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Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

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2 years ago

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 The proposed amendment to the definition of health insurance business is not exhaustive and may lead to disputes at the time of claims, said four unions in the Life Insurance Corporation of India (LIC).

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers.

The four unions are: Federation of LIC of India Class I Officers’ Association, National Federation of Insurance Field Workers of India, All India Insurance Employees Association and All India LIC Employees Federation.

The Indian government has proposed drastic changes to the two insurance laws – Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999- and has called for stakeholders views the planned changes.

Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws.

The government also proposes to allow an insurer to distribute other financial products as specified by and subject to regulations and to services related or incidental to insurance business.

As per the proposed amendment to Section 2(6C) of the Insurance Act 1938 “health insurance business” means effecting contracts of insurance that provide sickness benefits or pay for medical and health expenses.

Quoting the existing definition in the Act, the four unions said the existing definition of health insurance business is explicit to include sickness, medical, surgical or hospital expense benefits.

However, the proposed amendment is not elaborative which may lead to dispute during a claim and the insurers may find scope to harass the customer. Therefore, the existing definition should not be replaced, the four unions said.

The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders.

Industry experts also told IANS that the policyholders funds should be ring fenced so that it is not touched by the players in the case of any liability that may arise due to selling other financial products.

The amendments to the laws are proposed in order to increase the penetration of insurance in the country, which continues to be low even after over two decades after opening up the sector.

The employee unions are also against the government’s plan to bring down the net owned funds to Rs.500 crore from the existing Rs 5,000 crore for a reinsurer.

Moreover, the minimum requirement of Rs 5,000 crore was enacted years back. Since then, huge inflation has taken place.

“Reduction in requirement by one tenth may result in insolvency which will put the customers in great sufferings. Therefore, we are of the opinion not to reduce the amount of net owned funds for new registration,” the unions said.

Referring to the proposed amendments to Section 27 of the Insurance Act, the unions said the proposed change does not define the liability, which may lead to misappropriation by the insurers.

Therefore, the liability must be defined in explicit terms.

On the proposed deletion of Section 27A of the Insurance Act the unions said: “This section deals with the provision of investments with a conservative view to safeguard the interests of the policy holders. Omission of this section may allow for irresponsible investments by the insurers causing huge harm to the customers.”

The unions are also against allowing multilevel marketing in the insurance sector.

Appointment of principal agent, chief agent and special agent to transact any insurance business will bring complexity in the system and will increase the probability of mis-selling as well as fraudulent acts, they said.

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Business

New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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2 weeks ago

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September 17, 2024

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

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2 weeks ago

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September 17, 2024

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

Published

3 weeks ago

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September 10, 2024

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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