Briefly Business

Insurance regulator Irda on Thursday asked insurance companies to refrain from charging policyholders differential premium without prior approval of the watchdog.

Irda says,dont charge differential premium

New Delhi: Insurance regulator Irda on Thursday asked insurance companies to refrain from charging policyholders differential premium without prior approval of the watchdog. In the papers submitted to Irda before launching any product,insurers mention a range within which the premium rates would vary depending on unfavourable risk factors. 8220;It should be ensured that no premium quotation is given which is outside the range filed with Irda and a rate which the underwriter and Appointed Actuary did not approve,8221; the Insurance Regulatory and Development Authority Irda said ina circular issued to all general insurance companies.

Sensex falls for third day on high inflation

Mumbai: The BSE benchmark Sensex fell for the third consecutive day on Thursday,down over 116 points on sustained selling by investors on concerns that spike in food inflation would lead to higher interest rates,making borrowing costly for corporate as well as consumers. Opening on a positive note,the Bombay Stock Exchange index,Sensex,closed 116.36 points,or 0.57 per cent,down at 20,184.74 as stocks of interest rate related sectors like realty,auto and banking declined.

RBI proposes timelines for Basel II norms

Mumbai: The Reserve Bank today proposed timelines for banks to migrate to advanced risk norms under Basel II,which entails improved standards for banks worldwide to assess their risks. RBI has proposed that banks can apply to the central bank for migrating to these norms earliest by April 1,2012,while it may give approvals for that by March 31,2014. The Reserve Bank said banks are advised to undertake an internal assessment of their preparedness for migration to the advanced norms and decide whether to migrate to them.

ICWAI confers Icon of Year on CS Verma

New Delhi: SAIL chairman CS Verma was formally conferred the Icon of the Year award of the Institute of Cost and Works Accountants of India ICWAI in Chennai on the inaugural day of the 52nd National Convention of ICWAI on Thursday. Corporate Affairs Secretary R Bandyopadhyay,presented the award which is conferred to a professional who is a role model by achieving huge success in the business enterprises in their capacity as chairman and managing director.

Merck-Ranbaxy drug deal called off

New Delhi: US drug maker Merck amp; Co has terminated its nearly two-year-old alliance with Ranbaxy Laboratories to develop anti-infective medicines,which could have fetched the Indian firm 100 million over a period of five years. Both Ranbaxy and MSD Pharmaceuticals,Indian affiliate of US-based Merck amp; Co Inc confirmed the development,but refused to give the details or reasons for ending the pact. The agreement between Merck and Ranbaxy,was signed in May 2008,just a month before Ranbaxy8217;s former promoters sold their stake in it.