Life insurance premium down 17% up to Dec 2011
The Insurance Regulatory and Development Authority has asked the Union Health Ministry to come up with standard protocols for treatment of various ailments.
“This will help in streamlining health costs and standardisation of health insurance,'' Mr J. Hari Narayan, Chairman, IRDA, told newspersons on the sidelines of a seminar on health insurance organised by the Institute of Insurance and Risk Management here on Tuesday.
A decision on this, however, would have to be taken by the Health Ministry, he added.
IPOs
On initial public offers by non-life companies, he said the Securities and Exchange Commission of India is working on framing guidelines for public issues of non-life insurers.
Recently, the regulator announced norms for public issues of life insurance players. It had formed a panel to look into the issue after which the insurance regulator would chip in. He, however, declined to give any time-frame.
IRDA could not find any eligible actuary to be appointed while the decision to nominate a member (for life segment) is with the Government, he added.
DAY-CARE COVER
Earlier, addressing the delegates, Mr Hari Narayan said non-life insurers need to focus more on introducing products to cover day-care ailments.
Speaking at a national seminar on health insurance here, he said the advanced technology has made many procedures day-care based.
The norms like compulsory hospitalisation for a minimum 24 hrs were becoming obsolete.
“Health insurers are doing some work in this. But there is need to bring in more day- care based cover,” Mr Hari Narayan said.
The competition for grabbing group insurance business was ‘bleeding' health insurance industry due to non-viable premium rates, he said.
In the present financial year, non-life sector business was at Rs 47,000 crore in the first three quarters. “Out of this, health segment could account for 32/33 per cent,'' he added.
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