IRDAI has notified new IRDAI Health Insurance Regulations, 2016. As per the Schedule – III of the Regulations; IRDAI has specify new Guidelines, Regulatory Returns and Formats etc. for Insurers and TPAs.
What this means for you – they have introduced standard definitions for commonly used term in health insurance and critical illness policies, which will help you in comparing, buying, porting and claims of health insurance.
1. Standard definitions for 42 commonly used terms in health insurance policies (prescribed in Chapter I).
2. Standard nomenclature and procedures for 22 Critical Illnesses (prescribed in Chapter II).
3. Items for which optional cover may be offered by Insurers (prescribed in Chapter III).
4. Standards and Benchmarks for hospitals in the provider network (prescribed in Chapter IV).
5. Health Insurance Returns to be filed by all Insurers (prescribed in Chapter V).