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Irdai bars widening of health covers if premiums rise

Sumary of Irdai bars widening of health covers if premiums rise:

  • The Insurance Regulatory and Development Authority of India (Irdai) has said that insurers cannot make any significant changes in coverage of health insurance policies that result in an increase in premium…
  • Irdai is also taking a closer look at pricing and has asked companies to get an actuarial review of the viability of every health plan at the end of the year to ensure that all health products are sustainable…
  • According to Future Generali chief operating officer Shreeraj Deshpande, in terms of the circular, insurers should not add additional benefits or upgrade them in the existing health products if it would affect the premiums…
  • Also, the appointed actuary must submit a report to the board at the end of every financial year on the viability of existing health insurance products along with the analysis of the experience with recommended corrective action….

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