FIFTEENTH ANNUAL REPORT

2019-2020

Regd. & Corporate Office: 1, New Tank Street, Valluvar Kottam High Road,
Nungambakkam, Chennai – 600034.
Phone : 044 – 28288800 Telefax : 044 – 28260062
Website : www.starhealth.in Email.info@starhealth.in
CIN No. U66010TN2005PLC056649 IRDAI Regn. No.129.
 STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED

INDEX

S.NO. CONTENTS PAGE NO.

1 Board’s Report and its Annexures 1 - 48

2 Independent Auditors Report with Annexure 49 - 55

3 Independent Auditors Certificate 56 - 57

4 Financial Statements

a) Revenue Account 58 - 60

b) Profit and Loss Account 61

c) Balance Sheet 62

d) Schedules forming part of Financial 63 - 81

Statement
5 Significant Accounting Policies 82 - 91

6 Notes to Financial Statements 92 - 118

7 Management Report 119 - 122

8 Cash Flow 123

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Note: 2

Mr. Berjis Desai chaired the Audit Committee Meeting only on 06th November 2019.

B. Investment Committee

During the Year, four Investment Committee Meetings were held on 30thMay 2019, 06th August
2019, 06th November 2019 and 14th February 2020

The details and attendance of the Investment Committee Meeting is given below.

Number of Investment
S. Committee Meetings
Name Category
No. attended / held during the
year 2019-20
Chairman
1 Mr. V. Jagannathan Chairman & CEO 4/ 4
Members
2 Mr. D.R.Kaarthikeyan Independent Director 2/ 4
3 Dr. M Y Khan Independent Director 2/4
4 Mr. V. P. Nagarajan # Director 0/ 4
5 Ms.Justice KBK Vasuki Director 2/4
6 Mr.N. Jayaraman Chief Investment Officer 3/ 4
7 Mr. Aneesh Srivastava ** Chief Investment Officer 1/ 4
8 Mr. P V S Lakshmi Prasad Chief Risk Officer 1/ 4
9 Mr. R Margabandhu * Chief Risk Officer 3/ 4
10 Mr.S Venkataraman Chief Financial Officer 4/4
11 Mr. Berjis Desai Independent Director 1/4
12 Mr. Utpal Sheth Director 2/4
Nominee Director,
Mr.Sumir Chadha
13 WestBridge AIF I 2/4
Nominee Director,
Mr.Deepak Ramineedi
14 WestBridge AIF I 2/4
15 Mr. Rohit Bhasin Independent Director 1/4
16 Mr. Chandrashekhar Dwivedi, Appointed Actuary 4/4

#
Resigned with effect from 25-04-2019
*Appointed with effect from 1-06-2019.
**Appointed with effect from 18-01-2020.

Note: 1
The Constitution of the Investment Committee during the year is as given below

Investment Committee Investment Committee Investment Committee

constitution as of 06th constitution w.e.f 06th November constitution w.e.f 14th
August 2019 2019 February 2020
Chairman Chairman Chairman
Mr.V Jagannathan, Chairman Mr.V Jagannathan , Mr.V Jagannathan, Chairman &
cum Managing Director Chairman cum Managing Director CEO

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 Investment Committee Investment Committee Investment Committee
constitution as of 06th constitution w.e.f 06th November constitution w.e.f 14th
August 2019 2019 February 2020
Members Members Members
Mr.D R Kaarthikeyan, Mr. Berjis Desai, Independent Dr S Prakash, Managing
Independent Director Director Director
Dr.M Y Khan, Independent Mr. Rohit Bhasin, Independent Mr. Anand Shankar Roy,
Director Director Managing Director
Ms.Justice (Retd) K B K Mr. Utpal Sheth, Non- Executive Mr. Berjis Desai, Independent
Vasuki , Non-Executive Director Director
Director
Mr. N Jayaraman, CIO Mr. Sumir Chadha, Nominee Mr. Rohit Bhasin, Independent
Director, Westbridge AIF I Director
Mr. S Venkataraman, CFO Mr. Deepak Ramineedi, Nominee Mr. Utpal Sheth, Non- Executive
Director, Westbridge AIF I Director
Mr. Chandrashekar Dwivedi, Mr. N Jayaraman, CIO Mr. Sumir Chadha, Nominee
Appointed Actuary Director, Westbridge AIF I
Mr. R Margabandhu, Chief Mr. S Venkataraman, CFO Mr. Deepak Ramineedi,
Risk officer Nominee Director, Westbridge
AIF I
- Mr. Chandrashekar Dwivedi, Mr. D R Kaarthikeyan, Director
Appointed Actuary
- Mr. R Margabandhu, Chief Risk Mr. Aneesh Srivastava, CIO
officer
- - Mr. S Venkataraman, CFO
- - Mr. Chandrashekar Dwivedi,
Appointed Actuary
- - Mr. R Margabandhu, Chief Risk
Officer

C. Risk Management Committee

During the year, four Risk Management Committee Meetings were held on 09th May 2019, 24th
July 2019,24th October 2019 and 14th February 2020.

The Risk Management Committee performs the functions of the ALM and Ethics Committee.

The details and attendance of the Risk Management Committee Meeting is as given below.

Number of Risk
Management
S.No. Name Category Committee Meetings Remarks
attended / held during
the year 2019-20
Chairman
Mr.
1 Chairman & CEO 4/ 4
V.Jagannathan
Mr. D R Independent w.e.f 14th February
2 0/4
Kaarthikeyan Director 2020

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 Number of Risk
Management
S.No. Name Category Committee Meetings Remarks
attended / held during
the year 2019-20
Members
Senior Executive Removed as a result of
3 Mr.S Sundaresan Director 1/4 re-constitution w.e.f 06th
(Designated) November 2019
Senior Executive Removed as a result of
4 Mr.V.Jayaprakash Director 3/4 re-constitution w.e.f 06th
(Designated) November 2019
Removed as a result of
5 Mr.H.Srinivasan Vice President ¾ re-constitution w.e.f 06th
November 2019
Mr. P V S Retired w.e.f 30th May
6 Chief Risk Officer ¼
Lakshmi Prasad 2019
Nominee
Included w.e.f 06th
7 Mr. Arun Duggal Director,WestBridge ¼
November 2019
AIF I
Non- Executive Included w.e.f 06th
8 Mr. Utpal Sheth ¼
Director November 2019
9 Dr S Prakash Managing Director 0/4 w.e.f 14th February 2020
Mr. Anand w.e.f 14th February
10 Managing Director 0/4
Shankar Roy 2020
Removed as a result of
Mr. R
11 Chief Risk Officer ¾ re-constitution w.e.f 06th
Margabandhu
November 2019

Note: 1

The Constitution of the Risk Management Committee during the year is as given below

Risk Management Committee Risk Management Committee Risk Management

constitution as of 06th August constitution w.e.f 06th Committee constitution
2019 November 2019 w.e.f 14th February 2020
Chairman Chairman Chairman
Mr.V Jagannathan, Chairman Mr.V Jagannathan , Mr. D R Kaarthikeyan,
cum Managing Director Chairman cum Managing Director Director
Members Members Members
Mr V Jayaprakash, Sr. Mr. Utpal Sheth, Non – Executive Mr. Utpal Sheth, Non –
Executive Director Director Executive Director
Mr. S Sundaresan, Sr. Executive Mr. Arun Duggal, Nominee Mr. Arun Duggal, Nominee
Director Director ,Westbridge AIF I Director ,Westbridge AIF I
Mr. P V S Lakshmi Prasad, Convener Dr S Prakash, Managing
Chief Risk Officer Director
Mr. H Srinivasan, Sr. Vice Chief Risk Officer Mr. Anand Shankar Roy,
President Managing Director
- Invitee Convener
- Appointed Actuary Chief Risk Officer
- - Invitee
- - Appointed Actuary

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 D. Policy Holders Protection Committee

During the Year, Four Policy Holders Protection Committee Meetings were held on 16-04-2019,
24-07-2019, 06-11-2019, 14-02-2020.

Mr. Sivaraman, Expert attended two meetings of the Policyholders Protection Committee.

No. of Policy
Holders
Protection
S.No. Name Category Committee Remarks
Meetings attended
/ held during the
year 2018-19
Chairman
1 Mr. V.Jagannathan Chairman & CEO 1/ 4
1/ 4 Resigned w.e.f 25th
#
2 Mr. V. P. Nagarajan Director April 2019
Non- Executive 2/4 w.e.f 06th November
3 Mr. Utpal Sheth Director 2019
Members
4/ 4 Removed as a result
of re-constitution
w.e.f 14th February
4 Mr. V.Jagannathan Chairman &CEO 2020
2/4 Removed as a result
of re-constitution
Sr. Executive w.e.f 06th November
5 Mr.V.Jayaprakash Director (Designated) 2019
¼ w.e.f 06th November
Ms. Anisha Motwani Independent Director
6 2019
Nominee Director, 2/4 w.e.f 06th November
Mr. Deepak Ramineedi
7 WestBridge AIF I 2019
Mr. P V S Lakshmi 1/4 Retired w.e.f 30th
Chief Risk Officer
8 Prasad May 2019
2/4 Removed as a result
of re-constitution
Mrs. Vijayalakshmi Grievance Redressal w.e.f 06th November
9 Pandit Officer 2019
¼ Removed as a result
of re-constitution
w.e.f 06th November
10 Mr.R Margabandhu Chief Risk Officer 2019
0/4 w.e.f 14th february
11 Dr S Prakash Managing Director 2020
Mr.Anand Shankar 0/4 w.e.f 14th February
12 Roy Managing Director 2020

# resigned w.e.f 25th April 2019

Note: 1

The Constitution of the Policy Holders Protection Committee during the year is as given below

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 Policyholders Protection Policyholders Protection Policyholders Protection
Committee constitution as of Committee constitution w.e.f Committee constitution w.e.f
06th August 2019 06th November 2019 14th February 2020

Chairman Chairman Chairman

Mr.V Jagannathan, Chairman Mr. Utpal Sheth, Non-Executive Mr. Utpal Sheth, Non-Executive
cum Managing Director Director Director

Members Members Members

Mr. V Jayaprakash , Sr. V Jagannathan, CMD Dr S Prakash, Managing

Executive Director Director

Mr. S Sundaresan, Senior Ms. Anisha Motwani, Mr. Anand Shankar Roy,
Executive Director Independent Director Managing Director

Mr. P V S Lakshmi Prasad, Mr. Deepak Ramineedi, Mr. D R Kaarthikeyan, Director

Chief Risk Officer Nominee Director, Westbridge
AIF I

Mr. H Srinivasan, Sr. Vice Invitees Ms. Anisha Motwani,

President Independent Director

- Appointed Actuary Mr. Deepak Ramineedi,

Nominee Director, Westbridge
AIF I

- Grievance Redressal Officer Invitees

- Chief Risk Officer Appointed Actuary

- Expert/Representative Grievance Redressal Officer

- - Chief Risk Officer

- - Expert/Representative

E. Nomination Remuneration Committee

During the year, four Nomination and Remuneration Committee Meetings were held on 30 th May 2019,
06th August 2019, 06th November 2019, 14th February 2020.

The attendance of each Members of Nomination Remuneration Committee Meeting is detailed herein
below.

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Annexure B

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