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News in Short

News in Short - 27-October-2020

IRDAI proposes changes to insurance advertisement regulations

Date: 27 October 2020 Tags: Basics of Economics
  • In a bid to protect consumers, regulator IRDAI has proposed to prohibit insurers from issuing advertisements that make claims which are beyond reasonable expectations of performance.
  • The unfair and misleading advertisements will include those which fail to clearly identify the product as insurance and describe benefits that do not match the policy provisions.
  • The objective of the proposed regulation is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest, and transparent practices while issuing advertisements, and avoid practices that tend to impair the confidence of the public.
  • Another objective of the proposed regulation is to ensure that the publicity material is relevant, fair, and in simple language, enabling informed decision making.

Thousands of seals found dead in Namibia

Date: 27 October 2020 Tags: Biodiversity
  • An estimated 7,000 Cape fur seals have been discovered dead at a breeding colony in central Namibia, scientists have said.
  • The cause of the mass die off is yet to be established but scientists suspect anything from pollutants or bacterial infection to malnutrition.
  • Some of the dead females found were “thin-looking, emaciated, with very little fat reserves. Scientists are collecting samples for testing.
  • In 1994 some 10,000 seals died and 15,000 foetuses were aborted in a mass die off that was linked to starvation suspected to have resulted from a shortage of fish as well as from a bacterial infection at another breeding colony.

Japan to be carbon neutral by 2050

Date: 27 October 2020 Tags: Climate Change
  • Japan’s prime minister, Yoshihide Suga, has declared that the country will become carbon neutral by 2050, signalling a new shift towards climate emergency by the world’s third-biggest economy.
  • Japan had come under pressure to strengthen its climate commitments after initially saying that it would achieve an 80% reduction in emissions by 2050 followed by carbon neutrality as soon as possible in the second half of the century.
  • The policy shift brings Japan into line with the European Union, which set itself a similar target last year, while China recently announced it would become carbon-free by 2060.
  • Doubts remain about Japan’s ability to achieve that goal given its heavy reliance on coal and other fossil fuels, and public opposition to increasing nuclear’s share of the energy mix.

UN treaty banning nuclear weapons to come into force

Date: 27 October 2020 Tags: International Organizations
  • The United Nations has announced that 50 countries have ratified a UN treaty to ban nuclear weapons triggering its entry into force in 90 days.
  • The treaty had 49 signatories, and UN officials said the 50th ratification from Honduras had been received.
  • The 50 countries that ratify this Treaty are showing true leadership in setting a new international norm that nuclear weapons are not just immoral but illegal.
  • The 50th ratification came on the 75th anniversary of the ratification of the UN Charter which officially established the United Nations and is celebrated as UN Day.

Hamilton overtakes Schumacher to win 92nd F1 title

Date: 27 October 2020 Tags: Sports
  • Six-times world champion Lewis Hamilton became the most successful Formula One driver of all time in terms of race wins with a dominant 92nd career victory at the Portuguese Grand Prix.
  • The Mercedes driver was placed ahead of team mate Valtteri Bottas. He had equalled Ferrari great Michael Schumacher's record 91 wins at the previous race at the Nuerburgring.
  • Dutch youngster Max Verstappen finished third for Red Bull at the Algarve circuit near Portimao that was hosting the country's first grand prix in 24 years.