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Tile maker faces $1.2M in penalties after serious worker injuries

A vinyl tile manufacturer in Fostoria, Ohio, is facing $1.2 million in proposed penalties after a seventh worker in five years suffered severe injuries when caught in a machine the employer failed to lock out, the U.S. Occupational Safety and Health Administration announced Thursday. An April 2022 incident at the NOX US LLC plant is the latest …

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Four cos set to go public next week; seek to raise over Rs 4,500 cr via IPO

The primary market is heading for a busy time, with four firms, including Global Health Ltd, which operates hospitals under the Medanta brand, and micro finance lender Fusion Micro Finance Ltd, lining up their IPOs next week. The other two companies whose IPOs are ready to open are DCX Systems, a manufacturer …

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RBI governor Shaktikanta Das cautions on backdoor entry in financial space

The use of technology has made financial entities more efficient, but it has also led to backdoor entry of unregulated players into the financial space that often do not abide by norms, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday. “This leads to several concerns including mis-selling, breach of …

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Best of BS Opinion: The Truss fallacy, confident despite infighting & more

The disaster of former British Prime Minister Liz Truss’ “low taxes, high growth” framework proves that there is no clear relationship between income tax rates and economic growth. Wealthier economies tend to be relatively highly taxed because they pay for expansive welfare programmes. The successful Asian economies without comparable safety nets tend to have smaller …

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One-stop for insurance services ‘Bima Sugam’ a game changer: IRDAI Chairman

Insurance regulator is working on Bima Sugam, which will act as a game changer in the by providing a one-stop platform for multiple services including the sale of policy, renewal, and settlement of claims.

This tech-led portal will help in expanding insurance penetration in the country by ensuring a hassle-free experience for customers across the country.

Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry.

Unified Payments Interface (UPI) has revolutionised digital payment in the country as common people have started using it for making even small payments. The success of UPI in a short span of time has caught global attention and many countries are trying to replicate it. Launched in 2016, Payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year.

“Bima Sugam will be a one-stop shop for buying and selling insurance, for policy servicing, and also for claim settlement. Insurance companies can onboard the platform. It’s going to be plug and play with API (Application programming interface) interface,” Panda said.

He further said all the insurance intermediaries including individual agents, web aggregators will have access to this portal.

And as far as the policyholder is concerned, he said, he or she will be able to buy the product through assisted mode, or directly. “So maybe many people may prefer the assisted mode and can take the help of one of the intermediaries,” he added.

This platform will provide the policyholder and prospective customer various options for a product, company of their choice and method of payment.

“So it’s like a shopping mall. So you go and shop there. And as far as the KYC is concerned, the moment you enter the portal, type your Aadhaar number, the data will auto populate. The KYC will be done through your Aadhaar number which will be masked for security reasons,” he said.

Underwriting of policy would be done through a few easy steps and in a couple of minutes through the portal, he said.

To ensure easy liability servicing, he said, “we are trying to mandate that all the policies should go to insurance repositories who will store details on a permanent basis. It will help in settlement of claims in a paperless manner on the basis of policy number.”

The portal, he added, “will promote ease of living and expand the reach of insurance…this is going to be a game changer. It will be a huge facilitator and I think with this platform you will not need to go anywhere physically.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Twitter, Facebook, Other Social Media Companies Will Have To Abide By Local Laws: Minister

Business oi-PTI | Published: Sunday, October 30, 2022, 8:04 [IST] New Delhi, Oct 29 (PTI) The new amendments to IT rules impose a legal obligation on social media companies to take all out efforts to prevent barred content and misinformation, the government said on Saturday making it clear that platforms such as Twitter and Facebook …

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Cincinnati must defend insurance policyholder in construction-related suit

A Cincinnati Financial Corp. unit must defend its policyholder, a project subcontractor, in construction-related litigation, but it is premature to determine whether it must also indemnify it, a federal appeals court ruled Thursday, in affirming a lower court ruling. Los Angeles-based Tutor Perini Building Corp., the general contractor hired to build Hanover, Maryland-based Maryland Live! …

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LIC new pension plus plan: 10 things to know about the scheme

LIC new pension plus plan: Life Insurance Corporation of India (LIC)has introduced new pension plus plan. The plan can be purchased either as a single premium payment policy or regular premium payment. According to LIC, the plan is ‘suitable for young persons to make provisions for post-retirement life’, and can be purchased both offline (through …

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