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Insurance firm fined for no to mediclaim


Insurance Firm Fined by District Consumre Forum

LUCKNOW: The district consumer disputes redressal forum came to the rescue of a consumer who was denied his mediclaim by a city based insurance company on the grounds that the disease he suffered from was not within the policy conditions. However, the forum not only directed the company to pay to the man the amount claimed by him, but also to pay him Rs 5,000 for the mental agony that he had suffered.

The complainant had taken a joint mediclaim policy for himself and his wife from New India Insurance Company Limited in 1999, which he renewed in 2001. He later developed bladder outlet obstruction for which he was treated at AIIMS. The complainant spent close to Rs 19,000 on his treatment and surgery. But, when he claimed the amount from the insurance company, he was denied the money.


IndiaFirst Life forays into health insurance


IndiaFirst Life forays into health insurance

IndiaFirst Life Insurance today forayed into the health insurance segment by launching a new product and said it expects to garner about 10% of its total premium within next three years.

The company, a joint venture between public sector lenders Bank of Baroda and Andhra Bank along with UK-based investment firm Legal & General, also said it aims to sell at least 1 lakh health insurance policies within that period.

"As a line of business, health offers the best potential in the insurance sector. We have today launched out first plan-- IndiaFirst Money Back Health Insurance Plan -- and in the coming days, we will come out with more offers," IndiaFirst Life Insurance Managing Director and Chief Executive Officer P Nandagopal said.

The Money Back Plan would offer protection to customers for up to 10 years. The minimum premium payout of the customer would be Rs 10,000.


IRDA draws up ALM & stress testing norms


IRDA draws up ALM & stress testing norms

The Insurance Regulatory and Development Authority (IRDA) on Thursday laid down framework for asset liability management (ALM) and stress testing to guard investment activities of insurance companies against fall in the equity market and movement in the interest rate market.

"ALM is relevant to, and critical for, sound management of finances of insurers who invest to meet their future cash flow needs and capital requirements," Irda said in a circular. Insurance companies will have to confirm compliance to this requirement within 45 days.

To make sure that investment activities and asset positions are in line with their liability, risk profiles and their solvency positions insurers will have to put in place procedures for monitoring and managing their asset-liability positions.

IRDA has asked insurers to submit investment details in case of fall of 30% in equity values and 100 basis point fall in yield on fixed interest securities. Also, insurers will have to inform at the time of adverse deviation of 10% in mortality, morbidity, expenses, withdrawal, lapse rates and 25% increase or decrease in new business volumes. Insurers will have to keep in mind scenarios risk, based on these factors while investing.


Licensed porters, vendors under health insurance scheme


Indian Railways brings Licensed porters, vendors under health insurance scheme

Railways have brought its licensed porters, vendors and hawkers under the Rashtriya Swasthiya Bima Yojana Scheme, the Parliament was informed today.

"The scheme to extend the facility has been finalised in consultation with the Labour and Employment Ministry and instructions have been issued to zonal railways," Minister of State for Railways K H Muniyappa said in the Lok Sabha.

In a written reply, the minister said, the railway zones have been asked to implement the scheme through the state government nodal agencies.

As per the scheme, 75 per cent of the premium will be borne by the Railways and the balance 25 per cent to be contributed by the beneficiary.


Cashless insurance back in all private hospitals, except Apollo


Cashless insurance back in all private hospitals, except Apollo

Barring the Apollo group, cashless health cover services have been restored in all other corporate hospitals, after their managements agreed to the standard treatment rates negotiated by the public sector health insurance providers.

The rates fixed by New India Assurance, Oriental Insurance, United India Insurance and National Insurance after long discussions have been agreed to by the corporate chains, said G Srinivasan, chairman and managing director, United India Insurance. He did not specify the discount in rates offered by the hospitals to the insurance firms.

Speaking on the sidelines of an event here today at the Federation of Indian Chambers of Comerce and Industry, he said health policy holders can also get treatment from those (including Apollo) not in their (insurance firms’) preferred providers network (PPN), though the policy holder will have to then clear the bills upfront and later claim a reimbursement.

The PSU insurance firms had removed the names of hospital chains such as Fortis, Max and Apollo from their PPN list after a difference of opinion on rates. The insurance firms said they were losing money due to high claims and the big chains felt the rates sought by the former weren’t enough.

A deal was finally struck after the insurance companies brought the larger healthcare providers under a special category, A+, with a differential price tag, for their services. PSU insurance firms now classify healthcare providers as A, B, C, D and A+.


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