Why Care Health Insurance is in Trouble? | Care Health Insurance Share News
IRDAI has imposed a fine of ₹1 crore on Care Health Insurance Ltd and has also ordered the return of ESOPs granted to Rashmi Saluja. According to the 2016 Remuneration Guidelines, non-executive directors should only receive "profit-related commission" and "sitting fees." However, Rashmi Saluja was directly awarded ESOPs, which IRDAI has deemed a violation of the rules. This is because Care Health Insurance Ltd (CHIL) was unable to prove whether the employees who received the ESOPs were non-executive directors at that time or not.
Now, IRDAI has ordered CHIL to take back the 75,69,685 shares that were granted to Rashmi Saluja, at the same price—₹45.32 per share. Additionally, the Enforcement Directorate (ED) summoned three independent directors of Care Health Insurance for questioning on August 5.
About Care Health Insurance Unlisted Shares:
Care Health Insurance Pre IPO is a specialized health insurer offering products in the retail segment for Health Insurance, Top-up Coverage, Personal Accident, Maternity, International Travel Insurance and Critical Illness along with Group Health Insurance and Group Personal Accident Insurance for Corporates, Micro Insurance Products for the Rural Market and a Comprehensive Set of Wellness Services. It was the insurance arm of Religare Enterprise limited which is a specialized Health Insurer offering health insurance services to employees of corporates. It is marketed by a team behind the hospital chain known as Fortis Health Care which is one of the six standalone health insurers in India. Last year company opened 50 new branches by which total count increased by 208 and 18,900 healthcare network providers to facilitate cashless services to its customers. Care Health Insurance company Limited(renamed from Religare Health Insurance) was incorporated on July 2012 headquartered in Gurugram, Haryana.
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