Health Insurance Regulation in India

Pre regulation market The Indian Parliament passed The General Insurance Business (Nationalization) Act in the year 1972 and consequently, General

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IRDA’s health insurance guidelines: Key consumer centric points ignored

The Insurance Regulatory and Development Authority (IRDA) came out with landmark draft health insurance guidelines on 31st May 2012. While it addressed numerous important issues like lifelong renewal, claims settlement within 30 days of receiving all documents, refund on pre-insurance medical check-ups, separate grievance cell for senior citizens and so on, there are several other issues which have vexed mediclaim policyholders.

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CERS Makes Oriental Insurance Reimburse mediclaim worth Rs. 1.17 Lakh

The Consumer Disputes Redressal Forum, Ahmedabad (Additional), has directed Oriental Insurance Company Ltd. to pay its valid health insurance policyholder Chirag Sanghavi Rs. 1.17 lakh, part of it with interest, for the expenses incurred by him on his medical treatment. The amount includes compensation of Rs. 10,000 for his mental agony and Rs. 2,000 towards the litigation cost. Consumer Education & Research Society (CERS), a co-litigant with Sanghavi, was also awarded Rs. 2,000 towards cost.

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New India Assurance H1 net more than doubles to Rs 205 cr

Public sector general insurer New India Assurance’s net profit more than doubled to Rs 205 crore in the first half of the current fiscal on the back of sound growth in personal and retail lines along with higher premium in motor third party insurance segment. Its net profit stood at Rs 95 crore in the same period of the previous fiscal.

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