Page 9 - Insurance Times April 2023

IRDAI to roll out State in- IRDAI orders insurers to of product be narrowed down. "The in-
surers are directed to put in place a
surance plans soon cover PwDs, AIDS Board approved underwriting policy
IRDAI will soon rollout insurance IRDAI has ordered insurance companies that ensures that no proposal from the
plans for all States along with identi- to "mandatorily" launch an appropri- above-mentioned categories of popu-
fying a lead insurer for each district. ate product offering health insurance lation is denied for reasons of the above
cover for certain vulnerable sections of stated disabilities or illnesses," IRDAI
"This will be a major initiative to im-
society - persons with disabilities (PWD), said.
prove the penetration of insurance
persons afflicted with HIV/AIDS and
by involving the insurers and State The policy tenure of the product should
those with mental illness - "immedi-
governments. The idea is to replicate be for a period of one year and renew-
ately".
financial inclusion drives including able as per regulatory framework al-
the lead bank scheme in the banking In its latest circular, IRDAI said every ready laid down. The standard product
sector," a senior official of IRDAI told. general and stand-alone health Insurer, should comply with all the provisions of
who has been issued a Certificate of IRDAI (Health Insurance) Regulations,
The insurance regulator has already
Registration to transact general and 2016, all other applicable Regulations
taken up the matter with the States
health insurance business, should "man- and other applicable guidelines and
to be part of the programme, which
datorily launch and offer their respec- circulars as amended from time to time.
is likely to be launched formally in the
ensuing new financial year. "Most of tive product immediately". "It is reiter- "The insurers may determine the price
the States have already expressed ated that this circular should come into of the product subject to complying with
their consent and the work is in force with immediate effect," the regu- the norms specified in the IRDAI
progress,'' the official said. lator said. (Health Insurance) Regulations, 2016
The regulator had also discussed the In October 2022, IRDAI had directed (HIR, 2016) and guidelines and
matter with the insurers , which is insurance companies to provide cover circulars," it said.
'eager' to take part as it augurs well for mental illness under health insur-
both for the social security of the ance policies before October 31, 2022. DFS firms up Insurance Act
people as well the business growth However, insurers have not made any amendment proposals
of the insurers, he said. progress in launching such a scheme,
The much anticipated fresh round of
forcing the regulator to issue another
A State level co-ordination commit- insurance reforms may be round the
directive.
tee consisting of insurers, State gov- corner with the Department of Finan-
ernment officials and representa- IRDAI has also prescribed a model set- cial Services (DFS) in the Finance Minis-
tives of the regulator will monitor the ting out the minimum scope and param- try now having firmed up the amend-
implementation of the State insur- eters for design of the product. In other ment proposals to the Insurance Act and
ance plans with monitoring by nodal words, insurers may widen the scope of IRDAI Act, a top Finance Ministry offi-
officers. this product but in no case can the scope cial indicated.

The Insurance Times April 2023 9