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More stern guidelines for health insurance products
More stern guidelines for health insurance products. In a bid to check rising instances of fraud, insurance regulator IRDA plans to bring in more stringent regulations by standardising health insurance products. According to the regulator, the health insurance is picking up very fast and so are frauds.
IRDA plans to bring new regulations to check rising instance of fraud and uniform growth of the industry
We are coordinating with all the research bodies like laboratories, diagnostic centres and hospitals to establish standard norms for various services which are part of the health insurance segment - Vijayalaxmi Iyer
Mumbai : In a bid to check rising instances of fraud, insurance regulator IRDA plans to bring in more stringent regulations by standardising health insurance products. According to the regulator, the health insurance is picking up very fast and so are frauds.
"We at IRDA do believe that health insurance is picking up very fast, but so is the fraud," the newly-joined member (finance), IRDA, Vijayalaxmi Iyer said. "We are coordinating with all the research bodies like laboratories, diagnostic centres and hospitals to establish standard norms for various services which are part of the health insurance segment," she said.
It has been put on the IRDA website asking for opinions from all related stakeholders, she said. "After completing the procedures, we will send them for the approval of the IRDA board," Iyer, who recently superannuated from Bank of India as chairperson, said.
She further said the regulator is likely to come up with a new set of regulations for the health insurance sector within the next few months. "The idea is to bring about an orderly and sustainable growth in the industry."
The health insurance industry has generated Rs 20,442 crore in premium business in fiscal 2015. In the forthcoming regulations, IRDA is likely to focus on features of the product, greater transparency and disclosures in sales literature and disclosures on web portals to disseminate suitable information for decision-making.
The regulator is also planning major changes to health insurance, which include incentives for healthy policyholders and a level playing field for life and non-life insurers. In its new draft rules for health insurance, the regulator has also said there could be higher solvency requirements for the group health segment.
IRDA has also proposed that health insurance claims processing agencies should mandate hospitals to reflect the negotiated discounts on the bills so that the policyholders are aware of the actual rates. That apart, the regulator has also proposed a minimum paid-up capital of Rs 5 crore for third-party administrators and a minimum working capital limit of Rs 1 crore.
