Current Affairs - April, 2019

Latest Current Affairs April, 2019 with Current Affairs, news summary on current events of National and International importance of April, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Suresh Mathur Committee to review MicroInsurance Framework

The Insurance Regulatory and Development Authority of India (IRDAI) set up Suresh Mathur Committee to review regulatory framework on micro insurance, and to recommend measures to increase demand for such products. It was formed because of less than desired offtake of micro insurance products despite of their inherent benefits in the country. India was seen to be an exciting market and a pioneer in micro insurance sector in world, but its market penetration remains low.

Suresh Mathur Committee

  • Composition: It is a 13-member panel chaired by IRDAI’s Executive Director Suresh Mathur, and comprises of representatives from IRDAI, life, general and health insurance companies in public and private sectors and NGOs.
  • Its task is to suggest product designs with customer-friendly underwriting, such as easy premium payment methods and simple claims settlement procedures.
  • It will suggest about if there is any change in distribution structure, including mobile-based and technology driven solutions and on creating effective awareness programmes.
  • Their recommendations are to submitted within three month time frame.

Microinsurance

  • IRDAI created a special category of insurance policies called micro-insurance policies (a General or Life Insurance policy with a sum assured of Rs 50,000 or less) to promote insurance coverage among economically vulnerable sections of society. The micro-insurance is defined and enabled by IRDAI Micro-insurance Regulations, 2005.
  • General Micro-Insurance product is a Health insurance contract that covers belongings like Hut, Livestock, tools or instruments or any personal accident contract and is either on an individual or group basis.
  • Life Micro-Insurance product is a term insurance contract with or without return of premium, any endowment insurance contract or health insurance contract. It with or without an accident benefits rider and is either on an individual or group basis. There is flexibility in regulations for insurers.
  • Micro- Insurance Business is done by intermediaries such as Non-Government Organisations (NGOs) and Self-Help Groups (SHGs).
  • Micro insurance Benefits- They are specifically intended for protection of low-income people, with affordable insurance products, and micro insurance promises to support sustainable livelihoods of poor.

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UK to fund Anti-Slavery Projects

Britain pledged £4 million to support global anti-slavery projects, from sexually exploited girls in Ethiopia to migrant workers in Malaysia and Mauritius. It also committed about 200 million pounds in aid funding to combat modern-day slavery overseas, and given millions of pounds to nations from Albania to Vietnam.

Six organisations, including Anti-Slavery International ( a UK based international NGO, registered charity and a lobby group) and United Nations University ( a research institution) will share the aid money from The Modern Slavery Innovation Fund.

Modern Slavery Innovation Fund

  • It was announced in 2016 and earlier gave £6 million to schemes such as awareness-raising campaigns in Nigeria, Philippines and Vietnam.
  • It will be used to run modern slavery workshops in South Africa, increasing support for survivors in India, and developing online data hub to boost anti-slavery policies.
  • The projects funded will help protect few most vulnerable people on planet and encourage more innovative approaches for victim identification and pursuing the exploiters.

Recently Funded

The Ethical Trading Initiative (ETI), a coalition of trade unions, firms and charities promoting worker’s rights received the latest funding. It will help towards informing migrant workers in Malaysia about their rights and remediation, help improve conditions of migrant workers those working with global businesses in their supply chains worldwide and provide remedy for workers who have suffered abuse.

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