IRDA planning fresh norms for health insurance

Insurance Regulatory and Development Authority (IRDA) is planning seperate regulating model for stand-alone wellness coverage firms.The regulator is in the procedure of analysing wellness coverage related information collected over the last three old age to plan and develop new guidelines specific to the health coverage sector, Degree Centigrade Second Rao, chairman, IRDA said. Addressing a conference on sustainable wellness insurance, organised by Federation of William Chambers of Commerce and Industry (FICCI) here today, Rao said the national repository, generated electronically over the last three old age incorporate information of 16.3 million insured persons, 3.8 million policies and one million claims for the last fiscal year. "Further analysis and application of the cognition from this information will assist to better merchandise designing and measurements to develop the sector as a whole," he added. The authorization have put up a seperate wellness unit of measurement and inducted specialised resources to beef up the function of IRDA in the development and better carry on of the wellness coverage business.R Roentgen Shah, member secretary, Planning Committee said the Planning Committee have earmarked Rs 20,000 crore for advanced populace wellness strategies including wellness coverage for the 11th Plan period. According to him, Republic Of India should develop a wellness coverage industry that focuses on low margin, high volume business.