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Tuesday, Aug 10, 2004

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FIEO seeks lower capitalisation norm for health insurance cos

K.R. Srivats

New Delhi , Aug. 9

THE Federation of Indian Export Organisations (FIEO) has urged the Commerce Ministry to make a case with the Finance Ministry for lowering the minimum capitalisation norm for health insurance companies.

"We have approached the Commerce Ministry for taking necessary steps to lower the minimum paid-up capital norm for health insurance companies from the current level of Rs 100 crore to Rs 20 crore," Mr G. Balachandran, Director-General of FIEO, told Business Line here.

Healthcare services exports is one of the five services that the federation intends to focus ahead as part of the overall efforts for bolstering non-IT-based services exports from the country.

The five non-IT-based services that have been identified by FIEO for exports are engineering project and construction services, healthcare and related services, educational services, hospitality services and social engineering services.

A lower capitalisation norm, according to Mr Balachandran, would encourage more private players to form health insurance companies on a standalone basis. He also highlighted that a large number of medical tourists look for treatment cover before they zero in on a low-cost location with good healthcare facilities.

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