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Insurance IRDAI forms committees to review health insurance policies and motor insurance premium

IRDAI forms committees to review health insurance policies and motor insurance premium

The insurance regulator has formed two committees – one for reviewing exclusion clauses in health insurance policies and another for reviewing third party motor insurance premium.
Team Cafemutual Jul 25, 2018

IRDAI has constituted a working group for standardization of exclusions across health insurance policies.

The group will examine the prevalent exclusions as well as rationalize the number of exclusions, usage of simple and easy to understand language and allowing inclusion of specific or pre-defined disease at the time of underwriting. In addition, it will rationalize exclusions that trigger advanced medical treatments, not allowing insurers to identify or define type of exclusions on their own.

Recently, Delhi High Court and IRDAI had directed insurance companies offering health insurance policies not to reject claims arising out of genetic disorder. Genetic disorder is a disease or abnormality that is passed on to the next generation through genes. These diseases can be asthma, cancer, diabetes or heart disease.

Suresh Mathur, ED, Health, IRDAI is the chairman of this 10 member working group.

In another development, IRDAI has constituted a committee to review third party motor insurance premium for FY 2019-20.

Headed by PJ Joseph, Member (non-life), IRDAI, this 16-member committee will examine motor third party insurance pricing, revisit the classification of vehicles and look at other matters relevant to motor third party pricing.

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