phone image +91 22 68948500, 68948500

Comfort Securities Limited

Comfort Securities Limited

Open an A/C Open an A/C
Apply Now Online IPO

 

Detailed News

Insurance regulator IRDAI allows policyholders to choose their own health insurance TPA
11-Dec-19   10:12 Hrs IST

Instead of solely depending on the insurer, policyholders can now choose third-party administrator at the time of buying a health insurance policy or at the time of renewal.

According to a circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday, "For the purposes of this sub-regulation, the choice of the policyholder to choose a TPA for rendering health services is limited to the TPAs with whom the insurer is having Service Level Agreements in place. Based on the health insurance product and geographical location of the policyholders, the insurer may also limit the number of TPAs amongst whom the policyholder may choose a TPA of their choice. The insurer explicitly shall provide the list of the TPAs engaged, from amongst whom the policyholder may choose a TPA of their choice, at the time of proposal or the renewal as the case may be."

Amit Chhabra, Head- Health Insurance, Policybazaar.com said, ôThis initiative by the regulator will allows the customer/policyholder more flexibility and at the same time, keeps the entire health insurance ecosystem on toes, to ensure customer/policyholder gets best service experience." He further explained, let's say a policyholder has had a prior good experience with a specific TPA, they may choose to use the same TPA for any health insurance claim. "So that gives the customer flexibility," he added.

According to the IRDAI circular, the policyholder can choose a TPA of their choice from a list of TPAs engaged by the insurer. Where the services of the TPA are terminated during the course of health services rendered by the said TPA, every insurer shall allow the policyholder to choose an alternate TPA from amongst the TPAs engaged by it.

The insurer shall explicitly provide the names of the TPAs amongst whom the policyholder may choose the TPA of their choice at the point of sale. The Policyholder may be allowed to change the TPA of their choice only at the point of renewal. Provided that the policyholder shall have no right to seek to dispense the services of the TPA and request the insurer to undertake to render the health service directly.

Provided further that the insurer shall have the prerogative of whether or not to engage any TPA or to terminate the services of the TPA or not to engage the services of the TPA for a particular health insurance product or discontinue the services of the TPA to service a particular health insurance product.

Where the policyholder did not choose any of the TPAs, the insurer may allow the policy servicing to a TPA of its choice.

Where the insurer engages the services of only one TPA, no option need be provided to the policyholder.
  • OUR group Companies
  • Go
  • IMPORTANT LINKS
  • Go
  • QUICK LINKS
  • Go
SEBI Single Regn. No. : BSE / NSE / MSMI - INZ000192537  |   CDSL Reg. No :  IN-DP-CDSL-438-2008                                                                                                                           Filing complaint on SEBI SCORES
Copyright © 2016 All rights reserved Comfort Securities Ltd.
Designed, Developed and content powered by CMOTS Infotech(ISO 9001:2015 certified)
Attention Investors ::
"No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investors account.   |    Kyc is one time exercise while dealing in securities markets:- Once KYC is done through a SEBI Registered Intermediary(Broker DP Mutual Fund etc.) you need not undergo the same process again when you approach another Intermediary.” “ Prevent Unauthorized Transaction in your Trading/Demat account. Update your Mobile Numbers/Email IDs with your Stock Broker/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/Demat account Directly from Exchange/CDSL at the end of the day. Issued in the Interest of Investors. 
1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 01, 2020. 2. Update your email id and mobile number with your stock broker / depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. 3. Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month. .......... Issued in the interest of Investors