Lupin arm, TTP PLC sign deal to develop soft-mist inhalation technology platform  
  •  ( 10:44) RattanIndia Ent. backed- Revolt Motors opens dealership store in Kolkata  
  •  ( 10:28) Maruti Suzuki November 2021 total production down 3% Y-o-Y to 1.45 units  
  •  ( 10:23) Globus Spirits wins tender for supplying ethanol to OMCs  
  •  ( 09:49) NMDC November 2021 iron ore production up 0.60% Y-o-Y to 3.34 MT  
  •  ( 09:29) Eicher Motors records 19% YoY drop in November motorcycle sales  
  •  ( 09:28) Hero MotoCorp sales drop 41% YoY in November  
  •  ( 09:28) Benchmarks drift higher in early trade  
  •  ( 09:18) Coal India November 2021 offtake nos. up 10.8% Y-o-Y to 56.8 MT  
  •  ( 08:56) JMC Projects (India) secures two orders in India worth Rs 1,795 cr  
  •  ( 08:29) US stocks end lower as Omicron and inflation worry investors  
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02 December 2021 00:00
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