Health Insurance
IRDA Rules for Health Insurance Claim Settlement
IRDAI (Insurance Regulatory and Development Authority of India) establishes guidelines for health insurance claim settlements to protect policyholders. Key regulations include: claims cannot be denied after an 8-year moratorium period except in fraud cases, claims must be settled within 30-45 days, delayed payments require interest at 2% above bank rate, and insurers must provide clear policy information regarding hospital networks and terms.
24 Jan 2023
IRDAI (Insurance Regulatory and Development Authority of India) establishes guidelines for health insurance claim settlements to protect policyholders. Key regulations include: claims cannot be denied after an 8-year moratorium period except in fraud cases, claims must be settled within 30-45 days, delayed payments require interest at 2% above bank rate, and insurers must provide clear policy information regarding hospital networks and terms.
24 Jan 2023