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Tuesday, December 30, 2014

IRDA to have separate regulations for health insurance

IRDA has constituted an 11-member committee to examine the framework of health insurance. 
 
IRDA is planning to segregate regulations governing health insurance and general insurance sector. The insurance regulator has constituted a 11-member committee to examine the framework of health insurance. 

M Ramaprasad, Member, Non-Life, IRDA will head the committee as the chairman. 

In a circular, IRDA has said, “Recognizing the unique features of health insurance and realizing the need for a separate framework for the segment, IRDA brought out comprehensive framework for health insurance in the form of the health insurance regulation as well as guidelines of standardization in health insurance. This is the one segment where both life and non-life insurers, apart from stand-alone health insurers, participate. A need has been felt to visit/re-visit various areas in the framework applicable for health insurance to ensure level playing field for the industry as well as rationalize various provisions, wherever required given the nature of business.”

Here are some key responsibilities of the committee:
  • Health insurance products and distribution structure
  • Reinsurance in health insurance
  • Protection of policyholders
  • Place of health in rural and social sector obligation
  • Mergers and acquisition
  • Approaches to solvency and various actuarial matters
  • Investment as well as financial matters
The committee will give its recommendations within 8 weeks.

Source: Team CafeMutual
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