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Panel to examine if accidental, health policy claims can be settled in installments

Press Trust of India  |  New Delhi 

regulator Irdai Friday said it has set up a "working group" to examine the health insurers' proposal seeking settlement of accidental and health policy claims in installments rather than payments.

Some general and health companies have proposed payments of claims in installments in respect of personal accident policies and benefit-based health policies as against payments, Irdai said.

The concept of settlement of claim benefits in installments will enable the beneficiaries/claimants to receive payments in a series of pre-determined installments, the Regulatory and Development Authority of (Irdai) said.

In order to examine the above concept and submit report, a working group is constituted, the regulator said further.

The members of the committee are Suresh Mathur, E D (Health), Irdai; Antony Jacob, MD and of Apollo Munich Health Insurance; R M Singh, General Manager, New Assurance Co Ltd; Biresh Giri, Appointed Actuary, ACKO General Insurance Co; Sameer Shah, Chief Financial Officer, HDFC Ergo General Insurance Co Ltd.

Among others in the panel are R K Sharma, General Manager, Irdia; Pankaj Kumar Tewari, (Actuary), Irdai; Md Ayaz, (Health Regulations), Irdai.

Suresh Mathur, E D (Health) will be the of the working group and will be the Member Convener.

The terms of reference of the working group is as need for allowing settlement of personal accident and benefit based claims in instalments and if considered what should be the operational procedures to be put in place to protect the interest of policyholders.

The working group is expected to submit its report in eight weeks.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 12 2018. 22:10 IST