IRDAI Imposes Rs3 Lakh Penalty on Max Life Insurance and Rs5 Lakh on IFFCO Tokio General Insurance
Moneylife Digital Team
30 April 2021
The Insurance Regulatory and Development Authority of India (IRDAI) imposed a nominal penalty of Rs3 lakh on Max Life Insurance and Rs5 lakh on IFFCO Tokio General Insurance Co Ltd for violating corporate governance and disclosure rules and violations of provisions of its guidelines on Motor Insurance Service Provider (MISP), respectively.
According to IRDAI, the company did not disclose related party transactions with Analjit Singh group companies such as Max Skill First Ltd.
“Max Life did not disclose the details of payments made to the Max Skill First in the half-yearly outsourcing returns filed with the Authority for the financial years 2015-16 and 2016-17 in violation of Clause 11.2 of IRDA Outsourcing Guidelines, 2011,” the insurance regulator said.
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The UK Financial Conduct Authority (FCA) has published its findings on an extensive review into the factors which determine failure or success when implementing technology change in the financial services sector.
The review looked at how financial sector companies manage technology change, the impact of change failures, and the practices utilized within the sector to help reduce the impact of incidents resulting from change management.
The analysis found that change-related incidents are consistently one of the top causes of failure and operational disruption, with 17% of “material” incidents reported to the FCA in 2019 attributed to change failures.
As we noted in our
Outsourcing 2021 webinar last week, a lot has happened and changed in the last 12 months since January 2020. There have been significant and unprecedented changes in the way our companies do business, the way we engage and interact with colleagues, and the way we interact with external parties, including how our companies and each of us leverage technology to market, process transactions, and otherwise communicate.
Outsourcing solutions and relationships have evolved – or perhaps adapted – over the past year to scale to increases and decreases in demand, to respond to different work models (include remote working) and to facilitate and implement new technologies at a rapid pace. Outsourcing has shifted from a primarily cost savings mechanism to an important part of many companies’ multifaceted ecosystem, enabling diverse sources of supply and delivery locations, resiliency, scalability, speed to implementation, and innovation.