IRDA planning fresh norms for health insurance

Insurance Regulatory and Development Authority (IRDA) is planning seperate regulatory framework for stand-alone health insurance firms.

The regulator is in the process of analysing health insurance related data collected over the last three years to design and develop new guidelines specific to the health insurance sector,  C S Rao, chairman, IRDA said. 
 
Addressing a conference on sustainable health insurance, organised by Federation of Chambers of Commerce and Industry (FICCI) here today, Rao said the national repository, generated electronically over the last three years contain information of 16.3 million insured persons, 3.8 million policies and one million claims for the last financial year. "Further analysis and application of the knowledge from this data will help to improve product design and measures to develop the sector as a whole," he added. 

The authority has set up a seperate health unit and inducted specialised resources to strengthen the role of IRDA in the development and better conduct of the health insurance business.

R R Shah, member secretary, Planning Commission said the Planning Commission has earmarked Rs 20,000 crore for innovative public health schemes including health insurance for the 11th Plan period. According to him, India should develop a health insurance industry that focuses on low margin, high volume business.