IRDAI allows insurers to offer Arogya Sanjeevani policy as group health insurance product
The Insurers are allowed to set their own minimum and maximum sum limits under this group policy, subject to the board approved underwriting policy. The mandate of offering sum insured in multiples of Rs 50000 (Rupees fifty thousand only) is not insisted for the group product and they may determine the price keeping in view the cover proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified thereunder.
IRDAI extends the timeline for the Hospitals in the Provider Network to comply with the Standards and Benchmarks
The Network Providers or Hospitals were directed to register with Registry of Hospitals in the Network of insurers maintained by insurance information Bureau and to obtain either NABH Entry Level Certification or State Level Certificate by 26th July 2020. However, through this notification it has now been extended for a period of one year.
IRDAI issues clarification on certain issues relating to transfer of shares of insurance companies by promoters/shareholders
It has been clarified that for acquisition of more than 1% and up to 5% of the paid up share capital, a declaration as specified in the IRDAI (Listed Indian Insurance Companies) Guidelines, 2016 has to be provided to the insurance company and for transfer of more than 1% but less than 5% of the paid up share capital, the transferor shall inform the Insurer immediately on execution of the transaction.
IRDAI Issues Master Circular on Standardization of Health Insurance Products
The Network Providers or Hospitals shall Register with Registry of Hospitals in the Network of lnsurers maintained by lnsurance lnformation Bureau and shall Obtain either “NABH Entry Level Certification” or State Level Certificate (or higher level of certificate) under National Quality Assurance Standards (NOAS), issued by National Health Systems Resources Centre.
IRDAI allows insurers to offer Corona Kavach Policy as a group product
The Insurance Regulatory Authority of India on 21st July 2020 has allowed health insurers to offer ‘Corona Kavach’ as a standard group insurance policy to help public and private sector companies and other business entities to provide insurance cover to their employees.
IRDAI directs insurers to settle claims for treatment in a make-shift or temporary hospital
Where a policyholder who is diagnosed as Covid-19 positive is admitted into any such make-shift or temporary hospital on the advice of a medical practitioner or appropriate Government authorities the treatment costs shall be settled by insurers. Where any network provider has set up any such make-shift or temporary hospital, such make-shift or temporary hospital shall be regarded as the extension of the network provider and cashless facility shall be made available.
IRDAI brings in provision of cashless facility to policyholders
The Cashless services insurers / Third Party Administrators (TPAs) shall enlist network providers (hospitals) to provide medical services and shall also enter in to a service level agreement.
Special deposit scheme subscribers to get 7.1% interest with effect from 1st July 2020 to 30th September 2020
the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation, and Gratuity Funds, shall bear interest at 7.1% with effect from 1st July 2020 to 30th September 2020.
IRDAI issues guidelines for “corona kavach” policy
The IRDAI has mandated general and health insurers to offer the indemnity based Individual COVID Standard Health Policy called “Corona Kavach”. The regulator has allowed 30 General and Health Insurance Companies to market the Policy.
IRDAI brings in modification to group insurance policies
Life Insurers offering group credit life insurance schemes, where under, the members have availed moratorium on payment of EMIs are allowed to suitably modify the term and sum assured under such schemes, against the collection of additional premium as may be required, in respect of such members, so that they may continue to be covered as per the revised loan repayment schedule.
