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Online Personal Finance Magazine
No beating about the bush.
That NSDL is now being split is a very positive development, but the finance ministry and the regulator must also ensure clear regulation and supervision of all non-depository businesses
On 25th June, media reports said that the National Securities Depository Limited (NSDL), India’s first depository, is de-merging its e-governance business into a separate entity called the NSDL...
According to CCI, United India Insurance does not seem to hold a position of strength in the services of medical insurance, which can enable it to operate independently of the competitive forces along with its TPA
The Competition Commission of India (CCI) has rejected allegations of abuse of dominance against United India Insurance Co and its third party administrator (TPA) E-Meditek.
The CCI in an order issued on 1st July, said it was “appropriate to close this case...as no contravention of the provisions of the (Competition) Act is prima facie found to exist”.
As per the complaint filed by an individual, United India Insurance had obtained the business of “Mediclaim Insurance for the CanCard Holders under group insurance from the year 2005-06”.
It was alleged that since United India Insurance was the only and dominant service provider to “CanCard Group Medi insurance policy holders”, all holders who opted for these mediclaim policies were necessarily required to carry out all the transactions through the insurance company and its TPA.
“... Opposite Party 1 (United India Insurance) does not seem to hold a position of strength in the relevant market (services of medical insurance) which can enable it to operate independently of the competitive forces prevailing in the relevant market or affect its competitors or consumers or the relevant market in its favour,” CCI said.
The complainant had also alleged that E-Meditek failed to fulfil its obligations pertaining to renewal/termination of the policy, claim intimation and repudiation of claim, among others, under its agreement with United India Insurance.
However, CCI noted that if E-Meditek was not fulfilling its obligations under the agreement, then the insurer could have terminated the contract or take legal remedies and that the policyholders could have complained to the IRDA.