Insurance portability: Brainstorming with industry stalwarts

IRDA has permitted health insurance portability from July 2011. There are several concerns about how it will work and whether it will really work. Moneylife Foundation took the lead to initiate a public debate on this important regulatory change and proposes to send a Position Paper to IRDA with consumer concerns and suggestions to ensure that health insurance portability guidelines are comprehensive and implementable. A packed house—over 150 people—attended the seminar at Rachana Sansad auditorium in Prabhadevi, Mumbai. The panellists talked about the issues related to portability and answered questions from the audience in a highly interactive session. The consensus of the panel was that we need to create a centralised insurance databank forthwith; while portability is a good step forward, IRDA needs to clarify a host of issues if portability has to succeed. The panellists also agreed that the way forward is not standardisation of insurance products, but innovation that can make portability attractive for customers.

Based on the feedback received at the seminar, Moneylife has sent a questionnaire to IRDA to get clarifications about the initiative to create a centralised insurance databank, concerns about getting medical history from some insurers within seven days due to lack of electronic format and not having a centralised system for keeping individual data, possibility of charging a higher premium due to porting the policy itself, mis-selling with portability, the need to offer comparison of mediclaim policies across insurers on the IRDA website and other issues arising from portability guidelines. We had not received a response till the writing of this ‘Cover Story’.




6 years ago

It's to good


6 years ago

the cover story on health/ medical ins portability is in right direction but i wish to point out that proper attention at the point of proposal /sale and at the point of claim will reduce the possibility of porting. Inapt handling by agents and hurdles thrust by TPAs would generate porting acts The proactive role of the staff of general ins cos will help in customer retention..

Declining trend in inflation evident: FM

“I do not give much credibility to weekly fluctuations or monthly fluctuations. We shall have to take an overall view,” finance minister Pranab Mukherjee said

New Delhi: Buoyed by the fall in food inflation during the first week of May, the government today said there is a trend of moderation in the rate of price rise in both the food and non-food segments, reports PTI.

“Both in food inflation and overall Whole Price Index (WPI) inflation, there is a declining trend,” finance minister Pranab Mukherjee told reporters here.

His comments came after food inflation slipped to 7.47% for the week ended 7th May, continuing on its downward trajectory for the third consecutive week. This is the lowest food inflation figure since separate data on the rate of price rise of food items was first released about 18 months ago.

The fall in food inflation, as measured by the Wholesale Price Index (WPI), from 7.70% in the previous week was mainly due to cheaper pulses, wheat and vegetables.

Mr Mukherjee said inflation has come down in all three segments—primary articles, food and non-food.

Inflation in overall primary articles during the week under review stood at 10.94%, down from 11.96% in the previous week.

In the non-food primary articles segment, inflation fell to 23.82% from 28.62% during the week ended 30th April.

“I do not give much credibility to weekly fluctuations or monthly fluctuations. We shall have to take an overall view,” Mr Mukherjee said.

The latest numbers are likely to bring cheer to the government, which has termed inflation control as one of the major items on its agenda.

Food inflation remained in double-digits for most of 2010 before showing signs of moderation from March this year.

During the week under review, pulses became cheaper by 8.87% year-on-year, while prices of vegetables were down by 3.61%. Wheat prices fell by 0.06%.

However, prices of other food items continued to rise.

In the non-food primary articles segment, fibres became dearer by almost 62%, while minerals were up 11.95%. Fuel and power became 12.11% costlier year-on-year.

The government and Reserve Bank of India (RBI) have said that in the months to come, inflationary pressure would be felt more from core (non-food) items on account of high global prices of commodities, particularly crude.

Headline inflation stood at 8.66% in April, down from over 9% in March. In its monetary policy for 2011-12, the RBI had said that overall inflation would remain high in the near future, averaging 9% during the first half of the fiscal, before moderating to around 6% by the year-end.


Market Technicians Association appoints Sushil Kedia as board member

Sushil Kedia, founder and president, Association of Technical Market Analysts, India said, “To be the first Asian ever to be elected to the Market Technicians Association Board of Directors is an honour for not only me personally”

The Market Technicians Association, Inc (MTA), the leading organisation for technical analysis professionals and the governing body for the Chartered Market Technician (CMT) designation, announces the election of the first At-Large MTA Board Director from Asia. Effective 1 July 2011, Sushil Kedia, PGDBM (XLRI), CAIA, FRM, CMT, from Mumbai, India, will begin his three year term.

“Congratulations to Mr Kedia,” said David Keller, CMT, and MTA President. “India is one of the MTA’s fastest growing non-US markets, and that is in large part to his efforts. Not only has this benefited the MTA and CMT designation, but it has helped to broaden the awareness for technical analysis in Asia. We are excited about his addition to our Board and look forward to working even closer with him over the next few years.”

Sushil Kedia, founder and president, Association of Technical Market Analysts, India said, “To be the first Asian ever to be elected to the MTA Board of Directors is an honour for not only me personally, but also for my fellow technicians from this part of the world. The responsibility ahead, to ensure that cultural nuances of Asia are properly brought to the MTA leadership and to be able to carry the MTA’s history into Asian professional minds is a big one. I look forward to excelling given this great opportunity to serve our profession.”

“I look forward to working closely with Mr Kedia,” said Ralph Acampora, CMT, current At-Large MTA Board Director and MTA Past President. “His dedication to expanding the awareness of technical analysis around the world is very important to the growth of the MTA.”

“This is just another example of how much the demand for technical analysis information, and our CMT designation, is growing worldwide. The MTA has already seen a considerable increase in membership from the Asian Markets, and his upcoming addition to the MTA Board of Directors help to sustain this growth for many years to come,” said Mr Tom Silveri, executive director of the MTA.

The Market Technicians Association’s objective is to educate the investment community and MTA members in technical analysis. More than 4,100 analysts and related market professionals in over 75 countries are members of the MTA. The MTA is responsible for the creation, oversight, administration and regulation of the CMT designation. The CMT is the only technical analysis designation recognized by the Financial Industry Regulatory Authority (FINRA). It is also the only designation for technical analysts that qualifies as a “Series 86” exemption upon passing levels 1 and 2 of the CMT exam.


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