IRDAI sets up panel to examine availability of health insurance products

Regulator Irdai on Wednesday set up a panel of experts to examine the availability of health insurance products in the country considering the need of the Indian society and recommend suitable products and processes.

Health insurance has grown significantly in recent years and the trend is expected to continue in the coming years, said the Insurance Regulatory and Development Authority of India (IRDAI) while setting up the Health Insurance Advisory Committee. It said the insurance industry is offering various products/services to cater to the needs of the society and also bringing in innovative products/services regularly.

IRDAI also said it has taken various steps to ensure orderly growth of the health insurance industry, improving efficiencies of health insurance system and protect the interests of the policyholders. The panel has been asked to examine the availability of the health insurance products in the country in light of the need of the Indian society and recommend suitable products and processes. It will also suggest approach on coverage of specific disease or an area of practice (like cardiology).

Examining the extant health insurance product structure in terms of policy conditions to protect the interest of the policyholders and develop strategy on treatment protocol or rate structure to improve affordability of health insurance are among the other tasks given to the panel. IRDAI Chairperson will head the committee and Member (Non-Life) will be the vice-chairperson.

Members of the committee include Nachiket Mor (Visiting Scientist, Banyan Academy of Leadership in Mental Health), A K Chand (Professor and Neurosurgeon, Bangalore), B K Mohanti (Former Professor and Oncologist, AIIMS), K Hari Prasad (Anaesthetist, Hyderabad), and Pankaj Sharma (IRDAI).

The committee, which has a term of one year, may meet as often as needed and submit separate recommendations on specific issues taken up, the regulator said.

Source: Business Standard