Insurance sector regulator IRDAI proposed a ‘Group’ should have a minimum size of 20 members to be eligible for issuance of a Group Health Insurance Policy. Releasing an exposure draft on IRDAI (Health Insurance) Regulations, 2016, the authority also proposed that the “premiums filed shall ordinarily not be changed” for a period of three years after a product has been cleared in accordance to the product filing guidelines specified by it.
Thereafter, the insurer may vary the premium rates depending on the experience. On Group Health Insurance, the draft said no policy would be issued by any insurer where a Group is “formed with the main purpose of availing itself” of insurance.
“There shall be a clearly evident relationship between the members of the group and the group policy holder for services other than insurance.
“The Group shall have a minimum size of 20 members to be eligible for issuance of a Group Insurance Policy,” it added.
