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With the world facing trying times due to the coronavirus outbreak and several countries coming to a stand-still. It is apparent for most brands to avoid a hit on their business due to the once-in-a-lifetime pandemic situation. Brands in the aviation, hospitality, travel, oil and gas, restaurants, and the retail sectors appear to have been impacted the most. However, there are a few names in some industries that have witnessed a substantial surge or at least consistency, in the demand and supply of their offerings since the beginning of the pandemic, besides the obvious ones like the food and the healthcare sectors.

Claims Settlement Claims under COVID-19 are required to be handled expeditiously and reviewed by the claims review committee of the Insurer before repudiation. Indemnity based health insurance products providing coverage for the hospitalization treatment costs (including the standalone “Arogya Sanjeevani Policy” health insurance product) are expressly required to cover the costs of hospitalization treatment incurred on account of COVID -19. With respect to unit linked policies maturing by 31 May 2020, where fund value is to be paid in lumpsum, Life Insurers have been permitted to offer settlement options in accordance with the erstwhile R25 of the IRDA (Linked Insurance Products) Regulations 2013, regardless of whether such option exists under the specific product. In terms of such settlement options, Life Insurers are also required to exercise all due diligence and clearly explain the possible risk of continued fluctuation of fund value based on daily NAV, and obtain the clear consent of the policyholder.

1. IRDAI has vide its circular dated March 4, 2020, instructed all insurers providing health insurance policies and covering costs of hospitalization to: review and expeditiously settle all claims with respect to costs of medical expenses incurred during treatment or during quarantine period as per the terms and conditions of the insurance policy; and devise policies to cover the costs of treatment of Covid-19 in order to meet health insurance requirements of various sections.

The Insurance Regulatory and Development Authority of India (hereinafter referred to as ‘IRDAI’) issued a circular on March 04, 20201(hereinafter referred to as ‘Circular’) for claims related to Corona virus. The IRDAI has directed all the health insurance companies to include medical cover for COVID-19 irrespective of the nature of policy held by the consumer.

Insurance sector plays a very vital role in stimulating the economy. It promotes financial stability, facilitates trade and commerce, manages and strengthens the risk-taking ability. IRDAI is responsible for monitoring the entire insurance sector in India and acts as the custodian for all insurance consumers’ rights. In light of the incessant spread of Covid-19 and prolonged lockdown in India, IRDAI has taken several steps by way of issuing circulars and press releases to provide guidance, clarification and relaxation to insurers and policyholders with the view to provide necessary support and protection in the present unprecedented circumstances. 

Complaints related to e-commerce companies pertained to “unclear guidelines for quality check of the products, lack of standardisation of refund, delivery and exchange policy. The Centre received the maximum complaints against e-commerce giants last year, prompting the Quality Council of India (QCI) to suggest that the government should “name and shame” such companies with total number of pending customer grievances.

India is the fastest growing market for the e-commerce sector. According to quoted figures, the revenue from the e-commerce sector is expected to increase from USD 39 billion in 2017 to USD 120 billion in 2020, growing at an annual rate of 51 percent, the highest in the world. Most of this growth is credited to the increasing funding received from across the world since 2009 and also to the higher engagement with the consumer base on account of increase in internet and smartphone penetration in India.

Just to outline, there are two models of e-commerce activities viz: Inventory based model-where inventory of goods and services is owned by the e-commerce entity and is sold to the customers directly. FDI is not permitted in such inventory-based model of e-commerce. Marketplace based model-where the e-commerce entity provides only information technology platform on a digital and electronic network to act as a facilitator between buyer and seller. 100% FDI is permitted under automatic route under this model, subject to certain conditions.

Ahead of the 2019 Lok Sabha Elections Prime Minister Narendra Damodar Modi and BJP Government has brought in another Masterpiece legislation which is a Point Blank hit to online Retail Giants like Flipkart and Amazon. This is the Era of E-commerce from clothes to groceries, from furniture to electronics you and me buy everthing online  as a result of which, Jeff Bezos Founder , CEO, Chairman of Amazon ( Apni Dukaan) is one of the richest in the World whereas small retailers in your community, neighbourhood (actually apni dukaan) are vanishing day by day as they are unable to cope up with the hefty discounts and exclusive sale agreement of these big shots. However the Indian Government has come to their rescue by presenting the Latest E-commerce Policy of India, 2018.

Today, many products require testing for conformance with specifications or compliance with safety or other regulations before they can be put on many markets. Even simpler products may require supporting technical documentation that includes test data. With so much trade taking place across borders, it may just not be practical for these activities to be carried out by suppliers and customers, but rather by specialized third parties. In addition, national legislation may require such testing to be carried out by independent bodies, particularly when the products concerned have health or environmental implications. In fact, conformity assessment has become an important component of world trade which is most often carried out by specialist organizations, such as inspection and certification bodies and testing laboratories. QCI coordinates programmes for conformity assessment and related processes.