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No expert committee has been set up for extending <keyword id="19923745" type="General" weightage="20" keywordseo="health-benefits" source="keywords">health benefits</keyword> to cover citizens aged 70 and above under <keyword id="19913233" type="General" weightage="100" keywordseo="Ayushman-Bharat" source="keywords">Ayushman Bharat</keyword>, <keyword id="22556022" type="General" weightage="20" keywordseo="Union-Minister-of-State-for-Health" source="keywords">Union Minister of State for Health</keyword> Prataprao Jadhav told the Lok Sabha on Friday. He was responding to a question on whether the government proposed to cover citizens aged 70 and above by expanding Ayushman Bharat through the launch of a <keyword id="21782708" type="General" weightage="20" keywordseo="National-Health-Claims-Exchange" source="keywords">national health claims exchange</keyword> and if an expert panel had been set up to strengthen the format of the scheme for the planned expansion. Jadhav, in a written reply, said all members of eligible families, irrespective of age, were covered under Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana. The scheme provides <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation to 55 crore individuals, corresponding to 12.34 crore families, he said. "No expert committee has been set up for extending the health benefits to cover <keyword id="19894991" type="General" weightage="20" keywordseo="senior-citizens" source="keywords">senior citizens</keyword> aged 70 and above," he stated. Responding to another question, Jadhav said 34 insurers and third-party administrators were live and approximately 300 hospitals ramping up to start sending their claims on the National Health Claims Exchange (NHCX), which aims to streamline and fasten health <keyword id="35450" type="General" weightage="20" keywordseo="Insurance" source="Orion">insurance</keyword> claim processing, as on July 21. Jadhav said the government built the NHCX gateway under the Ayushman Bharat Digital Mission. It aims to streamline and standardise health insurance claim processing, enhance efficiency in the insurance industry and improve patient experience. It serves as a gateway for exchanging health claim information among insurers, third party audit, healthcare providers, beneficiaries and other relevant entities and ensures interoperability, machine-readability, auditability and verifiability, making the information exchange accurate and trustworthy, the minister said. This system will enhance efficiency and transparency in the insurance industry, benefiting policyholders and patients, he added. Supported by the Insurance Regulatory and Development Authority of India and the General Insurance Council, the NHCX will enable standardised and faster health insurance claim processing, Jadhav said.

No panel formed for extending benefits to cover citizens above 70 under Ayushman Bharat, says govt

New Delhi, Nov 25 () Irdai on Monday proposed vehicle new age-based depreciation formula for computing sum insured for motor vehicles, including private cars and two-wheelers.
 A working group on 'Product Structure for Motor Own Damage cover' set up by the regulator has recommended two options for calculating sum insured for private cars.
 For brand new private cars up to 3 years, the sum insured "shall represent the current day on-road price of the vehicle insured including invoice value, road tax &amp; registration charges and value of all accessories fitted thereon by the manufacturer", the exposure draft based on the recommendations of the working group said.
 For vehicles older than three years, depreciation would gradually increase from 40 per cent to 60 per cent up to 7 years. Beyond seven years, the sum insured could be negotiated with the insurer.
 Currently, insurers follow a complex process for arriving at the value of the car.
 "The depreciation and sum insured calculation has been made simple," the draft said.
 According to the second option, the sum insured (refers to the percentage of vehicle's current manufacturer listed price) would decrease from 95 per cent for up to six months to 40 per cent for up to 7 years.
 In this case also, sum insured or depreciation rate is negotiable after seven year.
 The Insurance Regulatory and Development Authority of India (Irdai) has also suggested age-based depreciation policy for two-wheelers.
 For commercial vehicles, the draft said the sum insured should represent the current day invoice value plus cost of body building, if any and all accessories fitted thereon by the manufacturer adjusted for depreciation at the rate of 10 per cent per year or part thereof subject to maximum of 75 per cent.
 For total loss and theft, the amount payable should be sum insured, it said.
 The regulator has invited comments from stakeholders on the 166 page exposure draft by December 16. NKD CS HRS

Irdai proposes changes in vehicle depreciation calculation

New Delhi, Jan 17 () Insurance Regulatory and Development Authority of India (IRDAI) chairman S C Khuntia on Friday cautioned insurers against indulging in predatory pricing, saying it is not a sustainable model while citing examples of airline and telecom sectors. 
Highlighting that the insurance industry is different from other business, he said if an insurer fails, it has bearing on customers as well.
 "I would like to give a word of caution here. Though your (insurance brokers) share is very high in group health insurance, the loss ratio in group health insurance is also very high. Probably, it is not very sustainable at present," he said at an event organised by Insurance Brokers Association of India here. 
"So the insurance companies, intermediaries and policyholders need to unite to create a sustainable atmosphere. In other industries if there is unfair competition, the industry suffers but the clientele don't suffer. While this has happened in airlines and telecom industries but we cannot afford that kind of a situation in the insurance industry because insurance is an industry for protection," he said. 
"So if the industry suffers, then clientele also suffers. And as a regulator we would not like that to happen. One should not overcharge and also not undercharge," he said, adding, there is need to create efficiencies so that to bring down premium and minimise the risk.
 Asked if companies are engaging in predatory pricing to up their volume, the regulator acknowledged it by saying "of course, of course."
 "Regulator will have to ensure that the industry runs sustainably. There will be host of actions not one kind of action (to check predatory pricing) but we will ensure that the health of insurance industry does not deteriorate," he said. 
To a query on LIC stake reduction roadmap for IDBI Bank, Khuntia said IRDAI has reminded LIC and they are yet to come forward with it. 
 He, however, expressed hope that it will be done quickly.
 IRDAI stipulates that insurers are allowed to hold only up to 15 per cent stake in any listed entity. But LIC, with a special dispensation from IRDAI, holds more than the limit in some state-run banks. 
 Besides, the Reserve Bank of India (RBI) permits a ceiling of 15 per cent for promoter stake in a private sector bank.
 In June 2018, IRDAI permitted LIC to acquire up to 51 per cent stake in debt-ridden IDBI Bank. 
 When asked about his view on raising foreign investment in insurance sector from the current 49 per cent, he said IRDAI had sought opinions of stakeholders on raising foreign holding to 74 per cent and comments received have been forwarded to the government. 
"Now according to the Insurance Act, 49 per cent is the maximum limit for foreign direct investment. If it goes to 74 per cent naturally the Act has to be amended," he said. 
 However, he was non-committal on ownership and control. No decision has been taken, he added. DP MR
MR

IRDAI chief cautions insurers against predatory pricing

New Delhi, Mar 4 () Regulator Irdai on Wednesday asked insurance companies to come out with policies to cover treatment costs for coronavirus infection, which has impacted thousands of people worldwide.In order to provide need-based health insurance coverage, insurers are introducing products for various specific diseases, including vector borne diseases."For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus," the regulator said in a circular. There are 28 confirmed cases of coronavirus infection in India. NKD CS NKD CS BALBAL

Design policy to cover coronavirus treatment: Irdai to insurance cos

New Delhi, Jan 28 () Group health insurance policies of customers of the public sector banks slated to be merged with other PSBs will continue to be serviced by insurer companies till the end of the policy period, Irdai said on Tuesday.
 The government has announced to merge 10 public sector banks (PSBs) into four with an aim to have fewer but bigger banks from April 2021.
 "Upon merger of these PSBs, the underlying group health insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of the policy period," the insurance regulator said in a circular.
 The insurance companies shall make suitable arrangements with the acquiring banks in this regard, it added.
 Irdai said the guidelines have been issues in order to protect the interests of the group insurance policyholders of the merged banks.
 Further, at the end of the current policy period of the group insurance policy of the merged bank, the acquiring bank at its option can continue with the same group insurance policy with the same insurance company, for the customers of the merged bank.
 Also, the acquiring bank can simultaneously continue to have insurance coverage for its customers with its existing insurance company.
 The acquiring bank can also offer this insurance coverage to the customers of the merged bank with the consent of its insurer, Irdai added.
 In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
 United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India. NKD CS HRS

Irdai issues guidelines to protect interest of policyholders of merged banks

New Delhi, Mar 31 () In the wake of coronavirus outbreak, insurance sector regulator Irdai has allowed insurers to submit their reinsurance plans for 2020-21 with a lag as the pandemic has disrupted operations across sectors. Issuing guideline on relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018, the sectoral watchdog said in view of Covid-19 pandemic, the Government of India has initiated various measures including enforcement of lock-down in various areas. Similar steps are also initiated by governments of various countries which could result in disruption in the operations of reinsurers, Irdai said. In the interest of operation of affairs of insurance companies pertaining to their submission of their final reinsurance programme for financial year 2020-21, the regulator has permitted relaxations. "As per extant regulatory provisions, insurers has to file its board approved Final Re-insurance Programme by 30th April 2020 along with a synopsis of catastrophe modelling report."In view of COVID-19 pandemic, it may be difficult for some insurers to adhere with above stipulated time lines. Thus, the insurers may comply with the above regulatory provisions on or before 31st May, 2020," Irdai said. The regulator said the relaxation is for financial year 2020-21 only. KPM MKJ

Irdai relaxes timeline for insurers to submit reinsurance plans for FY21

New Delhi, Mar 5 () Insurance regulator Irdai has asked life, general and health insurance companies to expeditiously settle the claims of Delhi riot victims and make the payments within 15 days.The communal violence in northeast Delhi, which was sparked by protests over the amended Citizenship Act, has left 42 dead, several injured and properties damaged. In a communication to all general, life and standalone health insurance companies, Irdai said the riots in northeast Delhi during last week of February have had a serious impact on people, property and business in the region."The authority is aware that general insurers, life insurers and standalone health insurers may have written policies that extend to lives and property pertaining to the affected areas."In this situation, all insurers are advised to act immediately for fair and speedy settlement of claims," it directed.Irdai has asked them to engage adequate number of surveyors immediately in the affected areas to ensure that all claims are promptly assessed and payments of claims are disbursed within 15 days.Insurance Regulatory and Development Authority of India (Irdai) in a set of instructions to the insurers has asked them to nominate a senior officer who would act as a nodal officer for Delhi, who would be coordinating/ facilitating the settlement of all the claims that are reported in the affected areas.It has also asked them to publish in press, the contact details of offices/special arrangements set up for this purpose as well as to initiate immediate steps for quick registration of claims.Insurers should create extensive awareness campaign in the affected areas duly highlighting the measures taken by you, the regulator said.In order to gauge the magnitude of loss, all general/life/standalone health insurers are advised to submit information relating to insurance claims related to northeast delhi riots on weekly basis in a given format.Also, it has asked them to take urgent steps to co-ordinate with the Delhi government. KPM CS BAL

Irdai asks insurers to expeditiously settle Delhi riot victims' claims

New Delhi, May 10 () Irdai has further extended the grace period for renewal of life insurance policies whose premium was due in March till May 31 in wake of the extension of lockdown to fight spread of coronavirus. On March 23 and April 4, Irdai had announced additional grace period of 30 days for policies where premium fell due in the months of March and April. This was done to provide "relief" to life insurance policyholders in wake of the unprecedented lockdown situation as a result of global pandemic COVID-19, the Insurance Regulatory and Development Authority of India (Irdai) had said. Now as the lockdown has been further extended up to May 17, 2020, the regulator has allowed extended grace period up to May 31 for all life insurance policies whose premium was due in March keeping in view the difficulty faced by some policyholders to renew the policies in time. "On a review of the recent situation of lockdown resulting from global pandemic of COVID-19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the grace period shall be allowed till May 31, 2020," it said in a release. All policyholders are requested to note that the objective of grace period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force, Irdai further said. The regulator also added that life insurance companies are equipped to provide facility to pay premiums online. NKD RVK

COVID-19: Irdai again extends grace period for life insurance policies

New Delhi, Jan 30 () The Securities Appellate Tribunal (SAT) has directed insurance regulator Irdai to recalculate the unlawful gains in the form of advance premium collected by SBI Life Insurance Company and pay the same to the policyholders.
 The move comes following an appeal filed by SBI Life against an order passed by the Insurance Regulatory and Development Authority of India (Irdai), which had directed the insurer to disgorge and refund over Rs 275 crore to policyholders.
 In an order passed on Wednesday, the tribunal said Irdai did not calculate the disgorgement amount correctly and, therefore, directed the insurance regulator to recalculate and recover the unlawful gains.
 "We are therefore of the opinion that the amount of Rs 275 crore has wrongly been calculated by the respondent (Irdai). The appeal is partly allowed. The matter is remitted to Irdai to recalculate the unlawful gain, namely, the interest earned on advance premium collected and recover the same accordingly and pay it to the policyholders," the tribunal noted.
 In March 2014, Irdai had directed SBI Life to identify the beneficiaries and distribute the excess commission paid to corporate agents to such beneficiaries and complete the process within six months.
 It was alleged that SBI Life had earned excess commission to the tune of Rs 275.30 crore during the financial years 2008-09, 2009-10 and 2010-11 from the policyholders of the Dhanraksha Plus Term Policy.
 Dhanraksha Plus was launched in three formats -- single premium; limited premium-paying term (LPPT), which was a two-year limited premium paying group term; and regular premium.
 In a single premium policy, the premium for the entire policy is collected in advance and agents can get a commission of 2 per cent under the plan.
 Under the two-year premium-paying plan, the first year premium was very high with a commission rate of 40 per cent, and 7.5 per cent in the second year.
 It was alleged that SBI Life's corporate agents did not inform policyholders about the single premium-paying plan, and maximum number of LPPT policy was sold by taking advance instead of selling the single premium policy which was far more beneficial to the policyholders. SP HRS

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