IRDA defers launch of health insurance portability to Oct 1
Insurance regulator IRDA has postponed implementation of portability of health insurance policies across non-life insurance companies to October 1.
June 24, 2011 / 21:09 IST
Insurance regulator IRDA has postponed implementation of portability of health insurance policies across non-life insurance companies to October 1.
Earlier, IRDA had announced that it would implement health insurance portability, which allows a customer to shift from one insurer to another while retaining the policy, from July 1.IRDA has embarked upon providing a web-based facility for the insurers to feed in all relevant details on health insurance policies issued by them to individuals which will be accessed by the new company to which a policyholder wishes to port his policy.Such a system will enable the new insurer to obtain efficiently data on history of health insurance of the policyholder wishing to port. Such a facility is necessary to enable the smooth running of the system."The web-enabled facility is being established by IRDA and the Authority will implement portability of health insurance policies across non-life insurers in the country not later than 1st October 201," IRDA said in a release today.IRDA said the modalities of portability to be effective and consumer friendliness have been discussed with the non life insurers in the country. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
