The Insurance Regulatory Development Authority (IRDA) is in talks with the government and other stakeholders to set up a self-regulatory organisation for health insurance companies, reports the Business Standard citing the insurance watchdog’s chairman, Mr J Hari Narayan.
Speaking on the sidelines of a health insurance summit, he said that the proposal was with the government and could be in place by March, or even January. “This will involve amendment to the Indian Insurance Act,” he added.
An IRDA senior official says that the new organisation may be called the Health Insurance Council, which will have representatives from related industries and regulators.
Meanwhile, the Tariff Advisory Committee, a government-constituted body under the Insurance Act, is working on building a database for health and motor transport. The database, expected to be ready in two months, will help to create common standards for the industry and transparency in data collection and dissemination. At present, officials are working on the data, and the format for reporting is being finalised.
INDIA’s Trusted brand and 56 Year in the Insurance Industry.
SUPER BRAND (2003/04) & MOST TRUSTED SERVICE BRAND OF INDIA. BEST IT USER IN INDIA (NASSCOM – 2003).
Largest Institutional Investor in India and Second largest in Asia among insurers. (Source : Asian Investor)
LIC – An Institution Builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National Insurance Academy, Insurance Institute of India etc.
LIC is the largest life insurer of India
Asset value as on 31.3.2004 : 3,673,598.4 mn (INR).
Offers over 45 plans to cover your life at various stages
Over 160 million customers and 1.1 million agents. It has underwritten more than 160 million policies.
2,048 branch offices (all computerized) of which 2019 are networked
Offers an online premium payment facility. Log onto http://www.licindia.com/ for more details.
Call 1251 for info centre / IVRS regarding details of products and services. Log onto http://www.licindia.com/ for more details
LIC settles over 34,531 claims amounting to approx. Rs.629.1 million every working day i.e. 1.48 claims per second.