IRDA Reforms, Zee Tv Merger, TCS AI Skilled Employees, AI Chips, Etc

Author

Vaishali Sharma
April 17, 2024

Market Briefs

 IRDAI's Reforms: Health Insurance Waiting Periods Slashed for Consumers: 

  • IRDAI has mandated health insurance companies to reduce the waiting period for pre-existing diseases (PED) from 4 years to 3 years.

  • The new definition of PED includes conditions diagnosed or treated within 36 months prior to the policy commencement date.

  • This change benefits policyholders by reducing the waiting period before coverage for PED-related illnesses begins.

  • The moratorium period, during which insurers cannot deny claims except for fraud, has been reduced from 8 years to 5 years.

  • After 60 continuous months of coverage, insurers cannot contest claims on grounds of non-disclosure or misrepresentation, except for fraud.

  • The specified disease waiting period has been decreased from 4 years to 3 years, allowing coverage for specified diseases and treatments after this period.

  • The reduced waiting periods apply to both new and existing policyholders, ensuring enhanced benefits and quicker coverage for health insurance claims.

  • These changes aim to enhance insurance penetration and provide consumers with reduced waiting times for accessing health insurance coverage. 

 ZEE Prioritizes Growth, Withdraws Merger Application Against Sony:

  • Zee Entertainment Enterprises Ltd (ZEEL) has withdrawn its merger implementation application filed against Sony before the National Company Law Tribunal (NCLT), Mumbai bench.

  • The decision to withdraw the application was made by the Board after seeking appropriate legal advice.

  • Zee intends to aggressively pursue its claims against Sony in ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and other forums.

  • The withdrawal allows Zee to focus on pursuing growth opportunities and evaluating strategic options to enhance shareholder value.

  • R. Gopalan, Chairman of ZEE, emphasized the company's immediate priority to focus on performance and achieve targeted goals for the future.

  • The Board and management of ZEE are implementing result-oriented steps to enhance productivity, streamline operations, and maximize shareholder value.

  • ZEE has instituted a Monthly Management Mentorship (3M) Program to review and advise management on critical business aspects regularly.

  • The decision to withdraw the merger implementation application follows the stalemate over leadership in the proposed USD 10 billion merger between Sony and ZEEL, which Sony called off in January.

  • ZEE's withdrawal steps from NCLT are based on legal advice received by the Board.

Briefs, You Can’t Miss:

  1. TCS Surpasses Half a Million Employees with AI Skills, CEO Calls it Among the Largest AI-Ready Workforces.

  2. RBI Mandates Non-Banks to Maintain Minimum Net Worth of Rs 25 Crore for PA-P Services.

  3. Elon Musk Expected to Meet Space Startups During India Visit.

  4. NSE to Cease Issuing New Futures and Options Contracts for Zee Entertainment.

  5. IMF Ups India's FY25 GDP Growth Forecast by 30 bps to 6.8%.

  6. Aditya Birla Capital Aims to Double Customer Base with New Digital App.

  7. Paytm Refutes Reports of Government Deferring Approval for Investment in Payment Services Arm.

  8. PC Jeweller Receives Board Approval to Raise Rs 2,000 Crore via Rights Issue, Convertible Warrants.

  9. Cipla to Acquire Ivia Beaute's Cosmetics and Personal Care Distribution Business for Rs 130 Crore.

  10. India Seeks Global Collaborations to Explore New Technologies, Methanol and Ammonia as Ship Fuels.

  11. ISRO Chief Somanath: India Aims for Debris-Free Space Missions by 2030.

World Briefs

  • EQT Asia's Jean Salata Targets $5 Billion Investment in Indian IT, Pharma/Healthcare, and Financials This Year.

  • IMF Forecasts Global Growth at 3.2% for 2023, with Continued Projections for 2024 and 2025.

  • Bank of America Reports 18% Decline in Q1 Profits Due to Increased Expenses and Charge-Offs.

  • Tesla's Global Workforce Reductions Include Key Markets such as the US and China.

AI Briefs

  • Intel Plans to Introduce Two AI Chips with Limited Capabilities Specifically for the Chinese Market.

  • Amazon Music Introduces Maestro, an AI Playlist Generator, Following Spotify's Lead.

  • Meta's Oversight Board Investigates Posting of Explicit AI-Generated Images on Instagram and Facebook.