Assurant Financial News

NovaTech and its married co-founders, saying they fraudulently raised over $650 million from more than 200,000 investors worldwide, including many Haitian-Americans. NovaTech and co-founders Cynthia and Eddy Petion allegedly promised investors their money would be safe, with Cynthia Petion assuring they would be «in profit from day one.» The SEC said the Petions instead used new money mainly to repay earlier investors and pay commissions to promoters, while siphoning millions of dollars for themselves. It said the scheme lasted for four years until NovaTech's May 2023 collapse.

SpiceJet on Monday managed to avert a shutdown of its flights from Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, resolving a tricky situation in the nick of time which could have affected several passengers. On Monday evening, CSMIA issued a passenger advisory stating that operations stating that effective midnight on 13 August 2024, SpiceJet flight operations from Mumbai International Airport are expected to be temporarily disrupted. “Mumbai International Airport is working with the airline to address the situation to minimise inconvenience to passengers,” the company said. However, within a few hours, the Adani-operated airport withdrew the advisory. In the meanwhile, the Ajay Singh-promoted SpiceJet issued a statement saying, «The passenger advisory issued by MIAL has been withdrawn. Our flight operations in and out of Mumbai are operating normally. SpiceJet and MIAL have worked collaboratively to swiftly resolve a minor financial matter.”

Indian Army troops on Monday displayed unwavering courage and dedication along the Line of Control in the remote regions of Sunderband Naushera in Rajouri district of Jammu and Kashmir. The visit highlighted the formidable challenges faced by soldiers stationed at the border, who steadfastly defend the nation with determination and selflessness, PRO and Spokesperson Ministry of Defence, Jammu stated.

Rajya Sabha seats. Meghalaya Chief Minister Conrad K Sangma confirmed that the party will field his wife, Mehtab Chandee for the upcoming Gambegre bypoll. These seats fell vacant following the election of Union minister Sarbananda Sonowal from Dibrugarh Lok Sabha seat in the recently held election. Rajya Sabha MP Kamakhya Tassa has relinquished his seat after he was elected from Kaziranga seat in the parliamentary polls. There will be by polls in five Assembly seats. BJP is likely to contest three seats and leave one each for its allies Asom Gana Parishad (AGP) and United People's Party Liberal (UPPL).

Himanta Biswa Sarma said that police prevented four Bangladeshi nationals from entering India illegally through Karimganj district. Sarma stated on X, “This morning at 1:30 AM, Bangladeshi citizens identified as Motiur Seikh, Mushiar Mullah, Tania Mullah, and Rita Mullah attempted to enter India through the Karimganj sector of the India-Bangladesh border. However, police effectively intervened at the zero point and promptly repelled them, preventing their unauthorized entry.” He told media persons these people were Rohingyas and it is not related to the ongoing crisis in Bangladesh.

Karnataka and Andhra Pradesh are on high alert for potential flooding after a crest gate of the 71-year-old dam across the Tungabhadra river failed Sunday afternoon. This incident has led to water gushing out of the dam, which is about 350km from Bengaluru, raising concerns for downstream districts in north Karnataka and Andhra Pradesh's Kurnool and Nandyal. The Tungabhadra dam, which was inaugurated in 1953, has a maximum storage capacity of 133TMCFT (thousand million cubic feet). As of Saturday, it held 100TMCFT of water, with the remaining 33TMCFT being silt. On Saturday evening, 22 of its 33 crest gates were opened, releasing nearly 1 lakh cusecs of water into the river. Engineers have raised concerns regarding the damaged gate, estimating that 60TMCFT of the stored water must be drained before they can proceed with replacing the damaged gate. The entire process, including constructing a new gate, could take four days or longer.

While Joshi started early, the vehicle he chose to reach his destination was not quite appropriate. He bought a traditional life insurance policy to save for his son’s education. For an annual premium of Rs.80,000, the policy covers him for Rs. 8 lakh and will start annual payouts when Swaraj turns 16. The returns work out to less than 6%. “Traditional insurance policies are not the best investment. They usually offer very low returns,” says Rohit Shah, Founder and CEO of GYR Financial Planners. Choosing the wrong investment is a common problem. It becomes even more acute while saving for critical long-term financial goals such as children’s education and weddings. Going for the wrong investment option could leave you with a shortfall in the target amount and jeopardise your planning. A study by financial planning firm, Finsafe India, shows that one out of three investors do not know where to invest. “This indicates a strong need for better financial education and investment guidance,” says Mrin Agarwal, Founder and CEO, Finsafe India.

Maui business owner Javier Cantellops discusses how the island needs tourists to return for businesses on ‘Cavuto: Coast to Coast. 

Wayanad on Sunday morning to find those who are still missing in the aftermath of the devastating calamity that hit the hill district on July 30. The search operations took a break on Friday afternoon as the area was handed over to the SPG in view of Prime Minister Narendra Modi's visit to the disaster-hit Mundakkai and Chooralmala regions on Saturday. Besides the police and fire force personnel, volunteers of various service and youth outfits, survivors of the landslides and kin of the victims also became part of the search operations. Hundreds of civil volunteers including women could be seen marching towards the mountain regions crossing the Bailey bridge, constructed by the Army recently, here in the morning.

Ryan Condal has assured fans that the forthcoming Season 3 will justify the lengthy wait. In a recent virtual press conference with IGN, Condal discussed the series finale and offered a glimpse into what to expect in the next season.

Narendra Modi on Saturday pledged complete support to Kerala in rehabilitating hundreds of people and their families displaced by the recent landslides and flash floods in Wayanad. The PM conducted an aerial survey of the landslide-hit regions and visited the affected families at relief camps and injured persons at the local hospital after arriving by helicopter from the Kannur international airport. Accompanied by Chief Minister Pinarayi Vijayan, Modi reviewed the damage at the worst affected areas of Punchiri Mattam, Mundakkai and Chooralmala. Meppadi, Mundakkai and Chooralmala suffered the worst catastrophe in landslides caused by continuous rains and swollen streams on July 30 morning.

Ayyappan, a survivor of the devastating landslides that swept through Mundakkai hamlet in Wayanad, is left with nothing-- no home, no family and no future. But a chance meeting with Prime Minister Narendra Modi at a relief camp on Saturday has rekindled a glimmer of hope for the elderly person, who lost nine relatives in the disaster and is now pinning his hopes on securing a new shelter. «Twelve of us from the camp met the PM. There were children too. There was a person who was translating everything. I just asked for a home. He assured all help,» Ayyappan told reporters. Modi, who visited the landslides-hit areas met with select inmates in the relief camps and doctors and enquired about the condition of the patients.

Nitin Gadkari has issued a stern warning to Punjab Chief Minister Bhagwant Mann, stating that the National Highways Authority of India (NHAI) may have to cancel or terminate eight major highway projects in Punjab if the law and order situation does not improve. These projects, valued at Rs 14,288 crore, are under threat due to ongoing security concerns and delays. Gadkari's ultimatum comes in response to recent incidents affecting the construction of the Delhi-Amritsar-Katra Expressway. Reports indicate that engineers and workers have been attacked in Jalandhar and there have been threats of arson and violence against the project camp and staff in Ludhiana. Gadkari emphasised that the cancellation of even one segment of these greenfield corridors could render the entire project ineffective. In his letter to CM Mann, Gadkari outlined serious safety concerns for NHAI officers, contractors, and their employees. He also noted issues with pending land acquisition, and included photos documenting the assaults.

government on Friday made it clear that it is not going to introduce any provision of creamy layer in the SC and ST reservation, days after the Supreme Court had said that states have the power to sub-classify SC/STs and observed that they can also identify the creamy layer, even from the SC/STs, excluding them from the benefits. The Cabinet held wide discussions on the SC's order, Union minister Ashwini Vaishnaw told reporters after the meeting today. Today, under the leadership of PM Narendra Modi, wide discussions were held on this issue, Vaishnaw said. "...the well-thought opinion of the Cabinet is that the NDA government is committed and dedicated towards the provisions of the Constitution prepared by Baba Saheb Ambedkar. And as per the Constitution, there is no provision of creamy layer in SC and ST reservation. Cabinet's well-thought through decision is that the SC and ST reservation should be according to Baba Saheb's Constitution," Vaishnaw said.

life and liberty which is one of the most sacrosanct rights guaranteed by the Constitution, the Supreme Court said on Friday. The apex court rejected the preliminary objection raised by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) that AAP leader Manish Sisodia cannot be permitted to file second set of special leave petitions to challenge the Delhi High Court's May 21 verdict which denied him bail in the excise policy cases. While granting bail to Sisodia in the corruption and money laundering cases linked to the alleged Delhi excise policy scam, the top court noted the counsel appearing for probe agencies had argued that he should be relegated to approach the trial court afresh for seeking relief. A bench of Justices B R Gavai and K V Viswanathan referred to the apex court's June 4 order which had disposed of Sisodia's plea challenging the high court verdict. The top court had then said that Sisodia can revive his bail petitions after the ED and CBI file their final prosecution complaint and charge sheet respectively.

S Jaishankar on Friday said the government is awaiting the release of 69 Indians recruited into the Russian army and that in many cases there are indications that the Indian nationals were misled. Speaking in the Lok Sabha, the minister also said the government has taken up seriously the issues of recruitment of Indian nationals into the Russian army and cyber crime trafficking of nationals to South East Asian countries. There are a total of 91 cases so far of Indian nationals being recruited in the Russian army. Out of them, eight have passed away, 14 have been discharged or sent back, and the release of 69 nationals is awaited, Jaishankar said during the Question Hour. «We take this issue very very seriously… I have myself raised it many times with the Russian foreign minister,» he said and added that Prime Minister Narendra Modi also took up the issue during his meeting with Russian President Vladimir Putin last month.

influx from Bangladesh into Assam due to ongoing disturbances, Assam Chief Minister Himanta Biswa Sarma assured that stringent security measures have prevented any unauthorized entry. Highlighting that the Indo-Bangladesh border is being vigilantly monitored, he confirmed that no individuals from Bangladesh have entered Assam without valid documentation. Sarma addressed the media in Guwahati, emphasizing, «Government of India has instructed the state government to completely secure the Indo-Bangladesh border so that no one can come inside the country. Accordingly, the Assam government is maintaining strict vigil in the border area and as of now no one has entered our country except those having valid visa and passport and genuine and bonafide citizens of this country.» He expressed confidence in the central government's efforts, stating, “However, I do hope the government of India will do everything possible and I am sure the Prime minister is doing everything possible to ensure the safety and security of Hindus, Sikha, Buddhist Jains and Christian people in Bangladesh.”

global equity markets saw a relief rally following the Bank of Japan's assurance that it will not increase interest rates when the markets are unstable. NSE's Nifty rose 304.95 points, or 1.27%, to close at 24,297, whereas BSE's Sensex rose 874.94 points, or 1.11%, to end at 79,468.

services tax authorities have sent notices to more than 20 general insurance companies with operations in special economic zones (SEZs), demanding about ₹2,000 crore in unpaid GST over services provided to employees of industrial units at SEZs and their families. HDFC Ergo General Insurance Co, Star Health & Allied Insurance, Cholamandalam MS General Insurance Co, New India Assurance Co and United India Insurance Co are among the companies that received show-cause notices (SCNs) over Integrated GST from the Directorate of GST Intelligence (DGGI), people in the know said. No tax is levied on exports and supplies to SEZs under Section 16 of the Integrated GST (IGST) Act.

Vinesh Phogat was disqualified on Wednesday from the Olympics after exceeding the weight limit ahead of her women’s 50kg final, leaving her without a medal just hours after nearing an unprecedented gold. Phogat had made history by becoming the first Indian woman wrestler to reach the gold medal bout on Tuesday night. Prior to this morning, she was assured of at least a silver medal but will now return empty-handed due to the disqualification. «She was found overweight by 100 grams this morning. The rules do not allow this and she has been disqualified,» said an Indian coach. The Indian Olympic Association later confirmed the news and requested privacy for the wrestler, who was competing in her third Olympics.

Farmers' Welfare and Rural Development, Shivraj Singh Chouhan, announced that under Pradhan Mantri Fasal Bima Yojana (PMFBY), a penalty of 12 per cent will be imposed on insurance companies if the claimed payment gets delayed, which will be directly deposited into the farmers' accounts. According to a press release by the Ministry of Agriculture and Farmers Welfare, he identified state government delays in releasing premium amounts as the primary cause of payment delays and urged prompt action. The central government will release its share immediately to prevent further delays, with payments being made directly to farmers' accounts from the Kharif season onward. Chouhan attributed the bulk of payment delays to issues such as delayed release of premium amounts by state governments and disputes between insurers and state authorities.