The government today said that the Insurance Regulatory and Development Authority (Irda) would soon come up with draft guidelines for health insurance portability, which would allow policy holders to switch to another insurer because of poor services. “The Irda is working on portability of all similar health insurance policies. The exposure draft in this regard is expected to be released by Irda shortly for feedback of stakeholders and public,” Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
The insurance regulator has been planning to come out with guidelines for portability under which mediclaim policy holders, who are not satisfied with the services, will be able to switch service providers at the same premium. “It is high time that the insurance industry also moves to offer portability so that the mediclaim and motor insurance policy holders can switch their service provider…We have initiated a debate on the idea of portability and we would be arriving at a conclusion very soon,” Irda Chairman J Hari Narayan had earlier said.
He said the regulator would also look at making available portability for motor insurance policy holders.