In a major step to regulate the Health Insurance industry, the Insurance Regulatory and Development Authority (IRDA), brought about elaborate guidelines in February 2013. In addition to bringing about changes in various health insurance provisions, these guidelines also define 46 commonly used terms and 11 critical illness terms, with a view to standardize these definitions and thereby reduce ambiguity. The move is also aimed at streamlining many aspects of health insurance and increasing efficiency levels, thereby aiming to protect consumer interest.
Covering all health insurers, life insurers and non-life insurers which are in the business of health insurance, these guidelines are applicable from February 16th of this year. Any product not complying with the regulations will need to be withdrawn by 1st October 2013 in the case of retail/individual health policies (this date reads as 1st July 2013 for group health insurance).
Let’s look at some important aspects of these guidelines –
Covering all health insurers, life insurers and non-life insurers which are in the business of health insurance, these guidelines are applicable from February 16th of this year. Any product not complying with the regulations will need to be withdrawn by 1st October 2013 in the case of retail/individual health policies (this date reads as 1st July 2013 for group health insurance).
Let’s look at some important aspects of these guidelines –
The much needed guidelines is hoped to bring in better efficiency levels in claims processing as well as to bring about clarity to all stakeholders. The table above is a gist of some important provisions. If you wish to read the complete regulations, you can do so by clicking here. #gettingyourich
Smitha Hari
Team GettingYouRich.com
Smitha Hari
Team GettingYouRich.com
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