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Monday, June 27, 2011

IRDA defers health insurance portability launch to October 1

Insurance regulator IRDA has postponed the implementation of portability of health insurance products by three months to October 1. 
Portability will help an insurance policy holder to switch from one insurer to the other. The policy holder can carry the existing benefits from previous insurer. Insurers must have historical data on policyholders' health related details of claims to ensure that portability is available in a smooth manner to the policyholders, IRDA said. 
The regulator is setting up a web-enabled facility on which insurers can feed all relevant details on health insurance policies issued by them to individuals which will be accessed by the new company to which a policyholder wishes to port his policy. 

On Friday, chiefs of non-life insurance companies met IRDA Chairman J Hari Narayan to discuss issues related to the modalities of portability. Insurers conveyed that they need more time to process the policy. 

"There are some operational issues. Also we have conveyed that more time should be given to know the medical history of the policyholder," said the head of an insurance company who attended the meeting.

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