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Medical insurance policies offered by different insurers to policyholders are contracts of reimbursement. However, several policies under these contracts offer a cashless facility as a facility of convenience in their Preferred Provider Network (PPN) of hospitals. This PPN is dynamic and subject to change from time to time. With effect from July 1, 2010, the four public sector general insurers have withdrawn the cashless facility to certain hospitals that were previously in the PPN at Mumbai, Delhi, Chennai and Bengaluru.
The Insurance Regulatory and Development Authority (IRDA) told insurance companies to abstain form doing business with 884 corporate agents who had not registered their PAN (permanent account number) with the agency licensing web portal.
The regulator, IRDA has no plans to cap charges on traditional products and also assures on approving new ULIPS on time. The Insurance Regulatory and Development Authority (IRDA) has said it has no plans to cap the charges levied by life insurance companies on traditional products. The regulator also assured it would approve new unit-linked insurance plans (Ulips) on time so that insurers could sell them from September 1 onwards.
The Public Sector General Insurance Companies have been incurring health insurance claims in excess of premium received and after factoring in acquisition costs, which are around 10%, and the management expenses which are over 25%, the Combined Ratio i.e. the total expenses for health portfolio exceed 140% of the premium income.
Statement in Response to Calling Attention Motion Notice on Unilateral Revision / Withdrawal of Medical (Cashless) Insurance Products by Public Sector Insurance Companies. The Minister of State for Finance Shri Namo Narain Meena made the following Statement in response to the Calling Attention Motion Notice regarding situation arising out of the unilateral revision / withdrawal of the Medical (cashless) Insurance Products by the Insurance Companies in the Public Sector, in Rajya Sabha, today:
Attention is invited to Regulation 2 (d) of IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Part – IV of Guidelines for Unit Linked Life Insurance Products issued vide Circular 032/IRDA/ACTL/Dec-2005 dated December 21, 2005 with regard to insurance advertisements .
The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years.
All Unit Linked Products to Offer Minimum Return to Policyholders from 6th Year Onward Unit Linked Pension Products to Ensure Minimum Guaranteed Return on Maturity Locking Period Increased From Three to Five Years The Insurance Regulatory & Development Authority (IRDA) has informed that recently they have issued the following circulars for the benefit of the […]
In order to facilitate smooth transition of eligible entities from existing referral arrangements to Corporate Agency system for complying with the IRDA (Sharing of data base for distribution of insurance product) Regulations, 2010, it has been decided by the Authority to waive CIE qualification requirement for a period of two months effective from 12.08.2010 to 11.10.2010.
“I am hopeful that cashless mediclaim treatment would be fully restored in 7 days. Going forward we will see the component of co-pay gaining more importance. There would be different premiums for different hospitals,” Max Healthcare Institute MD Pervez Ahmed said after a CII initiated meeting of hospitals and the Third Party Administrators (TPAs).
