The Insurance Regulatory and Development Authority (Irda) has cleared the names of seven third-party administrators (TPAs) out of the over 20 applications received by the regulator.
The companies which have received 'in-principle' approval from Irda include Apollo Family Health Plan, the Kolkata-based Heritage, ICAN Health Services and Paramount Healthcare.
These companies have been informed to pay up the balance amount towards the licence fee of Rs 50,000 and meet with the "remaining requirements in terms of the TPA (health services regulations) 2001".
The TPAs had submitted applications to Irda in November 2001 with a demand draft of Rs 20,000 towards registration. On meeting the minimum criteria laid down by the regulator, they have now been informed in writing to comply with the remaining requirements.
The regulator has, however, also stated in its letter that the application is still in the process of examination, and further clarifications would be sought.
The Irda met with the Insurance Advisory Committee on Thursday in New Delhi, where it submitted its first annual report on the industry. While the committee approved the regulations pertaining to accounts, norms over computerisation and coding, and regulations on policyholder protection failed to get clearance.
A debate broke out among various committee members on issues pertaining to claim settlement, documentation and history details on the proposal form.
"Lack of confidence among the public is one reason why non-life business has failed to take off. Policyholders having suffered under the hands of state-owned entities are not confident that their claims will be settled within the stipulated period of 45 days," said an industry official present at the meeting.
