News From Press Decoded: IRDAI's new health insurance rules on quick cashless approvals, higher penalties for non-compliance

Decoded: IRDAI's new health insurance rules on quick cashless approvals, higher penalties for non-compliance

Source: Moneycontrol Jun 7, 2024

Soon, health insurance companies will have to take a call on cashless authorisation requests for policyholders’ treatment within an hour, with the Insurance Regulatory and Development Authority of India (IRDAI) releasing a master circular offering clarity on operational matters. Insurance companies usually authorise an ad-hoc amount as soon as the cashless application is received through hospitals. The final claim settlement takes place at discharge, after the hospital shares the bills and supporting documents.

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