Irda extends health cover portability deadline to October 1
Insurers are seeking more 'clarity' and time to implement the
portability of health insurance and, therefore, the Irda has postponed the implementation by
three months to 1 October.
If you were planning to change your health insurer, you may have to wait a little longer as health insurance portability has missed the 1 July 2011 deadline.
Insurers are seeking more 'clarity' and time to implement the portability of health insurance and, therefore, the Insurance Regulatory and Development Authority (Irda) has postponed the implementation by three months to 1 October.
Health cover portability will change the industry, says Apollo Munich CEO
Health insurance portability will give you freedom to switch your insurance provider without losing any benefits or credits earned on your existing policy.
Therefore, insurers will need to have historical data on policyholders' health-related claims to ensure smooth processing of portability of the polices. For this, the regulator is setting up a Web-enabled facility for transfer of all relevant details among insurers.
However, if you have a health insurance policy with a life insurer, you may have to wait a little longer as Irda is likely to confine the portability of policies to non-life insurance companies as life insurers provide long-tenure policies compared with one-year policies by non-life insurers.
Separately, Irda has issued the draft guidelines for public listing of life insurers. It will soon release regulations for listing of general insurers.
Insurers are seeking more 'clarity' and time to implement the portability of health insurance and, therefore, the Insurance Regulatory and Development Authority (Irda) has postponed the implementation by three months to 1 October.
Health cover portability will change the industry, says Apollo Munich CEO
Health insurance portability will give you freedom to switch your insurance provider without losing any benefits or credits earned on your existing policy.
However, if you have a health insurance policy with a life insurer, you may have to wait a little longer as Irda is likely to confine the portability of policies to non-life insurance companies as life insurers provide long-tenure policies compared with one-year policies by non-life insurers.
Separately, Irda has issued the draft guidelines for public listing of life insurers. It will soon release regulations for listing of general insurers.
