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To some readers, the title of this article might ring a bell. I accept I have stolen this idea from one of the greatest investors of our times – <keyword id="6358963" type="PERSON" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>. In 1951, he had written a marvellous article on <keyword id="2438456" type="UNKNOWN" weightage="100" keywordseo="Government-Employees-Insurance-Company">Government Employees’ Insurance Company</keyword> – GEICO. He liked the security so dearly that later on, he decided to buy majority stake in the same. 
 
The wisdom in the stock market says never fall in love with a stock. The simple reason being they cannot love you back! Over the past few weeks, I have been researching about a company with which I seem to have fallen in love with – contrary to the stock market wisdom. 
 The company which I am in love with is <keyword id="169197" type="COMPANY" weightage="100" keywordseo="Sundaram-Finance">Sundaram Finance</keyword>. The company was founded by late Santhanam in 1954. It is one of the largest NBFCs (non-banking financial corporation), having a pan-India presence with 583 branches. It has interests in various fields, ranging from hire purchase business and equipment leasing to housing finance. The subsidiaries include a home finance joint venture with BNP Paribas, an asset management company and several other businesses. It has a joint venture named Royal Sundaram Alliance Insurance Company, which is growing faster than the industry average. 
 
One of the important things to take note while buying a security is the management. Sundaram’s management has a tremendous track record in terms of growth, dividend payout, corporate governance and all other aspects a shareholder can think of. From 1954 till date, there had not been a single year it did not pay dividend. This shows the attitude of the promoters – if one cannot deploy excess cash in profitable ventures, better to return the same to the shareholders. In fact, the compounded annual growth rate (CAGR) of the dividend being paid out (in absolute terms) has been a staggering 19.8% over the past 9 years. Plus, the company issues bonus shares quite frequently. Another way to gauge the quality of management is said to be equity dilution. The management has never diluted its equity stake holding since the IPO in 1972. 
 
To make things easier for readers, it is prudent to quantify things. The top line of the standalone business has growth at 15.4% over the past 5 years. However, the consolidated business has grown at a CAGR close to 19%. The cost of finance and administrative cost have been increasing at 17% though, when seen as a percentage of the top line (excluding other income). It has been decreasing at a CAGR of 1.5%. The PAT, on a standalone basis, has been growing at 28%, and not many companies have been able to do the same during the past 5 years. The pre-tax earnings margins have been consistently increasing from 20% to almost 30% over the past 5 years. 
 
Also, financing is not about how aggressively one lends but how carefully one lends. The company continues to have superior asset quality with gross NPA (non-performing assets) and net NPA of 1.23% and 0.45%, respectively. In fact, its average net NPA for the past 5 years is 0.4%. The net interest margin (NIM) has been improving constantly without a deterioration of asset quality, which is quite remarkable. Over the years, the firm has been tapping cheap finance (reduces cost of funds), through issue of commercial paper, instead of term financing or bank finance. 
 
 
 
One often finds it difficult to put a value on the subsidiary companies. Sundaram BNP Paribas Home Finance Ltd is a subsidiary and has been growing at a phenomenal rate. It has outstanding loans of Rs 7,112 crore, which is on par with Gruh Finance (a subsidiary of HDFC Ltd) that has outstanding loan book of Rs 7,009 crore. Gruh’s NPAs are also comparable since Sundaram BNP has gross and net NPAs of 1.53% and 0.46%, respectively, while Gruh Finance has gross and net NPAs of 0.27% and 0%, respectively. The earnings of both the companies go neck and neck. Since Gruh Finance is trading at a market capitalisation of Rs 7,500 crore approximately, one can put a similar value to Sundaram’s housing finance subsidiary. Since the parent company has 50% holding in the subsidiary, one can put an approximate value of Rs 3,000 crore for this subsidiary. The stupendous valuation of the subsidiary is not being valued by the market – this is one of the compelling reasons to own this company. 
 
 
 
Another piece of wisdom which I have received is – you either get good news or good equity prices, you rarely get both of them together. With all the talk of a revival in the Indian economy, good news has been pouring in. Hence prices of securities, in general, have gone up – with a market capitalisation of Rs 10,000 crore. It is definitely not the cheapest stock around at a multiple of more than 3x in terms of book value, close to 17x price-earnings ratio, market capitalisation to sales of 2.4x. With all the given parameters, the stock does not look cheap. However, as Charlie Munger taught Warren Buffett, it is sensible to pay up for quality when the duo bought See’s Candy in 1972. 
 
Everything in life has risks attached to it and it more so in equity markets. One of the main risks involves the market not valuing the subsidiary companies appropriately – that’s why we see a lot of companies demerge their subsidiaries. The asset quality might deteriorate, which will impact the overall company. As one of my friends very rightly mentioned, all PSU banks look cheap on the valuation front till they announce their NPA figures. Moreover, the success and earnings growth of a company largely depend on the overall economy. Hence, a significant slowdown in the Indian economy will have an impact on the earnings of the company. 
 
Overall, Sundaram Finance is a business which, I understand, has a good economic moat, is run by an able and competent management and most importantly, is available at a sensible price tag. However, let me caution the readers – Rome was not built in a day and so aren’t great companies. Hence, one should stay invested in the company for the long term in order to reap the benefits. 
 
Disclaimer: Author is a shareholder of Sundaram Finance Ltd.

The Security I Like Best

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>North Carolina drivers will typically see fairly affordable <a href="https://www.businessinsider.com/category/car-insurance">car insurance</a> premiums, but there are still some ways to save.&#xa0;</li><li>Shopping around for your auto insurance&#xa0;coverage is the best way to save and get the best coverage for your money.&#xa0;</li><li>GEICO Government Employees and USAA generally offer the best rates, but require military or government service for eligibility. Drivers who don't qualify for those two programs can try North Carolina Farm Bureau or Nationwide for affordable coverage.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage.&#xa0;</a></li></ul>Car insurance in North Carolina is fairly affordable. According to the <a href="https://www.iii.org/fact-statistic/facts-statistics-auto-insurance">Insurance Information Institute</a>, the average driver spends about $700 per year on premiums. That's much less than the national average of $935 per year.&#xa0;But, North Carolina drivers have a big opportunity to save if they're willing to <a href="https://www.businessinsider.com/how-to-shop-for-car-insurance-quotes">shop around</a>. Auto insurance costs can vary widely from person to person, and there are many factors that go into them.Things like your <a href="https://www.businessinsider.com/car-insurance-rates-men-vs-women-2019-4">age, gender, and your credit score</a> can all influence your <a href="https://www.businessinsider.com/what-is-an-insurance-premium-definition-cost">premium</a>, or the amount you'll pay for coverage. Each company uses a different formula to consider these factors into your price, so you'll want to get a few different quotes to see which company offers you the best price.&#xa0;That said, there are a few companies that offer excellent rates in North Carolina. Here are a few to help you start your search.&#xa0;<h2>Who has the best cheap car insurance in North Carolina?&#xa0;</h2><a href="https://www.consumerreports.org/cro/car-insurance/credit-scores-affect-auto-insurance-rates/index.htm">Consumer Reports</a> compiled a list of all car insurance pricing formulas from all companies in every state. It used an average single adult driver to find the best pricing in each state, and found that three companies came out on top for three different credit levels. Here are the three best companies and their average price for coverage:Drivers with <a href="https://www.businessinsider.com/what-is-a-good-credit-score">good credit</a> (670 to 739, according to FICO), will see the best coverage from these three companies, on average:<ul><li>GEICO Government Employees car insurance: $623 per year</li><li>USAA car insurance: $773 per year</li><li>North Carolina Farm Bureau car insurance: $864 per year</li></ul>Drivers with&#xa0;<a href="https://www.businessinsider.com/what-is-an-excellent-credit-score">excellent credit</a> (or FICO scores of 800-plus) will see some of the best average rates on car insurance.<ul><li>GEICO Government Employees car insurance: $591 per year</li><li>USAA car insurance: $685 per year</li><li>North Carolina Farm Bureau car insurance: $740 per year</li></ul>Those with poor credit (scores between 300 and 579, according to FICO) will pay more for their car insurance, on average.<ul><li>GEICO Government Employees car insurance: $842 per year</li><li>USAA car insurance: $1,233 per year</li><li>Nationwide Mutual car insurance: $1,274 per year</li></ul><h2>Who gets the best cheap car insurance in North Carolina?</h2>As the data above shows, your credit score is one of the bigger influences on the price you'll pay for coverage. But, there are many other factors that play into your premium, too. With every company considering them differently, it's critical to shop around.&#xa0;If you want to get the best rate for you, you'll need to start by getting quotes from several different insurance companies. Once you have a few different quotes, you'll want to compare them and look for the policy that gives you the most coverage for your money by giving the most coverage types and the highest limits. Also look at the deductible, or the amount you'll pay out-of-pocket if you get into an accident.&#xa0;The driver who gets the best deal in North Carolina is the one who shops around for their coverage. 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We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-when-run-marathon-2017-5">4 terrible things that happen to your body when you run a marathon</a></h3> <div> </div> </div>

Who has the best cheap car insurance in North Carolina?

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Matthew Leete/GettyCOBRA insurance allows employees to hang on to a former employer's health coverage.</div></div></div><ul class="summary-list"><li>COBRA insurance is a form of <a href="https://www.businessinsider.com/how-to-get-health-insurance-cobra-medicaid-marketplace">health insurance coverage</a> provided by a company to a former employee.</li><li>COBRA insurance is helpful for people in between jobs or in <a href="https://www.businessinsider.com/category/early-retirement">early retirement</a>, as it allows them to take advantage of group insurance rates for up to 36 months after leaving a job.</li><li>However, the individual is often responsible for both the employer's and employee's portions of the monthly premium under COBRA, which can drive up costs.</li><li>An individual usually has 60 days to elect to receive coverage under COBRA after leaving the company.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>More than <a href="https://www.commonwealthfund.org/publications/issue-briefs/2019/feb/health-insurance-coverage-eight-years-after-aca">158 million Americans</a> get health insurance through their employer. If you unexpectedly lose your job at any point, or decide to <a href="https://www.businessinsider.com/how-to-retire-early-health-insurance-before-medicare-2019-6">retire early</a>, you may get to hang on to that benefit through COBRA insurance.Named for the Consolidated Omnibus Budget Reconciliation Act of 1985, <a href="https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/faqs/cobra-continuation-health-coverage-consumer.pdf">COBRA</a> allows a person to continue receiving the exact same health coverage they've been getting from their employer after they leave the company, as long as they're not covered by another plan elsewhere.Here's how it works, <a href="https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/faqs/cobra-continuation-health-coverage-consumer.pdf">according to the Department of Labor</a>:<h2>What is COBRA insurance?</h2>COBRA covers most private sector and state or local government employers with 20 or more employees. If you recently left a full-time job where you were enrolled in health insurance, you can opt to continue coverage until you find a new plan or get a new job with coverage. Many states have laws similar to COBRA that cover companies with less than 20 employees.Coverage can last between 18 and 36 months, depending on the nature of the "qualifying event," or the reason for leaving, and the rules outlined in the employer's healthcare plan.<h2>Who qualifies for COBRA?</h2>Any person who was enrolled in health coverage through their employer is eligible for COBRA insurance if there has been a "qualifying event," meaning they were either terminated from their position due to anything other than "gross misconduct" or they reduced their hours.An individual usually has 60 days to elect to receive coverage under COBRA after leaving the company, so long as they are not covered by another plan.If the employee's plan also covered their spouse or dependents while they worked at the company, they would be covered under COBRA as well. If the employee becomes eligible for Medicare, divorces the spouse, or dies, the spouse and dependents are still eligible for COBRA for at least 18 months, with the possibility of an extension.<h2>How much does COBRA cost?</h2>While COBRA enables a former employee to retain coverage at group insurance rates, the individual is often required to pay both the employer and the employee's portion, plus an administrative fee, driving up costs significantly. Some employers, however, may subsidize the cost of COBRA as part of a severance package for employees.For those who suffered job loss due to economic reasons, a <a href="https://www.irs.gov/credits-deductions/individuals/hctc">special tax credit</a> may be available to help cover the cost of COBRA premiums.<h2>Can I decide to stop COBRA insurance?</h2>If you elect COBRA insurance and later decide it is too expensive or you want to pick a new plan on <a href="https://www.healthcare.gov/">the Health Insurance Marketplace</a>, you may only do so during the open enrollment period, which runs from November 1, 2019 to December 15, 2019, unless you <a href="https://www.healthcare.gov/unemployed/cobra-coverage/">qualify for a special enrollment period</a>.If your COBRA insurance is scheduled to end before the normal enrollment period begins, or your COBRA costs rise because of a change by your former employer, you will be able to choose a new plan during the special enrollment period (within 60 days before or after the qualifying event).<div><div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper=""><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to">How to Do Everything: Money</a>:</h3><ul><li><h3><a href="https://www.businessinsider.com/how-to-get-health-insurance-cobra-medicaid-marketplace">How to get health insurance</a></h3></li><li><h3><a href="https://www.businessinsider.com/what-is-the-difference-between-term-and-whole-life-insurance">Term vs. whole life insurance</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-does-term-life-insurance-work">How does term life insurance work?</a></h3></li><li><h3><a href="https://www.businessinsider.com/when-to-get-life-insurance">When to get life insurance</a></h3></li></ul></div></div><a href="http://www.businessinsider.com/intelligence/ai-in-us-healthcare?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=dhealth_ctgr_leadgen&amp;utm_campaign=dhealth_ctgr_leadgen_ai_in_us_healthcare"></a></hr> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/manuka-honey-new-zealand-why-so-expensive-2019-6">What makes mānuka honey 100 times more expensive than regular honey</a></h3> <div> </div> </div>

How to get COBRA health insurance if you lose your job or retire early

<keyword id="3163048" type="UNKNOWN" weightage="20" keywordseo="startup-culture-in-India">Startup culture in India</keyword> is on the rise. Many professionals who were previously working in big firms and companies abroad are leaving their lucrative jobs to start their own venture in India. As per <a href="http://www.iamwire.com/2015/10/nasscom-startup-ecosystem-report-2015-india-the-next-tech-hotbed/124497">NASSCOM Startup Ecosystem Report 2015</a>, India stands third in the world, in terms of number of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> in the country. By the end of last year, India witnessed a staggering 40% growth in the startup ecosystem. 
 
However, the competition is cutting edge and sustaining in a fast pacing market comes with a set of challenges. While, you may have a great business idea with immense potential, for that idea to turn into a reality is a totally different ball game. What you need is the backing of team of talented resources who can live and feel the dream and vision you have for your company. 
 
You need a blend of top of the line IT professionals and managers who can oversee development and marketing of your product or service. However, getting talented pool resources onboard is not as easy as it sounds. 
 
There are a number of things that you might have to consider, such as: 
 
· How much salary should I commit to my potential employees starting from executive to managerial level staff? 
· Should I include stock or equity as part of the compensation? 
· Should I provide a good group insurance plan for my employees? 
 
The <a href="http://www.businessinsider.in/20-negotiation-tips-for-getting-the-salary-you-want/articleshow/51146629.cms">decision on matters related to salary</a> and stock remuneration is affected by a number of external factors. These determents include the previous salary withdrawn by your potential employees, their expertise and skills sets, the current evaluation of your company, the existing industry standards so on and so forth. However, when it comes to offering a group insurance plan, it is strictly an internal policy of the company. 
 
Unlike the West, in India employers are not obliged to offer insurance plans to their employees. However, recently several mid-sized companies have begun offering insurance plan to maintain an employee friendly culture and to earn goodwill in the market. Including an insurance plan as part of the salary package can assist in recruitment as well as employee retention, which is one of the top most priorities of a startup enterprise. 
 
Why should you buy group insurance policy for your employees? 
 
· A solid health plan insurance policy can help you attract employees to your startup. 
· Offering group insurance policy is an effective way to enhance the compensation package of your employees. 
· Benefits such as health insurance policies add to employee satisfaction. 
· Plays a big part in employee retention and talent acquisition. 
· Helps create goodwill in the market, which is important in a competitive ecosystem. 
· Helps you provide added health coverage to your employee’s immediate family members. 
· Employee satisfaction and friendly policies in turn boost performance of your workforce. 
 
Things to consider before selecting a Group Insurance plan: 
 
Before we take this discussion further, it is relevant that we reinforce this question again as to why do companies offer corporate health insurance plan to their employees? The answer to this question is simple and worth noting. In India, majority of the people pay for health expenses out of their own pocket. The rising cost of health and onslaught of lifestyle diseases is urging people take health insurance cover more seriously. 
 
However, instead of taking health plans to their own, people rely upon their employees to offer them a corporate health cover. Offering employee friendly policies can go a long way into creating a loyal workforce and employee satisfaction. And in some cases, employees value a good health plan over higher salary compensations. 
 
Most startup companies have a relatively young and healthy work-force. Therefore, a group insurance plan, such as those provided by <a href="http://securenow.in/">SecureNow, India’s leading health insurance distributor</a> are great for a startup enterprise .So, as owner of a startup company; you must pay attention to the following features of the group insurance plan: 
 
· Make sure that the health plan provides medi-claim coverage to the employee as well as immediate family members, parents, spouse or children. 
· Inclusion of maternity benefits in the insurance plan will help you create positive image of a company as a women friendly work enterprise. 
· You could also consider including health cover for pre-existing medical conditions of your employees as well. 
 
India is slowly transforming into a startup hub, which is great for the country’s economy as it will create more job opportunities in the market. This indirectly will curtail the rising cost of health treatment, which at the moment is one of the biggest concerns for the health industry. The <a href="http://indiatoday.intoday.in/education/story/start-up-india-stand-up-india/1/573128.html">Government of India has chalked out some interesting scheme</a> and plans to boost the ongoing startup revolution in the country. It is therefore extremely important to create a young brigade of work force which feels financially secured and productive to transform India into an economic and investment destination of this world. 
 
(The article is authored by <a href="https://plus.google.com/+UtkarshSahu9?rel=author">Utkarsh Sahu</a>, a digital strategist and contributor to business magazines, such as Business Insider, Huffington Post, Tech Radar, etc.) 
 
(Image: Thinkstock)

Things
to consider when selecting group insurance for a startup

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>New Jersey is the most expensive state in the US for <a href="https://www.businessinsider.com/category/car-insurance">car insurance</a>, according to data from the Insurance Information Institute.&#xa0;</li><li>GEICO, USAA and Travelers generally offer the best affordable car insurance for drivers with good or better credit, while drivers with poor credit should try GEICO, New Jersey Manufacturers, or Allstate for coverage.&#xa0;</li><li>That said, it's critical to <a href="https://www.businessinsider.com/how-to-shop-for-car-insurance-quotes">shop around for coverage</a> in order to get your best rate and save. Look beyond the premium and look for the most auto insurance coverage and the lowest deductible to get the most for your money.&#xa0;</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage.&#xa0;</a></li></ul>Car insurance is rather expensive in New Jersey, with the average driver paying $1,309 per year. In fact, it's the most expensive state in the US for car insurance, according to the <a href="https://www.iii.org/fact-statistic/facts-statistics-auto-insurance">Insurance Information Institute</a>.&#xa0;Car insurance companies tend to <a href="https://www.businessinsider.com/car-insurance-rates-men-vs-women-2019-4">calculate rates</a> that are different for everyone. Factors like where you live in New Jersey, your age, gender, and your driving record can all play a role in the amount you'll pay for coverage.In New Jersey, it's very important to shop around for your coverage to get the best auto insurance policy for your money. To do this, get several quotes from several different companies and compare them. Here are a few of the best affordable car insurance companies in New Jersey to start your search.&#xa0;&#xa0;<h2>Who has the best car insurance in New Jersey?</h2><a href="https://www.consumerreports.org/cro/car-insurance/auto-insurance-research-methodology/index.htm">Consumer Reports</a> compiled information on insurance companies and their pricing formulas in each state. It found that a few companies offered the best coverage in New Jersey. Here are the best car insurance companies by credit level, along with the average cost for coverage for a single adult driver.&#xa0;Drivers with <a href="https://www.businessinsider.com/what-is-a-good-credit-score">good credit</a> (or scores of 670 to 739, according to FICO), will find that these three companies offer the best rates, on average:&#xa0;<ul><li>GEICO Government Employees car insurance: $1,058 per year</li><li>USAA car insurance: $1,446 per year</li><li>Travelers car insurance: $1,462 per year</li></ul>Drivers with&#xa0;<a href="https://www.businessinsider.com/what-is-an-excellent-credit-score">excellent credit</a> (FICO scores of 800-plus) will see some of the best prices on car insurance, on average.&#xa0;<ul><li>GEICO Government Employees car insurance: $1,058 per year</li><li>USAA car insurance: $1,281 per year</li><li>Travelers car insurance: $1,310 per year</li></ul>New Jersey drivers with poor credit will pay the most for coverage. These three companies offer the most affordable coverage, on average.&#xa0;<ul><li>GEICO Government Employees car insurance: $1,469 per year</li><li>New Jersey Manufacturers car insurance: $1,511 per year</li><li>Allstate car insurance: $2,373 per year</li></ul><h2>Who gets the best cheap car insurance in New Jersey?&#xa0;</h2>As the rates above show, the drivers who are going to see the best rates for coverage in New Jersey are those who have the <a href="https://www.businessinsider.com/how-to-increase-your-credit-score-improve-credit">best credit scores</a>. Car insurance companies will look at lots of different factors when calculating how much you'll pay for coverage, so each one will offer you a different price.&#xa0;That said, it's important to shop around before making your final decision. 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We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-airpods-review-wireless-headphones-sound-quality-battery-life-2019-8">Apple just revealed its AirPods Pro for $249, which feature noise cancellation. Here's everything that was wrong with the $159 pair of the wireless headphones.</a></h3> <div> </div> </div>

Who has the best cheap car insurance in New Jersey?

<ul><li>Following the launch of the <keyword id="48812" type="COMPANY" weightage="20" keywordseo="India-Post">India Post</keyword> <keyword id="2324069" type="PERSON" weightage="20" keywordseo="Payments-Bank">Payments Bank</keyword> on Sep 1, the postal service plans to spin off its <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">life insurance</keyword> business into a separate unit. </li><li>According to Minister of Communications, Manoj Sinha, the Indian postal service will set up an insurance company by 2020. </li><li>The Indian postal service already dabbles in insurance through the operation of the Postal Life Insurance (PLI) and Rural Postal Life Insurance (RLPI) schemes. </li></ul> After three years of planning, India’s Prime Minister Narendra Modi launched the India Post Payments Bank (IPPB) on September 1st. The payments banking service will be run exclusively by the Indian postal service, which boasts 155,000 offices all over the country, and offer savings accounts with deposits of upto ₹100,000 along with transfers and bill payments. With the initial operation of 650 branches prior to scaling to all post offices - which will create India’s largest banking network - and the deployment of 300,000 postmen to offer doorstep service in far-flung areas, the IPPB is expected to go a long way in helping the government achieve its <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword> goals. In a sign of confidence, the payments bank is receiving a 80% hike in its budget to ₹14.4 billion from the government, which expects it to become profitable in two years time. But a payments bank isn’t all that the Indian postal service, which falls under the Ministry of Communications, has planned. While the IPPB has the ability to cross-sell insurance products, the India Post is said to be working on the launch of an insurance firm. According to Minister of Communications, Manoj Sinha, the Indian postal service plans to set up an insurance company as a business unit by 2020. The idea was first floated <a href="https://www.thehindu.com/news/national/postal-department-looks-to-spin-off-life-insurance-business/article24361491.ece">in July.</a> A tender for the appointment of a consultancy to facilitate the establishment of the insurer is set to go live in the coming week, Sinha added. The Indian postal service already dabbles in insurance through the operation of the Postal Life Insurance (PLI) scheme, which has been around since the late 19th century. The scheme offers life insurance services to government employees, civil servants, employees of state-owned companies and military personnel. It currently has around 4.7 million active policies. A rural complement to the scheme, Rural Postal Life Insurance (RPLI) was launched two decades ago and has since grown to nearly 15 million policies. Sinha explained that the Indian postal service was in the throes of an important transformation, In April 2018, the postal service also decentralised its parcels and logistic services business for the purpose of efficiency and the uptake of e-commerce.

After a payments bank, the Indian postal service now plans to launch an insurance firm

The Supreme Court <a href="http://www.businessinsider.com/hobby-lobby-decision-obamacare-contraception-mandate-2014-6" target="_blank">ruled earlier this week in Burwell v. Hobby Lobby</a> that closely held corporations can refuse on religious grounds to pay for contraception as mandated by the Affordable Care Act. Previously, only churches and religious nonprofits had exemption from the health law's contraception mandate.
<a href="http://www.slate.com/articles/news_and_politics/jurisprudence/2014/02/hobby_lobby_contraception_mandate_challenge_why_have_corporations_refused.html" target="_blank"></a> The Fortune 500 companies that had actively voiced support for the landmark 2010 Citizens United case, which ruled that corporations have a First Amendment right to free speech, were notably absent from this debate over a corporation's right to free expression of religion, as <a href="http://www.slate.com/articles/news_and_politics/jurisprudence/2014/02/hobby_lobby_contraception_mandate_challenge_why_have_corporations_refused.html" target="_blank">Slate reported earlier this year</a>.
That might be because the Hobby Lobby ruling will do more harm than good to corporate America. Here are three reasons why.
<h2>Corporations Might Have An Identity Crisis</h2>
A corporation is not a person. It is an abstract legal entity that is separate from the individual owners and shareholders that comprise it.
Legally, corporations can do things that a person can do, like enter into contracts or pay taxes. The Hobby Lobby case entered into murky territory regarding the rights and responsibilities of a corporation: Can a corporation have religious beliefs like an individual person?
The ruling doesn't say that the corporation itself has religious beliefs, but it allows the corporation to avoid compliance with federal law based on the beliefs of its owners/shareholders. This muddies the traditional legal definition of a corporation, which separates the corporate entity from the individuals who own and manage it.
The Court's decision also has the potential to complicate corporate governance, according to <a href="http://www.becketfund.org/wp-content/uploads/2014/01/13-354-tsac-U.S.-Womens-Chamber-of-Commerce-and-National-Gay-Lesbian-Chamber-of-Commerce.pdf" target="_blank">an amicus brief</a> filed by the U.S. Women's Chamber of Commerce and the National Gay &amp; Lesbian Chamber of Commerce. The brief argues that religious discussions could create a new source of conflict among shareholders, potentially pushing out those with minority views.
Even in the best case scenarios, corporations may be forced to invest time and money figuring out how to navigate new questions about their "official" religious expression.
<h2>The Cost Burden Could Shift To Taxpayers And Insurers</h2>
With employer-sponsored health insurance, both the employer and the employee pay for the employee's health benefits. The employer negotiates a per-employee premium with the insurance company and the employee pitches in by also paying monthly premiums and co-payments for office visits and prescription medications.
The Affordable Care Act mandated that all insurance plans need to cover certain FDA-approved contraception methods. Even though the Court's Hobby Lobby decision means the company doesn't have to pay for contraception through its employer-sponsored health insurance plans, many of the company's employees may still want access to the birth control that they legally have a right to.
What does that mean? Either the government or health insurance companies will have to pick up the tab.
For religious organizations that are already exempt from the mandate, the insurance company basically eats the cost. The onus is on the insurer to notify women in the health plan that it will be "providing them separate no-cost payments for contraceptive services for as long as they remain enrolled," according to <a href="http://www.hhs.gov/news/press/2013pres/06/20130628a.html" target="_blank">a press release from the Department of Health and Human Services</a>.
No word on what happens if a private insurer is religiously opposed to contraception, but the other option, proposed by Supreme Court Justice Samuel Alito, is that the government provides the contraception free of charge.
<h2>Paying For Contraception Costs Way Less Than An Unintended Pregnancy</h2>
The U.S. government already shoulders a tremendous burden when it comes to paying for both family planning and unintended pregnancies (when a woman becomes pregnant even though she wasn't planning to).
The government spent $12.5 billion on births resulting from unintended pregnancies nationwide in 2008 through publicly funded programs like Medicaid, <a href="http://www.guttmacher.org/pubs/FB-Unintended-Pregnancy-US.html#13" target="_blank">according to a report from The Guttmacher Institute</a>.
Currently about <a href="http://www.guttmacher.org/pubs/FB-Unintended-Pregnancy-US.html#13" target="_blank">3.4 million</a>, or half of pregnancies in the United States each year are unintended, and the rates are highest among low-income and minority women. Contraception plays a significant role in reducing unintended pregnancies.
The Guttmacher Institute reports notes that two-thirds of women who are at risk of getting pregnant take birth control "consistently and correctly." The at-risk women who do not use birth control, meanwhile, account for more than half of all unintended pregnancies. While some people may voluntarily forego contraception, the population of women who do not use birth control may well grow on the heels of the Hobby Lobby decision.
Making it more difficult for women to obtain contraception won't make them less likely to need it, but it may make them less likely to use it - or less likely to seek employment at whatever company chooses to make things more complicated.
Given that the average woman spends <a href="http://www.guttmacher.org/pubs/FB-Unintended-Pregnancy-US.html#13" target="_blank">three decades</a> trying to avoid an unintended pregnancy, the widespread access to contraception mandated by the ACA - and hobbled by this latest decision - was designed as a way to reduce costs for individuals and taxpayers as a whole.
The financial effect of the decision on businesses won't be known for some time, and that's part of the problem. "The court, I fear, has ventured into a minefield," Supreme Court Justice Ruth Bader Ginsburg <a href="http://www.businessinsider.com/ruth-bader-ginsburg-dissent-hobby-lobby-2014-6" target="_blank">warned in her dissent</a>, noting that the decision was "bound to have untoward effects."
It's no wonder corporate America is not lining up behind Hobby Lobby to applaud.

For Corporate America, Paying For Birth Control Actually Saves Money

The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears," Sanjay Jha, Secretary Standing committee (General Insurance, All India Insurance Employees Association-AIIEA), told IANS. Jha said the AIIEA and other unions have rejected the 'disappointing' offer. According to him, the Joint Forum of Trade Unions and Associations will hold demonstrations during the lunch recess demanding a respectable wage offer maintaining insurance sector parity. "The financial position of the companies in 2017 was good. There is no reason for the management to make such an offer. Perhaps it is done to delay the wage revision further," said Vijay Sharma, President, National Confederation of General Insurance Officers Association (CONFED) and All India President of New India Assurance Officers Association. Sharma said the employees expect at least a 15 per cent hike offer, similar to what was given to the employees of Life Insurance Corporation of India. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/pankaj-tripathi-could-have-been-a-politician-like-his-character-in-mirzapur/articleshow/92403253.cms">Pankaj Tripathi could have been a politician like his character in Mirzapur</a> <a href="https://www.businessinsider.in/business/ecommerce/news/recommerce-platform-cashify-raises-90-mn-in-its-series-e-funding/articleshow/92402742.cms">Recommerce platform Cashify raises $90 mn in its Series E funding</a>

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

The new fiscal year 2020-21 has started for about 1.14 lakh employees of <keyword id="6368369" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation-of-india">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="COMPANY" weightage="20" keywordseo="LIC">LIC</keyword>) on a happy note with over 25 per cent hike in their <keyword id="44629" type="PERSON" weightage="20" keywordseo="pay-packets">pay packets</keyword>, said a top union leader. The Central government on Thursday notified the revised pay packets for <keyword id="532212" type="UNKNOWN" weightage="20" keywordseo="LIC-EMPLOYEES">LIC employees</keyword>. The wage revision is effective from 1.8.2017. "The employees are happy with the wage revision that has come at a difficult situation. The pay hike for the employees is expected to be over 25 per cent per month," <keyword id="11107200" type="UNKNOWN" weightage="20" keywordseo="shreekant-mishra">Shreekant Mishra</keyword>, General Secretary, <keyword id="699829" type="COMPANY" weightage="20" keywordseo="All-India-Insurance-Employees-Association">All India Insurance Employees Association</keyword> (AIIEA) told IANS. He said a loading of 15 per cent has been given after 100 per cent neutralization of dearness allowance (DA) at 6,352 points of consumer price index (CPI). An additional Special Allowance ranging between ₹1,500 to ₹13,500 per month has been introduced for all cadres, which shall be reckoned for the purpose of calculation of dearness allowance (DA) but will not count for any other purpose i.e. house rent allowance, city compensatory allowance, privilege leave encashment, gratuity, superannuation benefit and others. Mishra said the overall increase in LIC's total wage bill will be about ₹2,700 crore per year. Mishra also said it will be five day week for LIC employees. "In the first round, the management offered 10 per cent wage hike and it was revised upwards in the second round to 15 per cent. We said the offer does not meet our expectations," Mishra said. According to Mishra, the 15 per cent wage hike offer was made on September 30, 2020 and the first offer of 10 per cent hike was made in March 2019. "We were having regular discussions with the management on the wage revision," Mishra said. The AIIEA had submitted a charter demanding 40 per cent wage hike. In the last wage agreement, the hike given was 25 per cent at average. Mishra said the unions next focus is to conclude wage revision for the employees of the government companies in the general insurance sector. The management of the four government owned general insurance companies are yet to call a meeting of the unions there for wage revision talks, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/news/flipkart-acquires-cleartrip-in-an-effort-to-cement-its-position-in-the-travel-booking-segment/articleshow/82081931.cms">Flipkart acquires Cleartrip in an effort to cement its position in the travel booking segment</a> <a href="https://www.businessinsider.in/science/health/news/remdesivir-injection-price-jumps-five-times-as-covid-19-cases-rise/articleshow/82083414.cms">The utter chaos and confusion over Remdesivir in India is making the COVID-19 second wave worse</a> <a href="https://www.businessinsider.in/careers/news/jira-and-trello-maker-atlassian-is-looking-to-hire-300-engineers-in-india-in-2021/articleshow/82083765.cms">Atlassian, the maker of Jira and Trello, is looking to hire 300 engineers in India this year</a>

Around 1.14 lakh LIC employees to get over 25% hike in their salaries

The proposed amendment to the definition of health insurance business is not exhaustive and may lead to disputes at the time of claims, said four <keyword id="57570" type="General" weightage="20" keywordseo="Unions" source="Orion">unions</keyword> in the Life Insurance Corporation of India (<keyword id="6367143" type="General" weightage="20" keywordseo="LIC" source="Orion">LIC</keyword>). The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers. The four unions are: Federation of LIC of India Class I Officers' Association, National Federation of Insurance Field Workers of India, All India Insurance Employees Association and All India LIC Employees Federation. The Indian government has proposed drastic changes to the two insurance laws - Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999- and has called for stakeholders views the planned changes. Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws. The government also proposes to allow an insurer to distribute other financial products as specified by and subject to regulations and to services related or incidental to insurance business. As per the proposed amendment to Section 2(6C) of the Insurance Act 1938 "health insurance business" means effecting contracts of insurance that provide sickness benefits or pay for medical and health expenses. Quoting the existing definition in the Act, the four unions said the existing definition of health insurance business is explicit to include sickness, medical, surgical or hospital expense benefits. However, the proposed amendment is not elaborative which may lead to dispute during a claim and the insurers may find scope to harass the customer. Therefore, the existing definition should not be replaced, the four unions said. The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders. Industry experts also told IANS that the policyholders funds should be ring fenced so that it is not touched by the players in the case of any liability that may arise due to selling other financial products. The amendments to the laws are proposed in order to increase the penetration of insurance in the country, which continues to be low even after over two decades after opening up the sector. The employee unions are also against the government's plan to bring down the net owned funds to Rs.500 crore from the existing Rs 5,000 crore for a reinsurer. Moreover, the minimum requirement of Rs 5,000 crore was enacted years back. Since then, huge inflation has taken place. "Reduction in requirement by one tenth may result in insolvency which will put the customers in great sufferings. Therefore, we are of the opinion not to reduce the amount of net owned funds for new registration," the unions said. Referring to the proposed amendments to Section 27 of the Insurance Act, the unions said the proposed change does not define the liability, which may lead to misappropriation by the insurers. Therefore, the liability must be defined in explicit terms. On the proposed deletion of Section 27A of the Insurance Act the unions said: "This section deals with the provision of investments with a conservative view to safeguard the interests of the policy holders. Omission of this section may allow for irresponsible investments by the insurers causing huge harm to the customers." The unions are also against allowing multilevel marketing in the insurance sector. Appointment of principal agent, chief agent and special agent to transact any insurance business will bring complexity in the system and will increase the probability of mis-selling as well as fraudulent acts, they said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-motors-subsidiary-to-operate-921-electric-buses-in-bluru/articleshow/96294242.cms">Tata Motors subsidiary to operate 921 electric buses in B'luru</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

<ul><li>In the <keyword id="6356925" type="General" weightage="20" keywordseo="bfsi" source="Orion">BFSI</keyword> segment, <keyword id="2461546" type="General" weightage="100" keywordseo="fintech" source="Orion">fintech</keyword> firms lead the way with a 41% increase in their <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> intent. </li><li>To stay competitive, companies need to foster a culture of innovation and agility, which encourages employees to experiment with new ideas and technology.</li><li>By 2023, the gap between the best workplaces and other workplaces has increased to 5%, making the adoption of best workplaces practices even more crucial.</li></ul>The <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword>, Financial Services and Insurance (BFSI) sector is projected to witness a strong surge in hiring activities in the next year, with companies planning to hire 26% more employees than the current year. Fintech firms, in particular, lead the way with a 41% increase in their hiring intent, showcasing the rapid growth and impact of the industry in India's 1financial landscape, according to the Best Workplaces in BFSI in 2023 report by Great Place To Work. The fintech companies are followed by the Non-Banking Financial Companies (NBFCs) with a 27% increase, Insurance with 21%, and Banking/Credit Services with 15% more hiring prospects. Additionally, companies across the BFSI spectrum are showing increased interest in evaluating and improving their workplace culture, with a notable 12% rise in this aspect compared to the previous year, highlighting a commitment to creating a positive work environment for employees. <cmsannotation type="cmsannotation" annotationid="Employee experience differs across verticals" comment="subhead" text="Employee experience differs across verticals"><keyword id="3315184" type="General" weightage="20" keywordseo="employee-experience" source="Orion">Employee experience</keyword> differs across verticals</cmsannotation> Advancements in technology have led to increased opportunities for consumers to conduct transactions across various sectors on a single platform, blurring the lines between industries. The evolving landscape is characterised by government support, domestic demand, and technological progress. Amidst these changes, the focus on people-centricity remains consistent. Employees are now seen as enablers and facilitators in this dynamic environment, leading to a heightened emphasis on workplace culture. Over the past four years, the overall employee experience in the BFSI industry has seen a positive increase of 5 points, moving from 79 to 84. This improvement has resulted in the industry securing the 5th position in terms of employee experience when compared to other sectors. However, banking and credit companies have seen a decline in experience, while fintech companies have focussed on cultural assessment. Life insurance companies have come out on top when it comes to employee experience. <cmsannotation type="cmsannotation" annotationid="The need to adopt best workplace practices" comment="subhead" text="The need to adopt best workplace practices">The need to adopt best workplace practices</cmsannotation> By 2023, the gap between the best workplaces and others has increased to 5%, making the adoption of best workplaces practices even more crucial. Notably, the BFSI industry has experienced a significant rise of 9% in leadership behaviours associated with impartiality and active involvement in decision-making over the past four years. This indicates a growing focus on fairness and inclusivity within the industry. Says Yeshasvini Ramaswamy, CEO, Great Place To Work India, “The BFSI sector in India is one of the most important pillars of the country's economy. The industry is witnessing significant growth due to increased digitization and government initiatives to boost financial inclusion. To stay competitive, companies need to foster a culture of innovation and agility, which encourages employees to experiment with new ideas and technology.” The increased hiring within the sector highlights its resilience and contribution to economic recovery and employment generation in India.

Fintechs show strongest hiring intent in BFSI sector, focus on improved employee experience

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy Northwell HealthNorthwell Health CEO Michael Dowling.</div></div></div><ul class="summary-list"><li>Northwell Health in 2013 launched a health plan for the Affordable Care Act's market in New York.</li><li>A few years later, the largest health system in New York decided to exit the market, after experiencing major financial losses. </li><li>Even so, CEO Michael Dowling hopes to one day operate a health plan again as a way to allow the health system to care for patients in a different way. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>Michael Dowling has tried his hand at operating an insurance plan.Dowling is the CEO of Northwell Health, which operates 23 hospitals and 750 other healthcare sites. The health system made $11.5 billion in revenue in 2018, making it the largest by revenue in New York. Northwell's insurance plan, called CareConnect, got its start selling plans in 2013 on the health-insurance markets set up under the Affordable Care Act, otherwise called "Obamacare." In 2017, after 3.5 years of operations, Northwell decided to wind down the insurance unit, <a href="https://www.modernhealthcare.com/article/20170824/NEWS/170829935/northwell-health-shutting-down-careconnect-insurance-unit">citing heavy financial losses.</a>Eventually, though, Dowling said he wants to get back into the health-plan business."Would I love to be in the insurance business? Yes. Will I be in it at some point in the future? Yes," he said.Because Northwell shut down CareConnect, the company will have to wait several years before it can start a new insurance operation.In the interview, Dowling didn't get into details on how a future insurance effort would differ from the company's failed attempt. In the meantime, Northwell's looking to strike up more contracts with employers to manage the health of their employees, a venture that can be similar to insurance because it requires the health system to take on financial responsibility for caring for big groups of people.Read more: <a href="https://www.businessinsider.com/lessons-learned-from-providence-st-joseph-direct-contracting-employers-boeing-2018-12">A failed deal with Boeing taught a $23 billion health system 5 key lessons about how to work with big companies to shake up healthcare</a>Northwell has blamed ACA regulations for its financial losses and the decision to shut down the insurer. Northwell has said that rules in the ACA that were supposed to stabilize the insurance market and help insurers that signed up the sickest and costliest members ended up putting it at a disadvantage."Obamacare had components in it that were ridiculous," Dowling told Business Insider in a recent interview. "Obamacare forced us to lose money we shouldn't have lost." Dowling said his experience with running a health plan as the ACA was getting off the ground has led him to oppose single-payer healthcare, or the idea that all of healthcare will be paid for by the US government. The idea has been gaining traction among Democrats ahead of the <a href="https://www.businessinsider.com/cvs-humana-and-unitedhealth-comment-on-medicare-for-all-2019-5">2020 presidential election</a>. "Think of anything the government completely runs and tell me if it goes well," Dowling said, pointing to the health system run by the Department of Veteran Affairs, as well as public hospitals. "Any hospital that is completely government paid is underwater, losing its shirt."Northwell generated <a href="https://www.northwell.edu/sites/northwell.edu/files/2019-05/Northwell-Health-2019-Annual-Report.pdf">65% of its revenue</a> from the government-funded Medicare and Medicaid programs last year.Read more: <a href="https://www.businessinsider.com/northwell-healths-michael-dowling-on-the-future-of-the-hospital-2019-5">The biggest health system in New York used to make 80% of its revenue from hospitals. A decade later, that's down to half.</a><h2>Why Dowling wants Northwell to operate a health plan</h2>Northwell currently offers a lot of services that are aimed at keeping patients healthy, such as employing a Michelin-star chef to provide better nutrition for patients and telemedicine appointments. Currently, Northwell doesn't benefit financially from keeping patients healthy. Instead, it largely makes its money when patients see a doctor or get an operation. Running an insurance company would change that, because insurance companies are more profitable when their patients stay healthy or get care at a lower cost.In the meantime, Dowling is also working to more directly manage the health of self-insured employers, a move that health systems across the US have been doing as a way to get paid more based on how healthy they can keep employees, rather than how many times those workers go to the doctor.Employers like <a href="https://hbr.org/cover-story/2019/03/how-employers-are-fixing-health-care">Walmart</a>, <a href="https://www.businessinsider.com/gm-approach-to-tackling-employer-healthcare-costs-by-going-direct-2018-8/">General Motors</a>, and <a href="https://www.businessinsider.com/lessons-learned-from-providence-st-joseph-direct-contracting-employers-boeing-2018-12">Boeing</a> have been using the approach, working directly with doctors and health systems rather than having health insurers manage those relationships. <a href="https://www.northwell.edu/at-work-health-safety-wellness-business-services">Right now</a>, Northwell offers injury management programs, preventive services like flu shots, and will run clinics for big companies at their offices or nearby. It's working to contract directly with employers in New York to manage the healthcare of their employees to keep them healthier and out of the hospital. <ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/clover-health-q1-first-quarter-2019-financial-results-for-medicare-advantage-2019-5" data-read-more-link="" data-e2e-name="read-more-link">We took a look at the latest financial results for health insurer Clover Health, which raised $500 million in January and laid off 25% of its staff in March</a></li><li><a href="https://www.businessinsider.com/cvs-humana-and-unitedhealth-comment-on-medicare-for-all-2019-5" data-read-more-link="" data-e2e-name="read-more-link">The biggest health insurers in America are taking 'Medicare for All' very seriously</a></li><li><a href="https://www.businessinsider.com/troy-medicare-advantage-will-pay-pharmacists-to-keep-elderly-members-healthy-2019-4" data-read-more-link="" data-e2e-name="read-more-link">A health insurance startup in North Carolina is betting on pharmacists in an entirely new approach to a $327 billion market</a></li><li><a href="https://www.businessinsider.com/bright-health-insurance-startup-financial-results-aca-medicare-advantage-2019-3" data-read-more-link="" data-e2e-name="read-more-link">We got a look at the 2019 plans for venture-backed health-insurance startup Bright Health, which says it doubled its membership again</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-cbd-oil-how-made-marijuana-cannabis-plant-health-2018-8">What is CBD oil and how did it become a $1 billion industry?</a></h3> <div> </div> </div>

After a devastating failure, the CEO of the largest health system in New York wants to get back into the health insurance business

Getty Images/PoolLast-minute changes to the proposed Republican overhaul of the US healthcare system may not be limited to the individual insurance market, according to a new report.An analysis from the <a href="https://www.wsj.com/articles/little-noted-provision-of-gop-health-bill-could-alter-employer-plans-1493890203">Wall Street Journal's Stephanie Armour and </a><a href="https://www.wsj.com/articles/little-noted-provision-of-gop-health-bill-could-alter-employer-plans-1493890203">Michelle Hackman</a> found that a provision in a recent amendment of the American Health Care Act could allow employers to gut some of Obamacare's biggest health insurance protections for their employees.The amendment would allow states to apply for waivers to rescind two major regulations of Obamacare, if the state can prove that healthcare costs would decrease as a result. That has led to concerns about its potential effects on the individual insurance market, but it could also change insurance for people that get coverage through their jobs.One of those Affordable Care Act-implemented protections, called essential health benefits (EHB), requires insurers to cover a baseline of 10 health procedures and items including emergency-room visits, prenatal care, mental health care, and some prescriptions.Under Obamacare, employer plans could not place a lifetime limit on the amount the plans pay out on EHBs and required plans to limit the amount of out-of-pocket costs an employee had to pay annually, <a href="https://www.wsj.com/articles/little-noted-provision-of-gop-health-bill-could-alter-employer-plans-1493890203">according to the Journal.</a> That made plans more costly for employers, but also provided better coverage for employees.In 2011, according to the Journal, the Obama administration said companies could select whichever state's regulations they wanted for their insurance plans. But that had little practical effect, since EHBs were mandated nationwide.But the AHCA could allow a firm to drop these protections for employees by choosing regulations from a state granted a waiver.Here's an example: a company could have operations in South Carolina and Vermont. If South Carolina is granted a waiver and drops the lifetime limit on maternity care for insurance plans, the company could use that baseline to put a lifetime cap on maternity care for employees in Vermont, as well.Roughly half of all Americans get their insurance through their workplace, so any weakening of those protections could be wide-ranging.It would remain to be seen if employers would be willing to drop the protections. Larry Levitt, a senior vice president at the Kaiser Family Foundation, a nonpartisan health-policy think tank, told the Journal that many employers may continue to provide these protections to be competitive in attracting talent.<h3><a href="https://www.wsj.com/articles/little-noted-provision-of-gop-health-bill-could-alter-employer-plans-1493890203">Read the full analysis at the Wall Street Journal»</a></h3> <h3>NOW WATCH: <a href="http://www.businessinsider.com/yale-professor-governments-use-disasters-control-society-george-bush-911-donald-trump-2017-4">A Yale history professor explains how governments can use disasters and tragedies to control society</a></h3> Please enable Javascript to watch this video

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