IRDA to issue guidelines for health insurance players

NEW DELHI: Insurance regulator IRDA on Thursday said it plans to soon come out with separate guidelines for the health insurance players, aimed at comprehensive medical insurance coverage and redressal of consumer grievances.

"To handle a plethora of issues relating to health insurance with focused attention, a separate health unit has been set up in the authority, specialised resources have been inducted to strengthen the role of IRDA in the development and better conduct of health insurance business," IRDA Chairman C S Rao said at a conference here organised by FICCI.

He said to increase the penetration of health insurance in the country, the IRDA has also recommended to the government to bring down capital requirements for stand-alone health insurance companies to Rs 50 crore from Rs 100 crore earlier.

However, he said, it would require amendments in the Insurance Bill, pending for Parliamentary approval.

Referring to problems faced by senior citizens in getting health insurance, Rao said, " A committee constituted for this purpose has submitted its report. We are in the process of examining and taking further action on the recommendations of the committee."

The Authority has already taken steps towards "standardising the definition of pre-existing diseases, which are now reflected in the health insurance products," he said.