Insiders claim that the backlog of crucial policy considerations as well as routine clearances are getting delayed even as companies themselves are suffering from a possible lack of regulatory oversight.
The year started on an uncertain note, the pandemic led to a significant loss of human life and now presents a challenge to public health systems, the way of working and the social norms, Parekh said in his address to shareholders in the company’s annual report for 2020-21.
Insurance regulator Irdai has asked general and health insurance providers to provide standard personal accident cover products to their customers.
Insurance companies have settled claims worth Rs 9,078 crore arising out of the coronavirus pandemic, regulator Irdai’s chairman S C Khuntia said on Friday.
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.
The regulator is considering the formation of an Indian pandemic risk pool with contributions from the country’s insurers and reinsurers. A pandemic pool is required to cover risks because international reinsurers do not provide pandemic cover.
"All the insurers shall ensure putting in place systems to enable policyholders track the status of cashless requests/claims filed with the insurer/TPA through the website/portal/app or any other authorised electronic means on an ongoing basis. "The status shall cover from the time of receipt of request to the time of disposal of the claim along with the decision thereon," said the regulator.