The Insurance Regulatory and Development Authority
(IRDA) has constituted an internal committee to decide
on the format in which third party administrators (TPA)
should submit periodical reports. TPAs are the health
insurance claim settling agents for general insurers.
the healthcare industry largely in the private sector
and the absence of uniformity in rates among hospitals
and diagnostic laboratories, IRDA ()
wants to collect the data through TPAs. We dont
have any control over hospitals and doctors. Hence we
have to get the data from TPAs and insurance companies,
says IRDA chairman N Rangachary.
data collected will help the insurance industry to control
its claims outgo and also the authority to formulate strategies
for the health insurance sector. Now the size of
the health insurance market is around Rs 300 crore and
has the potential to grow to Rs 1,000 crore.
disagreed with the idea of allowing companies to transact
just the health insurance business with a start-up capital
of Rs 50 crore. I am not convinced about the viability
of insurance operation with a capital that is less than
Rs 100 crore. Almost all the new players have infused
the reason for the Law Commission to do a comprehensive
review of all insurance laws, he says: All these
years our goal was to do those things that would allow
private players into the insurance sector. Accordingly,
the IRDA Act was passed and the Insurance Act 1938 was
amended despite stiff opposition.
with the entry of new players, it will be easier to do
a full-fledged review of insurance laws and even pass
a single comprehensive legislation that would govern the
his expectations in the proposed Union Budget Rangachary
hopes there would be some fine-tuning for life insurance
taxation. We want the policyholders fund to
be taxed at 3 per cent while the shareholders fund at
the corporate tax rates.
also see : www.irdaindia.org