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| Health insurance council soon: Irda chief |
| BS Reporter / Mumbai Dec 10, 2008, 00:14 IST |
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Insurance Regulatory Development Authority (Irda) is in talks with the government and other stakeholders to set up a self regulatory organisation for health insurance companies, said Irda Chairman J Hari Narayan.
Speaking on the sidelines of a CII health insurance summit, he said the proposal is with the government and could be in place by January or the end of this financial year. “This will involve amendment to the Indian Insurance Act,” he added.
A senior official from Irda said the new organisation may be called Health Insurance Council, which will have representatives from related industries and regulators.
Hari Narayan also said the Tariff Advisory Committee (TAC), a government-constituted body under the Insurance Act, is working on building a database like Cibil for health and motor transport.
The database, expected to be ready in two months, will help to create common standards for the industry and transparency in data collection and dissemination. At present, officials are working on the data and the format for reporting is being finalised. The new database will cover 90 million records and will be updated frequently, instead of the annual updation done now.
The chairman said Irda was also considering explaining products in local dialects. “The language of products and mechanics evolves through a process of interaction between the regulatory body and individual companies,” he said.
Hari Narayan said that 70-75 per cent health insurance claims are settled within a year of filing.
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