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.

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.