The insurers will meet IRDA officials for discussing changes in the portability scheme
A few days back, IRDA had released a draft to all the insurance companies on the operational modalities of the portability scheme. But insurers find the scheme inconsistent and are meeting the IRDA chief for presenting their views.
“The portability has to be consistent across companies; otherwise it is difficult to implement it. GIC has collected all the suggestions from companies and has presented it to IRDA,” said K G Krishnamoorthy Rao, Managing Director and CEO, Future Generali India.
IRDA is supposed to meet the CEOs of various insurance houses on June 24 to discuss the issues related to the portability scheme. “After the meeting we are likely to get a clear picture as to whether portability can be implemented by July 1,” said an official from ICICI Lombard General Insurance.
Health insurance is still not profitable for general insurers and they are already incurring losses in this segment. A new system will further create problems, claim insurers.
Insurers are seeking clarity on a number of issues like methods of premium loading, consistency on product coverage and sharing of data. “The product coverage has to be consistent for the portability scheme to be implemented. Currently, different players have different product features,” said an official from a general insurance company.