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IRDA to Issue Rules on Claims Settlement Soon

by Lakshmi Gopal on February 26, 2012 at 5:33 PM
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 IRDA to Issue Rules on Claims Settlement Soon

The IRDA (Insurance Regulatory and Development Authority) will issue detailed rules on claims settlement for health insurance companies in the near future.

This would ensure that issues arising out of claims are honored by insurers in a time-bound manner. As of now, there is no separate provision for health insurance claims settlement. The first draft will be up on the IRDA's website by the 30th of April 2012.

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Insurance activist Gaurang Damani had filed a PIL (Public Interest Litigation) in February 2011 against the IRDA, which stated that 'there are a great deal of inconsistencies and violations in the health insurance industry, which are directly detrimental to the interests, health and financial well-being of crores of Indian consumers.' The fight between hospitals, insurers and their third party administrators (TPAs) should not impact consumers, the PIL said.

A division bench of Bombay High Court, comprising of Chief Justice Mohit Shah and Justice Roshan Dalvi, after hearing the petition had last month said in its order, 'It is expected that the IRDA will display the draft regulations for healthcare on its website as expeditiously as possible and preferably by 30 April 2012.'



Source: Medindia
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