The Insurance Regulatory and Development Authority (Irda) has extended the deadline for re-filing of health insurance products by three months. Insurers can now sell existing group health products till September 30, compared to the earlier deadline of June 30.
The insurance regulator had brought out the new regulations for the health insurance segment in February. According to this, products not in compliance with the regulation shall stand withdrawn and not be sold from July 1 (group products) and October 1 (individual products). With today's decision, all products will have to be compliant to these regulations from October 1 onwards.
"In view of difficulties expressed by insurers with regard to the time-frame, keeping in view the interests of the policyholders who need to be intimated sufficiently in advance as stipulated under Regulation 17 (c), the Authority hereby defers the stipulated dated applicable for Group Products from 1st July, 2013 to 1st October, 2013. There is no deferment for Individual Products for which the date already stipulated in the Regulations is 1st October, 2013," said Irda.
According to the new norms, the certification of the list of products by the Appointed Actuary and countersigned by the CEO, would now need to be submitted to Irda on or before September 30.