IRDA norms for standalone health cos soon

CHENNAI: The Insurance Regulatory and
Development Authority (Irda) said that it would develop a separate regulation
for wellness coverage in six months. The wellness coverage segment, earlier
considered a loss-making portfolio is now garnering more than than attention, thanks to
de-tariffing and more participants getting into this segment. Irda
chairman cesium Rao told newsmen on Monday that the ordinance would use only to
standalone wellness coverage companies and not general coverage companies offering health
insurance. Currently, there are two standalone wellness coverage companies in
India â€" Star Health and Allied Insurance and the recently â€" launched
Apollo DKV Insurance. Mister Rao was in Madras to go to the fourth
annual conference of the Insurance Brokers Association of Republic Of India (IBAI). The
association also launched a website that catered exclusively to wellness insurance
products. Representatives of the association said that they were
concerned about claims direction and consultancy services which they were not
allowed to execute as Irda members. They sought to cut down the preparation period
for agents from 100 hours to 50 hours to forestall extra expenditure. Irda had constituted an expert committee, the GK Raman committee, to
review the ordinances governing the licensing of brokers. Irda is still
reviewing the commission studies and have not put a time-frame to give its
recommendations. “The function of agents is something that has
been talked about in the last three years. Through value addition, there are
plenty of chances to take part in this market. Brokers should see that
the growing is along the scientific lines to back up the development of the
insurance industry,” cesium Rao added.