Latest News on Care Insurance
A CRPF officer’s relentless battle with an insurance company for his autistic son’s treatment was a difficult and trying experience. The officer’s fight was not just about securing coverage, but also about ensuring his child received the necessary care and support. Despite the challenges, the officer persevered, driven by his determination to provide the best possible life for his son. The outcome of this struggle ultimately led to a resolution, with the insurance company covering the costs of the child’s treatment, making hospitalization unnecessary.
In India, the decision to hospitalize a patient is increasingly being made by health insurance companies rather than doctors. This was the experience of Syam Krishna, a 34-year-old Assistant Commandant in the CRPF, whose four-and-a-half-year-old autistic son, Samarth, fell critically ill in a remote town in Meghalaya. Afterinitial consultations at the local district hospital, Samarth’s condition worsened, and his parents decided to take him to a hospital in Guwahati, a six-hour journey away.
At Apollo Excel Care Hospital, doctors found Samarth’s condition serious enough to warrant immediate admission, and he was treated for viral fever with dehydration. However, when Syam submitted a cashless claim to Care Health Insurance, the insurer rejected it, stating that hospitalization “was not required.” The company claimed that Samarth’s admission was only for evaluation, not treatment, and questioned the family’s claim history, insinuating possible misuse of the policy.
Syam felt cheated and stressed that he and his wife, Spoorthi, had followed the doctor’s medical advice and had no choice but to consult the local hospital first. He argued that the insurer’s decision was wrong and that they were being penalized for making genuine claims in the past. The family eventually approached the Insurance Ombudsman, who ruled in their favor, stating that the denial of the claim was “totally unwarranted and defies logic.” The insurer was ordered to pay the claim amount of Rs 42,907, along with 7.25% interest.
This case highlights a larger issue in India’s health insurance ecosystem, where policyholders often face procedural hurdles and emotional exhaustion despite following every required step. According to the IRDAI Annual Report for FY2023-24, health insurers rejected or disallowed claims worth over Rs 26,000 crore, an increase of around 19% from the previous year. The case also raises questions about the balance of power between insurers, hospitals, and policyholders, with industry observers noting that disputes between insurers and hospitals over the necessity or cost of treatment are common.
Syam’s experience reflects a pattern of claim denial, where insurers often cite inflated billing and non-essential admissions, while hospitals defend their decisions as clinical judgment. In the end, it is often the policyholder who bears the uncertainty and delay. Syam’s story is part of a larger series highlighting cases where individuals and families have faced undue health insurance claim rejections, and it serves as a warning to others to be aware of their rights and to fight for them when necessary.
A healthcare compromise appears to be nowhere in sight as the shutdown continues.
The government shutdown has reignited the debate over the future of the Affordable Care Act (ACA), also known as Obamacare. The tax credits for people who get health insurance through the ACA marketplaces are set to expire at the end of the year, and Democrats are refusing to vote to reopen the government until Republicans agree to extend the subsidies. Republicans, on the other hand, are insisting that Democrats vote to reopen the government before they will negotiate on the issue.
The ACA, passed in 2010, aimed to decrease the number of uninsured people in the country and make coverage more affordable. In 2021, Democrats expanded premium help during the pandemic, which led to a record 24 million people signing up for insurance coverage through the ACA. However, if the tax credits expire, annual out-of-pocket premiums are estimated to increase by 114%, or an average of $1,016, next year.
Democrats are pushing to extend the subsidies, with some suggesting a permanent extension, while others are open to a shorter period. Senate Democratic leader Chuck Schumer has repeatedly called for a “serious negotiation” on the issue. Republicans, on the other hand, are trying to scale back the ACA, with some wanting to scrap the expanded subsidies and overhaul the entire law. Others have proposed more modest changes, such as lowering income limits and stopping auto-enrollment.
Despite the public stalemate, lawmakers are feeling increased urgency to find a solution as the November 1 open enrollment date approaches. Some Republicans, such as Senator Josh Hawley, are open to extending the subsidies, and bipartisan groups of lawmakers have been discussing potential changes, including income limits and making the lowest-income people pay very low premiums instead of nothing.
A recent poll found that about 6 in 10 Americans are “extremely” or “very” concerned about their health costs going up in the next year, with worries extending across age groups and including people with and without health insurance. The poll highlights the importance of finding a solution to the issue, and lawmakers are under pressure to act before the subsidies expire.
As the shutdown continues, lawmakers are exploring potential compromises, including extending the enrollment dates for the ACA. Democratic Senator Jeanne Shaheen has been talking to lawmakers since the shutdown began, trying to find areas of compromise. With the clock ticking, it remains to be seen whether lawmakers can find a solution that satisfies both parties and avoids a significant increase in health care costs for millions of Americans.
Illinois residents are facing a significant increase in their Affordable Care Act (ACA) health insurance premiums, with a substantial 78% hike.
Illinois residents who purchase health insurance through the Affordable Care Act (ACA) marketplace are facing a significant increase in premiums for 2023. According to recent reports, premiums are expected to rise by an average of 78% across the state. This substantial hike is likely to affect over 300,000 Illinoisans who rely on the ACA marketplace for their health insurance coverage.
The main driver behind this increase is the expiration of temporary subsidies provided by the federal government during the COVID-19 pandemic. These subsidies, which were part of the American Rescue Plan Act, helped keep premiums low for many consumers. However, with their expiration, insurance companies are now raising their rates to account for the increased costs.
The 78% average premium hike is a statewide average, with some areas experiencing even higher increases. For example, residents in certain parts of the state may see their premiums rise by as much as 100% or more. This will undoubtedly put a significant strain on many households, particularly those with lower incomes who may struggle to afford the increased costs.
The Illinois Department of Insurance has approved the rate increases, which will take effect on January 1, 2023. The department notes that while the increases are substantial, they are still lower than what insurance companies had initially requested. Nevertheless, the hikes are likely to have a significant impact on the state’s healthcare landscape.
To mitigate the effects of the premium increases, the state is encouraging residents to explore their options and shop around for coverage during the open enrollment period, which begins on November 1. Additionally, some consumers may be eligible for financial assistance, such as subsidies or tax credits, to help offset the increased costs.
The premium hikes in Illinois are part of a broader national trend, with many states experiencing significant increases in ACA marketplace premiums. The increases highlight the ongoing challenges facing the US healthcare system, including rising healthcare costs and the need for affordable, accessible coverage. As the open enrollment period approaches, Illinois residents are urged to carefully review their options and seek assistance if needed to ensure they have adequate and affordable health insurance coverage in 2023.
Here is why health insurance rates are skyrocketing
Open enrollment for health care plans has begun, and individuals can expect to face significant increases in costs. According to Beth Umland, director of Employer Research for Health and Benefits at Mercer, the total cost of health benefits is projected to rise by 6.5% next year, the highest increase in 15 years. This means that employees can expect to see higher paycheck deductions as employers shift more health care costs to their staff. The same health care services and goods that were purchased last year will now cost more.
A survey by the non-partisan health policy research group KFF found that the use of weight loss drugs, such as GLP-1s, is driving up costs for some larger firms. Many employers reported that their spending was higher than expected, with GLP-1s making up a significant portion of their prescription drug spending. This increase in costs will likely be passed on to consumers.
Marketplace customers who purchase health insurance through the Affordable Care Act (ACA) may also see significant premium increases if the enhanced tax credits expire. For example, Michelle Mazur, a small business owner, is facing a potential premium increase of over 200%, from $650 to $1,900-$2,000 per month for the same plan. This would force her to make tough choices, such as re-entering the workforce or having her husband come out of retirement.
To navigate these increased costs, consumers are advised to carefully review their options during open enrollment. Umland suggests that people should spend more time selecting a health plan than they would picking out a television. By carefully considering all available options, individuals can make informed decisions about their health care coverage and potentially mitigate the impact of rising costs. It is essential for consumers to be proactive and take the time to understand their health care options to avoid sticker shock and make the best choices for their needs and budget.
Tata AIA Introduces ‘Shubh Family Protect’
Tata AIA Life Insurance Co. Ltd. has launched a new term plan called Tata AIA Shubh Family Protect, which offers a unique combination of an immediate lump-sum payout and a flexible monthly income for up to 30 years. This plan is designed to provide comprehensive financial protection for families in the event of a sudden loss of a loved one. The plan understands that a large lump-sum payout can be difficult to manage, especially during a time of emotional devastation, and instead offers a thoughtful solution that combines a lump-sum amount with a steady monthly income.
The lump-sum payout can be used to cover immediate expenses such as funeral costs, debts, and other urgent needs, while the monthly income provides a consistent financial cushion for the family to move forward with confidence. This approach ensures that the immediate financial needs are covered, and the family can focus on rebuilding their lives without worrying about running out of resources. The plan is particularly useful for families with dependents, such as elderly parents, spouses, and children, who may rely on the deceased for financial support.
The plan’s features include the ability to nominate multiple beneficiaries, ensuring that everyone who needs support is taken care of. This prevents confusion and disputes during an already difficult time and ensures that each dependent receives the support they need in a manner that suits their unique circumstances. The plan also offers 0% GST, making it more accessible and affordable for families.
Tata AIA Shubh Family Protect is designed to provide peace of mind, stability, and long-term security for families. It allows them to continue living their lives without the financial strain that can often accompany a sudden loss. The plan is a powerful tool for those who want to secure their family’s future without the burden of additional costs. By thinking through the needs of each family member, Tata AIA has redefined what it means to provide protection, ensuring that the life lived by the loved one is honored through long-term security for those left behind.
The plan’s benefits can be seen in various scenarios, such as elderly parents who can use the lump-sum payout to cover medical expenses and the monthly income to sustain their daily needs. A wife left behind can use the monthly income to continue managing the household and taking care of her children, while children can continue their education without interruption. Overall, Tata AIA Shubh Family Protect is a game-changing term plan that offers a unique and thoughtful solution for families seeking comprehensive financial protection.
Recent Updates
Star Health has introduced a complimentary healthcare initiative called Doc Kendra in Tiruppur.
Star Health and Allied Insurance Co. Ltd has introduced a community healthcare initiative called Doc Kendra in Tiruppur, Tamil Nadu. The primary objective of this initiative is to provide free primary healthcare services to the local community through its branches. Each Doc Kendra will be equipped with a doctor and a paramedic, and patients will also have access to general physicians and specialists via telemedicine. This will enable individuals to receive consultations and guidance from specialists remotely, enhancing the overall quality of care.
The Doc Kendra clinics will operate six days a week, from Monday to Saturday, making healthcare services more accessible and convenient for the community. The initiative aims to complement the existing healthcare infrastructure in the region and provide a reliable first point of contact for medical care. By doing so, Star Health seeks to guide individuals towards appropriate treatments and ensure they receive the right care.
According to Balaji Babu, Executive President of Star Health, the company aims to leverage its branch network to provide a trusted gateway to healthcare for the community. The Doc Kendra initiative is designed to offer accurate and timely healthcare services, addressing the medical needs of the local population. By providing free primary healthcare services, Star Health hopes to make a positive impact on the community and improve overall health outcomes.
The launch of Doc Kendra in Tiruppur is a significant step towards enhancing the healthcare infrastructure in the region. With its focus on accessibility, accuracy, and timeliness, the initiative has the potential to make a meaningful difference in the lives of individuals and families in the community. As the healthcare landscape continues to evolve, initiatives like Doc Kendra are essential in ensuring that quality healthcare services are within reach of everyone, regardless of their geographical location or socio-economic background.
Kotak Life celebrates the ‘viraasat’ of mothers
As Mother’s Day approaches, various brands are launching campaigns to celebrate the special bond between mothers and their children. Kotak Life, an insurance company, has released a heartwarming film that highlights the true essence of a mother’s legacy, or “viraasat”. The campaign aims to showcase the values, traditions, and wisdom that mothers pass down to their children, making them a significant part of their lives.
The film features a mother who is not only a caregiver but also a teacher, a friend, and a guide. It emphasizes the importance of a mother’s presence in shaping the lives of her children and the impact she has on their future. By using the concept of “viraasat”, Kotak Life is encouraging people to appreciate the sacrifices and contributions made by mothers in their lives.
Another brand, Vinod Cookware, has also launched a campaign that breaks away from traditional stereotypes associated with mothers. The campaign challenges the conventional notion that mothers are only confined to the kitchen and highlights their multi-faceted roles in modern society. The brand is promoting the idea that mothers are not just homemakers but also individuals with their own aspirations, interests, and passions.
Other brands, such as Mahindra Tractors, Morepen, Blue Tribe, and Wondrlab, are also celebrating the values associated with motherhood through their respective campaigns. These campaigns aim to promote a deeper understanding and appreciation of the role that mothers play in shaping the lives of their children and the community at large.
The campaigns are being promoted across various media platforms, including social media, television, and print. The idea is to reach out to a wider audience and encourage people to express their gratitude and love for their mothers. By celebrating the values associated with motherhood, these brands are not only promoting their products but also contributing to a larger social cause.
Overall, the campaigns launched by these brands are a tribute to the selfless love, care, and devotion that mothers provide to their children. By highlighting the importance of mothers in our lives, these brands are promoting a sense of respect, appreciation, and gratitude towards them. As Mother’s Day is celebrated across the country, these campaigns are a reminder of the significant role that mothers play in shaping our lives and the world around us.
Ketan Mankikar is revolutionizing the insurance industry with a focus on transforming it for the new generation. He understands the evolving needs and preferences of younger consumers and is working to make insurance more accessible, user-friendly, and tailored to their lifestyles. By leveraging technology and innovative approaches, Ketan aims to bridge the gap between traditional insurance models and the expectations of modern customers, ultimately creating a more inclusive and relevant insurance ecosystem for the next generation.
The Indian insurance industry has undergone significant changes over the past decade, driven by policy changes, digital platforms, and shifting consumer mindsets. Marketing has become more data-driven, customer-focused, and digitally integrated, enabling personalized and proactive engagement. The industry is leveraging data analytics to understand customer behavior, simplify complex policies, and make insurance more relatable and approachable. Social media, YouTube, and influencer platforms are playing a key role in humanizing insurance and making it more accessible.
At Zuno General Insurance, the company has rebranded from Edelweiss to reflect a fresh, approachable identity that resonates with millennial and Gen Z audiences. The company aims to make insurance easy, friendly, and transparent, with a focus on simplicity, clarity, and customer-centricity. Zuno has launched initiatives such as usage-based insurance, electric vehicle-specific products, and wellness benefits to cater to evolving consumer needs.
The consumer mindset around insurance is shifting from a grudge purchase to a value-driven necessity, with customers expecting personalized experiences and value-added services. Insurers are responding by offering services such as preventive care, personalized premiums, and rewards based on behavior and usage patterns. Sustainability is also becoming a key focus, with initiatives such as tree planting and discounts for electric vehicle owners.
The next decade is expected to be transformative for the general insurance industry, with changing consumer mindsets, technological advancements, and regulatory developments driving growth. The Insurance Regulatory and Development Authority of India’s (IRDAI) mission of “Insurance for All by 2047” aims to increase awareness, accessibility, and affordability, presenting insurers with an opportunity to innovate and expand their reach. The increase in the sectoral FDI cap is expected to attract global players, bringing in new expertise and innovation, while strategic partnerships with players in healthcare, automotive, and smart home technologies will drive integrated platforms and holistic protection solutions.
Overall, the insurance industry is evolving to meet the changing needs of consumers, with a focus on digitalization, customer-centricity, and sustainability. Insurers such as Zuno are leading the way, with innovative products and services that cater to the needs of modern consumers. As the industry continues to transform, it is expected to become more personalized, accessible, and affordable, with a focus on providing value-driven solutions to customers.
Two insurance firms resume cashless facility at Ahmedabad’s Ahmedabad Nursing Home Association (AHNA) hospitals.
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has reinstated the cashless facility for policyholders of Star Health Insurance and Care Health Insurance. This decision was made after both insurance companies committed to resolving outstanding issues related to claim settlements and service delays.
The suspension of cashless facilities for these insurance companies was initially announced on April 2, along with Tata AIG, due to unresolved issues. During the suspension, patients were advised to opt for reimbursement options, and hospitals were instructed to minimize inconvenience to patients. AHNA took this action as part of a broader movement against defaulting health insurance companies, aiming to protect the interests of healthcare providers.
However, following discussions with Star Health Insurance and Care Health Insurance, both companies expressed their commitment to resolving outstanding issues in a timely and constructive manner. In response to this positive development, AHNA decided to resume cashless facilities for policyholders of these two insurance companies.
This move is expected to provide relief to patients holding policies with Star Health Insurance and Care Health Insurance, who can now avail of cashless treatment at AHNA member hospitals without facing financial burdens. The resumption of cashless facilities is a significant step towards ensuring seamless healthcare services for policyholders.
The decision to suspend cashless facilities was a collective effort by AHNA to address the long-standing issues with health insurance companies. By taking a strong stance, AHNA aimed to prompt insurance companies to take responsibility for their obligations and work towards finding solutions. The successful resolution with Star Health Insurance and Care Health Insurance sets a precedent for other insurance companies to follow, promoting a more cooperative and efficient healthcare ecosystem.
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims.
According to the data, Navi General Insurance has the highest claim settlement ratio of 99.97% within 3 months in FY23-24, followed by Acko (99.91%), HDFC Ergo (99.16%), Reliance General (99.57%), and Universal Sompo (98.11%). However, while these insurers have a high claim settlement ratio, their incurred claims ratio, which refers to the proportion of premiums paid out as claims, varies. For instance, Navi General Insurance has an incurred claims ratio of 52.40%, while Acko has an incurred claims ratio of 69.57%.
On the other hand, New India Assurance and National Insurance, both public insurers, have lower claim settlement ratios of 92.70% and 91.18%, respectively. However, they have higher incurred claims ratios, with National Insurance reporting an incurred claims ratio of 95.9% and New India Assurance reporting an incurred claims ratio of 97.36%.
Among stand-alone health insurers, Star Health has the lowest claim settlement ratio of 82.31% within 3 months, while Aditya Birla Health Insurance has the highest claim settlement ratio of 92.97%. Care Health has the lowest incurred claims ratio of 57.69%, while Aditya Birla Health Insurance has an incurred claims ratio of 68.31%.
When choosing an insurance policy, it’s essential to consider not just the claim settlement ratio but also other factors such as customer service, policy exclusions, benefits, and solvency ratio. Experts recommend an incurred claims ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help narrow down a good insurance policy.
In conclusion, the claim settlement ratio is an essential metric to consider when choosing an insurance policy, but it’s not the only factor. Policyholders should also look at other benefits, customer service, and financial health of the insurer to make an informed decision.
AHNA Lifts Suspension on Care and Star Insurance
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has lifted its suspension on cashless facilities for policyholders of Care Health Insurance and Star Health Insurance. The decision comes after constructive dialogue between AHNA and the two insurance companies, which resulted in a commitment to resolve pending issues related to delayed claim settlements and service inefficiencies. AHNA had initially suspended cashless services for Care, Star Health, and Tata AIG Insurance on April 2, 2025, citing unresolved concerns.
According to AHNA president Dr. Bharat Gadhvi, the association held productive meetings with senior representatives of Care Health and Star Health Insurance, who demonstrated a genuine commitment to resolving the pending issues in a timely and constructive manner. As a result, AHNA has reinstated cashless facilities for Care and Star Health policyholders with immediate effect. All AHNA-affiliated hospitals and nursing homes have been instructed to resume cashless services for clients of these two insurance companies.
However, the suspension on Tata AIG Insurance remains in place, as the insurer and AHNA have yet to reach a resolution. AHNA had suspended cashless services for Tata AIG, along with Care and Star Health, due to unresolved concerns over delayed claim settlements and service inefficiencies. The association’s decision to lift the suspension for Care and Star Health Insurance is seen as a positive development, but the ongoing standoff with Tata AIG continues to be a concern.
AHNA’s actions are part of its broader “Movement Against Defaulting Health Insurance Companies,” which aims to safeguard the interests of healthcare providers and promote accountability among insurers. The association has been urging patients to opt for reimbursement during the suspension period, assuring that member hospitals would do their best to minimize inconvenience. With the reinstatement of cashless facilities for Care and Star Health policyholders, patients can now access medical services without having to pay out-of-pocket expenses. However, the situation with Tata AIG remains unresolved, and it is unclear when the suspension will be lifted.
The Health Insurance Law will be revised to offer complimentary medical services to all individuals.
The Vietnamese government is working towards providing free medical examination and treatment for all citizens. The healthcare sector has set a strategic plan for 2026-2030 and 2031-2035 to achieve this goal. The plan aims to ensure that every individual undergoes a regular health check-up at least once a year and eliminates hospital fees for all citizens. This goal was emphasized by Deputy Minister of Health Tran Van Thuan, who chairs the National Medical Council, at a recent workshop on improving patient rights in diagnosis and treatment.
Vietnam has made significant progress in healthcare, with 94% of the population participating in health insurance, which has reduced the medical cost burden for patients. However, there are still shortcomings in patient rights, including overburdened medical facilities, long wait times, and hidden costs. The list of covered drugs, supplies, and techniques under health insurance needs to be updated to keep pace with advancing medical technology.
The government’s goal is to move towards universal access to free healthcare services, with a focus on preventive care and early detection of serious diseases. To achieve this, the health sector is preparing to overhaul the Law on Health Insurance, with a strong focus on provisions related to medical examination and treatment. The ultimate aim is to ensure free access to medical services for all citizens.
Deputy Minister Tran Van Thuan emphasized that this is a long-term journey that requires consistent and deliberate progress. He noted that the healthcare system needs to transform from treating illness to protecting health, and from passive care to proactive prevention. The government’s goal is to advance the genuine rights of patients and build a healthcare system that truly serves the people.
The workshop on improving patient rights in diagnosis and treatment highlighted the need for coordinated implementation of key initiatives to achieve the government’s healthcare goals. The health sector is working to address the shortcomings in patient rights and ensure that every citizen receives quality healthcare services. With the strategic plan in place, Vietnam is taking significant steps towards achieving universal access to free healthcare services.
A majority of Californians support providing healthcare to undocumented immigrants.
A recent poll has found that a majority of Californians support extending Medicaid benefits to undocumented immigrants, despite an escalating federal crackdown on immigration. The poll, conducted by the California Community Foundation, found that 57% of respondents supported allowing all income-eligible residents, regardless of immigration status, access to Medi-Cal, the state’s Medicaid program. Another poll by the POLITICO-UC Berkeley Citron Center found similar results, with a slim majority of California voters supporting state-funded health coverage for undocumented residents.
The support for extending Medicaid benefits to undocumented immigrants is notable, given the increasingly dehumanizing rhetoric emanating from Washington. Advocates hope that the findings will shape how California navigates its budget shortfall and looming federal cuts to Medicaid. The state has gradually expanded coverage to undocumented residents since 2016, with notable health improvements among those populations.
The expansions have been successful, but also expensive, with 1.6 million immigrants without legal status now enrolled in Medi-Cal, costing the state $2.7 billion more than budgeted. However, agricultural communities that rely heavily on immigrant labor have benefited from the state’s efforts to expand access to Medi-Cal, with improved health outcomes and reduced economic instability.
Despite the success of the expansions, they may be at risk of being clawed back due to proposed federal cuts to Medicaid. The Republican-controlled U.S. House of Representatives has passed a budget resolution that calls for cutting up to $880 billion from Medicaid over the next 10 years, which could pressure states to alter their health care programs. Advocates argue that cutting benefits for undocumented immigrants would worsen health outcomes and result in higher health care costs across the board.
California is one of only five states that offers health insurance coverage for all income-eligible adults regardless of their immigration status, and advocates hope that it will maintain this distinction despite impending pressures. As Ana Lie Álvarez, a campaign organizer with Health Access California, said, “My hope is that we are able to preserve these health-for-all expansions because the need is not going to go away. It doesn’t matter if there’s a difficult budget or other things going on. It doesn’t change the fact that people need and deserve [health care].”
The issue is not just about health care, but also about the economy and the well-being of California’s communities. As Miguel Santana, president and CEO of the California Community Foundation, said, “There’s a disconnect between the dominant narrative and reality. Efforts to do mass deportations, to deny immigrants services, to marginalize them further, are out of step with how Californians think about these issues.” Californians understand the critical roles that immigrants play in the state’s communities and industries, and they are worried that limiting access to basic services like health care will impact everyone.
Care Health Insurance introduces customers to the future of Health Insurance: Launches Ultimate Care
Care Health Insurance, a leading health insurance provider, has introduced a new product called “Ultimate Care” that promises to revolutionize the health insurance landscape in India. This innovative product is designed to provide comprehensive and personalized health insurance coverage to customers, addressing their evolving needs and preferences.
With Ultimate Care, Care Health Insurance aims to offer a unique and futuristic approach to health insurance, leveraging cutting-edge technology and data analytics to provide seamless and hassle-free experiences for its customers. The product is loaded with features such as personalized health coaching, preventive care, and wellness programs, which enable policyholders to take proactive steps towards maintaining their health and wellbeing.
One of the key highlights of Ultimate Care is its flexibility and customization options. Policyholders can choose from a range of add-ons and riders to tailor their policy to their specific needs, ensuring that they receive comprehensive coverage without having to pay for features they don’t need. Additionally, the product offers a range of benefits, including coverage for modern treatments, mental health, and alternative therapies, which are not typically covered by traditional health insurance policies.
Another significant feature of Ultimate Care is its emphasis on preventive care. The product includes features such as health check-ups, fitness tracking, and nutrition counseling, which encourage policyholders to adopt healthy habits and prevent illnesses. This approach not only benefits the policyholder but also helps to reduce healthcare costs in the long run.
Care Health Insurance has also introduced a user-friendly mobile app that allows policyholders to manage their policy, track their health, and access a range of health and wellness resources on the go. The app also enables policyholders to connect with healthcare professionals and receive personalized advice and guidance.
The launch of Ultimate Care is a significant milestone for Care Health Insurance, as it marks a major shift in the company’s approach to health insurance. By introducing a product that is focused on prevention, personalization, and customer-centricity, Care Health Insurance is poised to disrupt the traditional health insurance market and set a new standard for the industry. With Ultimate Care, the company aims to empower its customers to take control of their health and wellbeing, and to provide them with the support and resources they need to live a healthy and fulfilling life.
IFFCO Tokio Introduces Comprehensive Home Insurance Policy for Homeowners and Tenants Alike.
IFFCO-Tokio, a leading general insurer, has launched a new home insurance product called “Comprehensive Home Protector”. This policy is designed to cover the risk of loss or damage to physical assets, interests, and liabilities of the insured and their family, leaving no insurance gap. The policy is guided by the Insurance Regulatory and Development Authority of India (IRDAI) and offers de-bundled fire coverage, allowing policyholders to choose “Basic Fire Cover” and opt for additional coverage for natural and human-made disasters.
The policy also covers personal money and important documents lost outside the insured’s home, and provides for the cost of reproducing lost or damaged documents and items. Additionally, it covers damages to contents when changing homes from one geographic location to another, including damages due to fire, lightning, and robbery.
Other standout features of the policy include coverage for loss of jewelry and valuable items, damages to fine arts, and breakdown of domestic appliances. The policy also provides loan payment protection in case of death or disablement, and personal liability insurance. Furthermore, it takes care of tenant’s liability towards home owners against damages to buildings and contents.
To celebrate the launch, IFFCO-Tokio is offering a 10% early bird discount on policy premiums to those who buy the policy directly from the company. According to Ms. Niharika Singh, Executive Director of Marketing at IFFCO-Tokio, the launch of Comprehensive Home Protector marks a significant milestone in the company’s journey. The policy is designed to provide peace of mind to policyholders by covering a wide range of risks associated with home ownership.
IFFCO-Tokio General Insurance Company Limited is a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine Group, one of the world’s largest insurance companies. The company offers a range of retail and corporate insurance products through its wide distribution network, including motor, health, travel, and personal accident insurance. With the launch of Comprehensive Home Protector, IFFCO-Tokio aims to provide comprehensive protection to home owners and tenants, and promote peace of mind among its policyholders.
Battle over health insurance for undocumented immigrants heats up at Minnesota Capitol
The debate over providing health insurance to undocumented immigrants has reignited at the Minnesota State Capitol. Democrats are pushing for a proposal that would allow undocumented immigrants to purchase health insurance through the state’s MNsure exchange program, which is the state’s health insurance marketplace. This would enable them to access affordable health care, including doctor visits, hospital stays, and prescriptions.
Proponents of the bill argue that everyone, regardless of their immigration status, deserves access to basic healthcare. They point out that denying healthcare to undocumented immigrants can have severe consequences, not only for the individuals but also for public health. If left untreated, diseases can spread, and delaying medical care can lead to more costly and complicated treatments.
On the other hand, Republicans have expressed concerns about the potential cost of the program and the lack of a clear funding mechanism. They argue that the state should prioritize the needs of its citizens and legal residents over those of undocumented immigrants. Additionally, some have raised questions about the fairness of using taxpayer dollars to fund healthcare for individuals who are not authorized to be in the country.
The proposal has sparked heated debates, with some arguing that it is a matter of basic human dignity and compassion, while others see it as a misuse of taxpayer funds. The measure has also sparked concerns about the potential impact on the state’s budget and the potential for increased demand on the healthcare system.
According to estimates, there are approximately 90,000 undocumented immigrants living in Minnesota, with many working in industries such as agriculture and construction. Supporters of the bill argue that providing health insurance to these individuals would not only improve their health outcomes but also benefit the state’s economy.
The proposal is part of a broader effort by Democrats to expand access to healthcare in Minnesota, including measures to reduce healthcare costs, increase funding for mental health services, and protect consumers from surprise medical bills. While the fate of the proposal is uncertain, it has sparked a critical conversation about the role of government in providing healthcare and the moral implications of denying care to vulnerable populations. Ultimately, the decision will depend on the ability of lawmakers to find common ground and balance competing priorities.
Care Health stops claim settlements at 12 Max hospitals in Delhi-NCR
Care Health Insurance has temporarily suspended cashless claim settlements at 12 Max hospitals in Delhi-NCR, effective February 17, 2025. This means that patients will no longer be able to receive cashless treatment at these hospitals, and instead will have to pay out of pocket and then seek reimbursement from the insurance company. The affected hospitals include eight super-specialty hospitals, two multi-specialty centers, a hospital in Gurugram, and a cancer care center in Lajpat Nagar, Delhi.
However, patients can still avail of reimbursement options, and Care Insurance policyholders can also receive cashless treatment at other Max hospitals nationwide. Additionally, patients undergoing long-term treatment for chronic ailments such as chemotherapy and dialysis can continue to receive cashless treatment at Max hospitals in Delhi/NCR.
Experts have expressed concern about the impact of this move on patients, particularly those in medical emergencies. Alay Razvi, Managing Partner at Accord Juris, noted that patients who expect cashless treatment may be forced to pay upfront and seek reimbursement later, which can be time-consuming and financially stressful. Biplab Lenin, Partner at Cyril Amarchand Mangaldas, highlighted the ongoing friction between insurers and healthcare providers over pricing and reimbursement models, and emphasized the need for greater transparency and a balanced approach that safeguards both financial viability and patient interests.
According to sources, Care Health Insurance is in continuous touch with Max hospitals and is negotiating the best possible price to resume services as early as possible. In the meantime, patients can raise a claim when admitted to the hospital, and a representative from the insurance company will verify the amount and transfer it to the patient’s bank account. While this may provide some relief, the temporary suspension of cashless claims is likely to cause significant inconvenience and financial strain on patients requiring immediate treatment.
Star Health Insurance has now expanded its home healthcare service to 100 locations.
Star Health and Allied Insurance Company Ltd, a leading standalone health insurer, has announced the expansion of its Home Health Care initiative to 100 locations across India. Launched in July 2023, this program provides cashless doorstep medical care services to 85% of the company’s customer base. The initiative aims to make healthcare more accessible and affordable, addressing concerns such as high hospitalization costs, logistical challenges, and the stress associated with seeking medical care.
According to Anand Roy, MD and CEO of Star Health, the company’s vision is to bridge the gap between healthcare and insurance, ensuring that customers receive quality medical care in the comfort of their own homes. The program has already shown promising results, with over 15,000 patients benefiting from the service, primarily for treatments related to viral fever and dengue.
The expansion of the Home Health Care program has been made possible through partnerships with reputable healthcare providers, including Care24, Portea, Athulya, and Apollo. Cities like Mumbai, Delhi, and Pune have been at the forefront of adopting these services, demonstrating a growing demand for convenient and accessible healthcare solutions.
By bringing medical care closer to customers, Star Health aims to provide comfort and peace of mind, while also transforming the way health insurance is delivered. The company’s focus on customer-centric care and commitment to innovation has enabled it to stay ahead of the curve in the health insurance industry. With its expanded Home Health Care initiative, Star Health is poised to make a significant impact on the healthcare landscape in India, providing accessible and affordable healthcare solutions to a wider audience.
Rising inflation drives up health insurance premiums, increasing the cost of standardised healthcare.
The increasing cost of healthcare services has led to a rise in health insurance premiums. Medical inflation, which refers to the steady increase in costs related to health and healthcare services over time, is a major contributor to this trend. The main causes of medical inflation include advancements in medical science and technology, growing demand for healthcare services, rising labor costs, chronic diseases, and pharmaceutical costs.
As a result of medical inflation, health insurance companies are forced to hike their premium costs to reduce their losses. This has made standardized care costlier and out of reach for many individuals. Senior citizens and people with pre-existing medical conditions are particularly affected, as they are more likely to need medical treatment and therefore face higher premiums.
However, there are ways to deal with medical inflation and rising health insurance premiums! Here are some strategies:
- Review your policy: Regularly review your policy to ensure you have the right coverage and adjust it according to your changing health conditions.
- Compare policies: Compare policies from different insurance providers to find the best coverage at an affordable cost.
- Opt for higher deductibles: Choose a higher deductible to lower your premium costs, but be prepared to pay more out-of-pocket in case of a claim.
- Top-up plans: Consider top-up plans, which offer additional coverage at a lower cost than base plans.
- Multi-year policy: Purchase a multi-year policy to lock in premium rates and avoid hikes due to age or inflation.
- Healthy lifestyle: Practice a healthy lifestyle to reduce the risk of health issues and hospitalization, which may lead to discounts on premiums.
- Tax benefits: Claim tax benefits on premium payments to reduce your taxable income.
In conclusion, while medical inflation has a significant impact on health insurance premiums, there are ways to manage the rising costs. By being proactive and taking these strategies into account, individuals can stay financially protected against rising medical costs while keeping their premiums affordable.
From Tycoon to Bankrupt: The Fall of Fortis and Religare Promoter Shivinder Mohan Singh
Shivinder Mohan Singh, the former co-owner of pharmaceutical giant Ranbaxy Laboratories, has filed for personal insolvency with the National Company Law Tribunal (NCLT) in an attempt to seek relief under the Insolvency and Bankruptcy Code (IBC). The move comes after a long-standing legal battle with Japanese firm Daiichi Sankyo, which accused the Singh brothers of concealing critical regulatory issues related to Ranbaxy’s dealings with the US FDA and Department of Justice.
The dispute began in 2008 when the Singh brothers sold their controlling stake in Ranbaxy to Daiichi Sankyo for $4.6 billion. However, in 2016, a Singapore-based arbitral tribunal found the brothers guilty of fraudulent misrepresentation and awarded ₹3,500 crore in damages to Daiichi Sankyo. The subsequent enforcement actions by Indian courts led to the attachment and liquidation of several personal and corporate assets owned by the Singh brothers.
Shivinder’s insolvency petition claims that his current liabilities far outweigh his remaining assets, which have been significantly diminished in value or seized during the protracted legal and recovery proceedings. He attributes his financial downfall to both the ongoing Daiichi dispute and alleged mismanagement within RHC Holding Pvt. Ltd., where he was a corporate guarantor.
The petition has been filed under Section 94 of the IBC, which allows individuals to initiate insolvency proceedings when they are unable to meet debt obligations. If the petition is admitted, a resolution professional will be appointed to propose a structured repayment plan, subject to creditor consensus and court approval. The case has been adjourned for further proceedings in May.
The development marks a significant downfall for Shivinder, who once co-founded Fortis Healthcare and Religare Enterprises, names that were once synonymous with India’s booming healthcare and financial markets. The case also highlights the complexities and consequences of high-stakes business deals and the importance of regulatory compliance. As the proceedings unfold, it remains to be seen how the NCLT will rule on Shivinder’s petition and what implications this may have for his creditors and the broader business community.
Religare Enterprises Limited’s subsidiary has announced a reshuffle in its board of directors, with one director stepping down.
Religare Enterprises, a subsidiary of the global private equity firm, KKR, has undergone a board reshuffle and removed one of its directors. The move comes as part of the company’s efforts to revamp its leadership and improve its overall performance.
According to reports, a senior director at Religare, who had been with the company for several years, has been relieved of his duties. The exact reasons for the director’s removal have not been disclosed, but sources suggest that it was a unanimous decision made by the company’s board of directors.
The shake-up at Religare comes as the company faces significant challenges in the healthcare and financial services sectors. Despite its efforts to revamp its business strategy and increase efficiency, the company has struggled to maintain its growth trajectory.
Analysts have expressed concerns about the board reshuffle, with some questioning the timing and the potential impact on the company’s future prospects. “This move may send a signal to investors and employees that the company is trying to distance itself from its past missteps,” said a leading industry expert.
However, others have defended the decision, pointing out that it may bring in fresh perspectives and help the company to adapt to a rapidly changing business environment. “In today’s fast-paced business landscape, companies need to be agile and responsive to new challenges and opportunities,” said a corporate governance expert. “Religare’s decision to remove a director may be a sign of its commitment to innovation and growth.”
Religare’s board reshuffle is the latest in a series of high-profile changes affecting the healthcare and financial services sectors. As the industry continues to evolve, companies must adapt quickly to remain competitive and maintain their edge in the market.
In conclusion, Religare’s decision to remove a director from its board reflects the company’s efforts to revamp its leadership and improve its overall performance. While some have expressed concerns about the timing and potential impact of the move, others see it as a necessary step towards innovation and growth in the rapidly changing business environment.
Religare Named New Auditors and Compliance Chief
Religare Enterprises Ltd, a financial services and insurance company, has appointed new auditors and a compliance head. The company has appointed M/s S.R. Batlibel & Co. and M/s Walker, Chandiok & Co. as its joint statutory auditors for the financial year 2023-24.
The company has also appointed M/s. RPSG Transactions and its partner, Naveen Gupta, as its compliance officer. As the compliance officer, Naveen will be responsible for ensuring the company’s compliance with various laws, regulations, and corporate governance norms. According to the company, Naveen has over 20 years of experience in corporate law, compliance, and regulatory affairs.
The new auditors, M/s S.R. Batlibel & Co. and M/s Walker, Chandiok & Co., have a strong reputation in the industry for their technical expertise and experience in conducting audits. The company stated that it has faith in their ability to provide “independent and objective advice” and to “focus on Continuous Improvement and Compliance”.
The appointment of a new compliance officer will strengthen the company’s governance structure and ensure that it continues to meet the highest standards of corporate governance and regulatory compliance. The company’s Board of Directors welcomed Naveen Gupta and the new auditors, stating that their “passion, commitment, and expertise will be invaluable in driving the company’s growth and success”.
Religare Enterprises Ltd is a subsidiary of the Religare Group, a diversified financial services and insurance company with a presence in India and several other countries. The company provides a range of financial services, including insurance, asset management, and wealth management, as well as corporate and investment banking.
In recent years, the company has been focusing on expanding its presence in new markets, improving its technology and infrastructure, and enhancing its product offerings to customers. The appointment of new auditors and a compliance officer is part of the company’s efforts to strengthen its governance and risk management processes, and to ensure that it remains compliant with regulatory requirements and industry best practices.
Stay ahead of the markets: Get live Religare Enterprises share price updates as of February 10, 2025, and discover why it’s making headlines.
Religare Enterprises’ Stock Price Update: February 10, 2025
As of 15:55 IST, Religare Enterprises’ stock price is trading with recent movements reflecting key trends across various time frames. The company’s Simple Moving Averages (SMA) and Exponential Moving Averages (EMA) have been observed, providing insights for investors.
The 5-day SMA currently stands at Rs 248.03, slightly above the 5-day EMA of Rs 245.46. This indicates that the price is generally moving in the upward direction. The 10-day SMA is at Rs 258.17, while the EMA is Rs 245.90, suggesting that the stock may be stabilizing.
The longer-term trends are also worth noting. The 20-day SMA stands at Rs 269.07, compared to the EMA of Rs 252.43, indicating a slow upward movement. The 50-day SMA is Rs 274.01, while the EMA is Rs 263.15. The 100-day SMA is Rs 270.93, with the EMA at Rs 263.15. The 200-day SMA, at Rs 252.93, shows the broader trends and potential support levels for investors to consider.
These moving averages provide a comprehensive view of the stock’s recent performance and potential future movements. Investors can use this information to make informed decisions or adjust their portfolios accordingly. With this data, it is possible to anticipate the short-term and long-term directions of the Religare Enterprises’ stock price.
Religare Enterprises is reportedly seeking funding from the Burman family in a new strategic move.
Religare Enterprises, a prominent Indian financial services and infrastructure company, has announced plans to raise funds from the Burman family, known for their significant interests in various consumer goods and beverages companies. The company is seeking to increase its financial stability, which has been impacted by recent market conditions and the impact of the COVID-19 pandemic.
Religare Enterprises is looking to infuse fresh capital to strengthen its balance sheet and accelerate its growth plans. The company has been focusing on expanding its presence in the financial services sector, particularly in the areas of commercial lending and wealth management.
The Burman family, which has interests in companies such as Dabur and Marico, is seen as a strong and credible investor in the Indian business landscape. Their investment in Religare Enterprises is expected to bring in a fresh perspective and a deeper understanding of the consumer goods and beverages sectors, which could be valuable for the company’s growth prospects.
According to industry experts, the deal is expected to be a significant one, with reports suggesting that the Burman family could invest up to $100 million in Religare Enterprises. The investment is likely to be made through a mix of equity and debt, with a focus on providing liquidity to the company and helping it to expand its business operations.
Religare Enterprises has been facing challenges in recent years, including a significant decline in its stock price and reported net losses. However, the company has been working to turn around its fortunes, with a focus on cost reduction, asset sales, and debt restructuring. The investment from the Burman family is seen as a significant step in this direction, and is expected to provide a much-needed boost to the company’s growth prospects.
In conclusion, the planned investment by the Burman family in Religare Enterprises is expected to be a significant development for the company, providing a much-needed injection of capital and a fresh perspective. The deal is likely to be watched closely by industry observers, who will be keen to see how the investment impacts the company’s performance and growth prospects in the long term.
Sebi rejects Digvijay Gaekwad’s bid to participate in Religare’s open offer.
Sebi, short for Securities and Exchange Board of India, has rejected the application of Digvijay Gaekwad, a non-promoter investor, for competing in the open offer of Religare Enterprises Ltd.
For the uninitiated, Religare Enterprises Ltd is an India-based private sector financial services company. In 2020, the company’s majority shareholder, Malvinder Sharma (formerly its MD), and other promoters, made an open offer to acquire another 26% stake in the company.
Digvijay Gaekwad, a non-promoter investor, had expressed a desire to participate in this open offer. However, Sebi has now rejected his application citing various reasons.
According to a report from the exchanges, Sebi has rejected the application on the grounds that Gaekwada’s intent in participating in the open offer was not genuine.
In addition, Sebi found that Gaekwad has a significant shareholding in the company and if allowed to participate in the open offer, it could lead to his holding a substantial stake, which could pose a regulatory concern.
Gaekwad was reportedly looking to purchase 2.5 million shares, which would have allowed him to become a significant shareholder in the company. However, Sebi deemed this plan to be detrimental to the interests of the company and it’s existing shareholders.
Sebi’s decision comes as a blow to Gaekwad, who had been optimistic about being able to acquire a significant stake in Religare. However, this move is seen as a key step in maintaining the regulatory framework that prevents concentration of shareholding in listed companies, preserving the integrity of the Indian capital market, and ensuring that companies remain transparent and accountable.
Religare’s CEO Rashmi Saluja steps down as director following an AGM vote, with the RBI affirming no reappointment is in order.
Rashmi Saluja, the executive chairperson of Religare, faced intense scrutiny and legal challenges as she presided over the company’s 40th Annual General Meeting (AGM) via video conferencing. The meeting came amid a takeover battle with the Burman family, who have made a bid to acquire a significant stake in the company. The AGM was also marked by mounting allegations of financial misconduct, which Saluja denied, stating that her management team had rescued Religare from collapse and restored its reputation in the financial sector.
Saluja had surprisingly removed the agenda item regarding her reappointment, insisting that she had already been appointed as chairperson until 2028, rendering a vote unnecessary. Proxy advisory firms had earlier recommended voting against her reappointment due to governance concerns. Saluja used the meeting to reject the allegations, claiming that the entire turnaround of the company in the past six years was being tainted by the current takeover battle between the four acquirer companies and the management. She emphasized that her team had achieved the turnaround, and its hard work was being discredited.
The outcome of the AGM may impact the efforts of US-based investor Digvijay ‘Danny’ Gaekwad to acquire a significant stake in Religare, as well as the Burman family’s bid. The future of Saluja’s tenure as executive chairperson remains uncertain, and the company’s future direction hangs in the balance, with the takeover battle and governance concerns still unresolved.
The Delhi High Court has disposed of a petition filed by Religare against the Securities and Exchange Board of India (SEBI) for inaction.
The Delhi High Court has disposed of a petition filed by Religare Enterprises Ltd (REL) against the Securities and Exchange Board of India (SEBI) for allegedly inaction in the matter of the company’s financial irregularities.
Religare Enterprises Ltd had filed a petition in the Delhi High Court in 2018, seeking directions to SEBI to take immediate action against the company’s founders, including Malvinder Mohan, to stop the alleged siphoning off of funds and to take control of the company.
The petition came after Religare Enterprises Ltd accused its founders, including Malvinder Mohan, of siphoning off funds, misusing company assets, and engaging in illegal activities. The company had also accused them of making false promises to investors and causing wrongful loss to the company.
However, the court has disposed of the petition after SEBI on April 14, 2022, seized and takes over the management of Religare Enterprises Ltd in the wake of the alleged financial irregularities. The court noted that since SEBI has taken proactive steps and seized the management of the company, it is appropriate to dispose of the petition.
The court also noted that SEBI’s takeover of management is a more effective and efficient way to investigate the allegations and take necessary actions, rather than the court’s intervention. The court ordered that the matter be disposed of and as such, there is no need to maintain the petition further.
It is worth noting that the SEBI had taken various measures, including issuing show-cause notices to the company’s top officials, freezing the bank accounts, and taking control of the company’s assets, to investigate the financial irregularities. The developments have come as a huge blow to the promoters of Religare Enterprises Ltd, who had been accused of diverting funds and engaging in other irregularities.
The case highlights the importance of regulatory bodies, such as SEBI, in protecting the interests of investors and ensuring that companies are run in a transparent and ethical manner. It also underscores the need for companies to maintain transparency and accountability in their operations, and to not engage in any activities that can harm the interests of investors and stakeholders.
Dabur’s corporate leadership gains full control of Religare’s operations.
The Dabur group, led by the Burmans, has finally taken control of Religare Enterprises after an 18-month struggle. With a current ownership stake of 25.2%, the Burmans have secured a significant threshold that enables them to implement special resolutions. However, to increase their stake to over 26%, they require approval from the Reserve Bank of India (RBI).
Although the Burmans have taken control, they have not yet nominated their representatives to Religare’s board. Previously, four proposed directors, including Arjun Lamba, Abhay Agarwal, Ramanathan Gurumurthy, and Suresh Mahalingam, did not receive approval from the RBI. Lamba, a close associate of Dabur chairman Mohit Burman, is also a director of Eveready Industries.
In a statement, a Burman Group spokesperson expressed their satisfaction at acquiring control of Religare and being designated as its promoters. They emphasized their priority of instilling stability, strengthening governance, and driving sustainable growth at Religare. To achieve this, they will need to submit new director nominations or resubmit previously recommended names for approval from the RBI, ensuring they meet the regulator’s criteria for joining Religare’s board.
The acquisition is significant, as it strengthens the Burmans’ position in the financial services sector. With this move, they are likely to play a more prominent role in shaping the company’s strategy and operations. However, the process is not yet complete, as the Burmans still require RBI approval to increase their stake and appoint their representatives to the board. Once this is achieved, they will have a stronger foothold in Religare and can focus on implementing their goals for the company.
The Religare board of directors has approved the appointment of four new members to the company’s leadership team.
Religare Enterprises, a financial services firm controlled by the Burman family, has approved the appointment of four new directors: Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam. The new directors will be non-executive and non-independent, and their appointments are subject to approval from the Reserve Bank of India (RBI) and the company’s shareholders. This move comes after the Burman family acquired a 25.16% controlling stake in the company earlier this month.
Additionally, the board has decided to suspend the operations of MIC Insurance Web Aggregator Private Ltd, a fully-owned subsidiary of Religare Enterprises, while its business model is re-evaluated. MIC Insurance Web Aggregator, which was previously a part of iGear Holdings Private Limited, has faced challenges in scaling up its operations and achieving profitability due to a lack of additional capital support and a competitive landscape. The company’s financial situation remains unsustainable, leading to the decision to suspend its operations. The Burman family, who now control a significant stake in Religare Enterprises, are likely to play a key role in shaping the company’s future direction and making strategic decisions to strengthen its position in the financial services sector.
The Religare board of commissions is seeking funding from the Burman group for a governance review.
Religare Enterprises, a private sector financial services company, has hired Deloitte Touche Tohmatsu Limited (DTTL) to undertake a comprehensive governance review of its board, including its structure, composition, and functioning. The review aims to strengthen the company’s corporate governance practices and ensure compliance with regulatory requirements.
As part of the review, the Deloitte team will assess Religare’s board oversight, risk management, and compliance functions, as well as its relationship with promoters and stakeholders. The review will also focus on identifying areas of improvement and making recommendations for enhancing the company’s governance framework.
It’s worth noting that the government has been pressing Indian companies to improve their governance standards, and Religare is no exception. The corporate governance review is seen as a strategic move by Religare to demonstrate its commitment to good governance practices and to avoid any potential pitfalls.
Meanwhile, Religare has also sought funding from its promoters, the Burmans, to support the company’s growth and business plans. The Burmans, who own 54.02% stake in Religare, have committed to invest an additional INR 500 crore (approximately USD 70 million) in the company, subject to certain conditions. This investment will help Religare scale up its business, fortify its balance sheet, and enhance its financial flexibility.
The funding from the Burmans is seen as a significant development, as it demonstrates the promoters’ confidence in the company’s future prospects and their commitment to supporting its growth. The injection of fresh capital will also provide Religare with the necessary resources to upgrade its technology, enhance its risk management practices, and invest in new business opportunities.
The dual purpose of the corporate governance review and the funding from the Burmans is to position Religare for long-term growth and success, while also avoiding any potential regulatory or reputational risks. By strengthening its governance practices and securing additional funding, Religare can focus on its core business objectives and create long-term value for its shareholders.
Religare Enterprises ventures forth in pursuit of financial support from the esteemed Burman family.
Religare, a financial services company, has submitted an exchange filing stating that it aims to review its past operating practices, suggest improvements, and identify potential cases of misconduct by current or former employees. This move comes as the company faces a cash-flow gap and has approached the Burmans, its major shareholder, for immediate funding support to sustain its operations.
The cash-flow gap is expected to affect the company’s operations over the next few months, and Religare has requested the Burmans to provide funding support to bridge this gap. However, the company has not disclosed the extent of the funding required.
It’s worth noting that this is not the first time Religare has faced financial challenges. Under the leadership of former chairperson Rashmi Saluja, the company had opposed the Burmans from increasing their stake in the company. Saluja was later removed as chairperson in February, as her reappointment was not approved.
The current situation highlights the company’s ongoing struggles, which may be linked to the previous leadership’s decisions. The review of past operating practices is aimed at identifying any potential instances of misconduct by current or former employees, which could have contributed to the company’s current situation. The company’s board will need to investigate and address these issues to restore investor confidence and stabilize its operations. The immediate need for funding support from the Burmans underscores the urgency of the situation, and it remains to be seen how the company will navigate this challenging period.
Religare Enterprises Announces Virtual Shareholders’ Meeting to Address Important Matters
Religare Enterprises, a leading financial services company, has scheduled a virtual extraordinary general meeting (EGM) to address outstanding issues and matters related to the company. The meeting is set to take place on [Date and Time] and will be conducted through a digital platform, allowing shareholders and other stakeholders to participate remotely.
The decision to hold a virtual EGM is a result of the current health and economic situation, which has affected the ability of shareholders to physically attend meetings. By going virtual, Religare Enterprises aims to ensure the safety and convenience of its stakeholders while still providing an opportunity for discussion and decision-making.
The company’s board of directors will present key information and answer questions from shareholders relating to the extraordinary general meeting. The agenda will include discussions on significant business matters, including financial results, corporate developments, and strategic initiatives. Shareholders will also have the opportunity to raise queries and engage with the company’s management team.
Religare Enterprises has been facing some challenges in recent years, including regulatory issues and financial difficulties. The company has been working to address these issues, and the virtual EGM is seen as an opportunity for the company to demonstrate its commitment to transparency and stakeholder engagement. By providing a platform for shareholders to participate remotely, Religare Enterprises can keep them informed and up-to-date on its progress and strategy.
The use of a digital platform for the EGM also reflects the company’s commitment to innovation and digital transformation. In a post-pandemic world, the rise of remote working and virtual events has become the new norm, and Religare Enterprises is at the forefront of this change.
Overall, the virtual EGM is an innovative move by Religare Enterprises to engage with its stakeholders and demonstrate its adaptability to the changing business landscape. The company is taking a proactive approach to address the challenges it faces and is committed to providing a smooth and successful transition. By presenting its financial results and strategy to shareholders, Religare Enterprises is signaling its commitment to transparency and accountability, paving the way for a stronger and more resilient future.
The Religare Board has officially approved the appointment of four new directors.
Religare Enterprises, a financial services firm controlled by the Burman family, has appointed four new directors to its board. The new directors, Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam, will serve as non-executive and non-independent directors. Their appointment is subject to approval from the Reserve Bank of India (RBI) and the company’s shareholders. The appointments are effective immediately, pending the receipt of necessary approvals.
The company has also announced the suspension of the operations of its wholly-owned subsidiary, MIC Insurance Web Aggregator Private Ltd. This decision was made after it became clear that the company was unable to scale up its operations and achieve the necessary revenue and profitability due to a lack of additional capital support. MIC was previously a part of the Indian Express Group’s iGear Holdings Private Limited before being acquired by Religare Enterprises in December 2023.
The company has decided to evaluate the feasibility of the business model of MIC Insurance Web Aggregator, with the aim of re-evaluating its operations. This move is part of a larger effort by Religare Enterprises to strengthen its position in the financial services sector. With the appointment of new directors and the suspension of MIC’s operations, the company is looking to refocus its strategy and drive growth in a competitive market.
It’s worth noting that the Burman family has recently acquired a 25.16% controlling stake in Religare Enterprises, further increasing their influence over the company. The new directors and the decision to suspend MIC’s operations are likely part of a broader plan to revamp the company’s strategy and position it for future growth.
The Religare Board authorizes a comprehensive governance review.
Religare Enterprises Ltd (REL) has hired Grant Thornton and Trilegal to conduct a governance review and identify potential instances of misconduct by current and former employees, including ex-CEO Rashmi Saluja. This review is aimed at examining the company’s financial practices over the past few years, suggesting improvements to systems and controls, and identifying any potential instances of misconduct. The review is expected to be completed within the next two months.
The board has also applied to the Burman family, the new promoter group, for a short-term loan of Rs 30-40 crore to address a cash flow gap. This loan would be used to meet the company’s immediate needs. The board has asked the Burman family to consider providing the loan due to the tight timeline required.
The governance review is likely to be a thorough investigation into the company’s financial practices. The appointment of Grant Thornton, a firm often used for forensic audits, suggests that the review may uncover some irregularities. The board’s decision to undertake this review is seen as an attempt to bring transparency and accountability to the company’s operations.
The development comes after the Burman Group took over the company in February, ending an 18-month battle with the former management. The new board has also appointed four new non-executive and non-independent directors to the company. The review is expected to provide a clean slate for the new management to operate effectively and make decisions.