General insurers are seeking an extension of the deadline till December 2024 from the regulator to comply with the revised guidelines of the master circular on health insurance products, people aware of the development told Business Standard.
The Insurance Regulatory and Development Authority of India (Irdai) issued the ‘Master Circular on Health Insurance Products’ in June and asked general/health insurers to offer a wider range of products to customers, including those with all types of existing medical conditions and pre-existing diseases and chronic conditions.
The regulator had also asked insurance companies to provide customers with a Customer Information Sheet (CIS), a document that will explain and simplify policy details for the policyholder. These rules were proposed to come into effect from October 1, 2024.
However, the industry has requested an extension until December 2024 to comply with these CIS regulations.
Insurance companies have also sought assistance in sending letters to relevant authorities to strengthen business in rural areas and meet their business obligations in these areas.
“The industry has requested time to review products under the new circular as it requires necessary changes to be made in IT systems,” an industry source said.
With an aim to achieve the goal of ‘Insurance for All by 2047’, Irdai, through its master circular in June, had asked companies to take up a certain percentage of business in a selected gram panchayat to meet their third-party obligations in the rural, social and automobile sectors.
General and health insurance companies have requested Irdai to help them send these letters to local authorities and state governments to obtain relevant data from these gram panchayats.
First published: August 11, 2024 | 17:25 IS
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