FM asks IRDAI to act against insurers for denying cashless claims
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Last Updated: Apr 22, 2021, 10:15 PM IST
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Synopsis Reports are being received of some hospitals denying cashless insurance. Spoken to Chairman, IRDAI Shri SC Khuntia to act immediately. In March 20 #Covid included as a part of comprehensive health insurance. Cashless available at networked or even temporary hospitals, the minister said in a series of tweets.
Some hospitals denying cashless insurance; asked IRDAI Chairman to act immediately: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday asked IRDAI chairman S C Kunthia to act immediately to address the complaints of denial of cashless claims by insurance companies.
Introduction
For several years, stakeholders in the Indian insurance sector have wanted the foreign direct investment (FDI) limit for Indian insurers to be increased to 74% in parity with the FDI limit applicable to the private banking sector. On 1 February 2021, pursuant to the central budget speech for the financial year 2021-2022, the finance minister announced that the FDI cap for Indian insurers will be increased from 49% to 74%. In addition, it was announced that under the new framework:
foreign ownership and control would be allowed with safeguards;
the majority of directors on an insurer s board of directors and key management persons would be required to be resident Indians;
IRDA gives nod for Indian insurance companies to invest in fund of funds
The decision of IRDA is expected to boost the inflow of domestic capital into the Indian startup ecosystem.
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The inflow of domestic capital into the startup ecosystem in the country has got another boost as the
Insurance Regulatory Development Authority (IRDA) has allowed Indian insurance companies to invest in
fund of funds (FoF).
The new notification from IRDA has allowed insurance companies to make their investments in FoF, subject to the condition that these investments are not made into overseas companies.
This decision by IRDA comes close on the heels of the recent decision of the government to allow private retirement funds to park certain percentage of their capital in
How To Combat White Collar Crime and Financial Frauds
Ranganathan V
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We have seen an avalanche of corporate frauds since the outbreak of the IL&FS (Infrastructure Leasing & Financial Services) scandal in October 2018 and the aftermath is sitting as muck and filth (euphemistically termed non-performing assets, NPAs) in the books of banks and non-banking financial companies (NBFCs). The estimate is a mind-boggling sum and is far in excess of a full year’ revenue of the Central government.
Strangely, neither the Budget nor the Economic Survey that preceded it gave a full picture of this. The Reserve Bank of India (RBI)’s report on the financial sector did put out projections under different scenarios. None of the scenarios assumed provides any comfort on the figures.
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