Currently, health insurance claims are usually settled only in hospital for at least 24 hours. In addition, the child's birth was not revealed that almost all health policies. "Health insurance is now limited to only 20% of the market consists of admission (surgical) procedures. This market needs to grow to provide health care for all, to whom we must consider models that cover all operating expenses , "Insurance Regulatory & Development Authority chairman J. Hari Narayan told the conference here.

Citing the global experience, Hari Narayan said the government should increase its allocation of the health insurance premium.

Some states like Andhra Pradesh have already taken the lead and provides health insurance to the poor section. At the Centre, the government has gradually expanded the Rashtriya Swasthya Bima Yojana.

While Universal is a little further, Hari Narayan set October 1 as the new deadline for the portability of health insurance that allows policyholders to change insurers without losing all benefits. In general, the new pain in the early years of the purchase of a new policy are excluded from the settlement of claims. IRDA had set in early July 1 deadline for the opening of the portability of health insurance, a problem of long wait.

Another issue on the agenda, guidelines for insurance companies to raise funds, also is expected to be completed by the end of the month.

For life companies, the clause requiring a ranking procedure three years of profitability as a prerequisite for tapping the capital markets have been deleted in the draft guidelines, he said.

For existing Securities and Exchange Board of India (SEBI) norms, any company that plans to go out with a public offering has a history of three years profit.

"What is life insurance companies is just a bit 'of work still to do and can take 2-3 months," he said.

Last month, IRDA has issued draft guidelines for insurers to raise funds through public offers.

According to the standards project, only to insurance companies, who have completed 10 years of operation and strong economic data is allowed access to the capital.

Assurance planning of the public offer is to seek "the formal approval" of the Sebi and IRDA approach for final approval, the draft standards had said.

Source: [TOI]