An application will be submitted to IRDA for approval to Magma HDI General Insurance Co Ltd for setting up a general insurance company which will handle health insurance also.Magma Fincorp, a Kolkata-based non-banking financial company, is the Indian partner while Germany’s HDI-Gerling International Holding AG.will be the foreign partner.We welcome this.This company will be the second insurance company from Eastern India. The new company, Magma HDI General Insurance Co Ltd, will apply to the Insurance Regulatory and Development Authority for obtaining...
Friday, 31 July 2009
Magma Fincorp JV with HDI-Gerling Germany to enter general insurance including Health
Posted on 10:22 by Unknown
Saturday, 18 July 2009
Proposal to set up Health Insurance Council
Posted on 22:21 by Unknown
One of the proposal of IRDA panel, which evaluated the performance of third party administrators, is for setting up of Health Insurance Council. They feel that this is one of the most critical requirements in the industryIt is understood that Insurance Regulatory and Development Authority (Irda) is considering to accept this proposal and “Health Insurance Council" will be set up.The proposed council will also look to standardize procedures in the industry, and update and maintain standard documents and "standard masters". It could also help solve...
Proposal to set up Health Insurance Council
Posted on 22:21 by Unknown
One of the proposal of IRDA panel, which evaluated the performance of third party administrators, is for setting up of Health Insurance Council. They feel that this is one of the most critical requirements in the industryIt is understood that Insurance Regulatory and Development Authority (Irda) is considering to accept this proposal and “Health Insurance Council" will be set up.The proposed council will also look to standardize procedures in the industry, and update and maintain standard documents and "standard masters". It could also help solve...
Wednesday, 15 July 2009
Be careful Insurance companies have started canceling loss making group health policies
Posted on 22:27 by Unknown
Some buyers have been thinking they are smart and by creating excessive competition among Insurance co’s, and Insurance intermediaries they can bring down the insurance premium for Group health policy. As insurance companies have started looking at their portfolio carefully, we can say most of them have started canceling heavy loss making policies. We welcome this as we want healthy insurance companies as large assets of this country are also insured with them. According to one newspaper report cancellation of group Mediclaim policy midway has...
Tuesday, 14 July 2009
Is vertical integration a good thing in Indian Insurance Industry
Posted on 12:14 by Unknown
In management schools vertical integration is taught and there are positive and negative points in having the same.The greatest point is economies.At the same timeunder corporate governance, privacy and ethics aspects we are supposed to behave differently.TPA's are facing rough weather as covered in my various blogs in the past.As predicted by me the third-party administrator business in insurance is going through a churn, with conflict-of-interest issues hastening stake sales. Bangalore-based TTK Healthcare Services, a third party administrator...
Sunday, 12 July 2009
Should lodging of fraudulent insurance claims be made punishable ?
Posted on 09:44 by Unknown
Very intersting and thought provoking question has come before us and it is ;Should lodging of fraudulent insurance claims be made punishable ?I came across an interesting news item which has originated from U.K. and it may be an eye opener for many. This judgement also raises the question whether Insurance Company should take the case to such level where the client (even if he has lodged fraudulent insurance claim) is jailed.You will find the answer in the last 2 lines of the news item in which the statement of the insurance company is as follows;Andrew...
Friday, 10 July 2009
HEALTH INSURANCE premium to touch Rs 12000 crores during this year
Posted on 10:37 by Unknown
Yes it is going to be true that HEALTH INSURANCE premium will touch Rs 12000 crores during this year.Mr. Harish Rawat, Minister of state for labour and employment, informed Rajya Sabha that Rashtriya Swasthya Bima Yojana (RSBY) is being extended to all 600 lakhs BPL families in the country during the current financial year.Taking average family size of 5 members this means that by the end of March 2010 we will have 30 crores persons covered under this Yojna.Assuming premium size is Rs 750 per family this means premium collected by the insurance...
Monday, 6 July 2009
Rashtriya Swasthya Bima Yojana (RSBY) to grow(Budget)
Posted on 08:10 by Unknown
While presenting the budget in Lok Sabha ( Indian Parliament ) on July 6,2009 Mr. Pranab Mukherjee ,Finance Minister made the following statement"Rashtriya Swasthya Bima Yojana (RSBY) was operationalised last year. The initial response has been very good. More than 46 lakh BPL families in eighteen States and UTs have been issued biometric smart cards. This scheme empowers poor families by giving them freedom of choice for using health care services from an extensive list of hospitals including private hospitals. Government proposes to bring all...
Thursday, 2 July 2009
Third Party Administrator (TPA) Committee submits report to IRDA
Posted on 21:36 by Unknown
The committee headed by S. B. Mathur, Secretary-General of the Life Insurance Council, has recommended the formation of a common body comprising members from the TPA’s, life and non-life insurance companies and hospitals and representatives from consumer groups.This is a good suggestion as consumer representatives may get a say in claims settlement for Mediclaim policies .We are hopeful that IRDA will accept this recommendation made by the Third Party Administrator Committee.The proposed body is expected to simplify and speed up cashless claims...
Wednesday, 1 July 2009
HEALTH INSURERS PLAN DATABASE TO CHECK FRAUD CLAIMS
Posted on 10:51 by Unknown
HEALTH INSURERS PLAN DATABASE TO CHECK FRAUD CLAIMSIt is intersting to read in The Economic Times about Insurers Data Base to be set upAccording to this nes item health claim data of individuals/families will be compiled for being used by the Health Insurance companies.My viewpoint is that Health Insurance has been a bleeding portfolio for not because of individuals but because of group policies, which are being picked up by the Insurance Companies at low premiums for achieving the targets .These targets are set up for managers and branches at...
RTI TO RESCUE OF MEDICLAIM POLICYHOLDERS AWAITING REFUND
Posted on 10:24 by Unknown
The Times of India has carried an intersting news regarding RTI( Right To Information Act )being used by Anant M Nandu.The news item covered is :The Right To Information Act has come to the help of thousands of Mediclaim policy holders who have been struggling to get refunds for the excess premium they have paid.The Central Information Commission (CIC), in a landmark order, has directed New India Assurance Company Ltd to make public the details of the total number of policy holders who are still to get a refund for the excess premium charged. The...
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