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Tag: Insurance

Aadhaar, PAN to be linked to insurance policies by March 31

Aadhaar, PAN to be linked to insurance policies by March 31

Finance
CHENNAI: India's insurance regulator on Monday extended the time to link Aadhaar number to insurance policies till March 31, 2018. In a circular issued on Monday to all the life, non-life (including standalone health insurers) the Insurance Regulatory and Development Authority of India (Irdai) said the date of submission of the Aadhaar Number and Permanent Account Number or Form 60 by clients to reporting entity is March 31, 2018. The Irdai cited the central government's gazette notification on December 13, relating to Prevention of Money-Laundering (Maintenance of Records) (Seventh Amendment) Rules, 2017. On November 8, the Irdai had directed the insurers to link Aadhaar and Pan Card numbers with insurance policies. "These rules have statutory force and, as such, life and gene...
Ryan says health insurance mandate part of GOP tax talks

Ryan says health insurance mandate part of GOP tax talks

Health
House Speaker Paul Ryan said Republicans are discussing whether their tax plan should include a repeal of the Obama health law's requirement that people have insurance coverage or face a penalty, a step pushed by President Donald Trump but seen by some GOP lawmakers as possibly imperiling a much-needed legislative victory. It would be another shot at further undermining the Affordable Care Act after repeated failures by the GOP-led Congress to repeal and replace the law, as Trump has demanded and Republicans promised would happen after President Barack Obama left office and Republicans ran Washington. The House Ways and Means Committee was set to begin work on the tax rewrite Monday, with the goal of full House consideration next week. The committee chairman, Rep. Kevin Brady, R-Texas, ha...
Why employer-provided life insurance can backfire

Why employer-provided life insurance can backfire

Finance
Employer provided benefits, though well-intentioned, can nonetheless be a minefield for misinterpretation.Take life insurance, for example. It's a popular employer-provided perk that is lulling workers into a false sense of security. A new survey from LIMRA, the research engine for the life insurance industry, says 108 million Americans have life insurance through a group plan while 102 million have coverage through an individual plan they purchased. That's the first time since LIMRA began tracking the issue in 1960 that group coverage is more popular.In most instances, workers merely accept the free life insurance benefit without thinking it through. Nothing wrong with free, but free isn't necessarily enough.Anita Potter, a workplace benefits specialist at LIMRA, says smaller firms tend t...
Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Finance
Insurance firms are facing increasing competitive pressure on all fronts due to the emergence of a number of insurance technology (insurtech) start-ups, according to a report.With the integration of technologies like artificial intelligence, blockchain and drones entering the insurance mix, the sector is being forced to rethink its model.The World Insurance Report, published Wednesday by consulting giant Capgemini and non-profit industry body Efma, found that nearly one third (31.4%) of customers relied on insurtech solutions - either exclusively or in combination with an established insurance company."Customers are seeking more digital touch points for convenience, as customers experience in their daily lives that degree of personalization," Keith Webb, vice president at Capgemini and co-...
Millions who buy health insurance brace for sharp increases

Millions who buy health insurance brace for sharp increases

Health
Millions of people who buy individual health insurance policies and get no financial help from the Affordable Care Act are bracing for another year of double-digit premium increases, and their frustration is boiling over. Some are expecting premiums for 2018 to rival a mortgage payment. What they pay is tied to the price of coverage on the health insurance markets created by the Obama-era law, but these consumers get no protection from the law's tax credits, which cushion against rising premiums. Instead they pay full freight and bear the brunt of market problems such as high costs and diminished competition. On Capitol Hill, there's a chance that upcoming bipartisan hearings by Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., can produce legislation offering some relief. But it...