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IRDAI NOD FOR AROGYA SANJEEVANI GROUP VARIANT

Focus: GS-III Indian Economy

Why in news?

  • Insurance regulator IRDAI said it was permitting insurers to offer standard health insurance cover Arogya Sanjeevani as a group policy.
  • This version will be introduced under the same name — Arogya Sanjeevani — and terms and conditions of the standard policy retained.
  • Insurers, however, get the freedom to fix the premium.

Advantages

  • Private and public establishments are expected to benefit from the Arogya Sanjeevani group policy, in terms of covering the medical needs of their employees.
  • Also, be it in individual or group form, the Arogya Sanjeevani policy covers COVID-19.
  • Under the group policy, insurers will be allowed to set their own minimum and maximum sum limits, subject to their board approved underwriting policy.
  • Following its decision permitting launch of standard individual health insurance cover, all insurers dealing in health insurance are offering the product, IRDAI said.
  • The permission for Arogya Sanjeevani group policy follows close on the heel of the regulator’s decision allowing insurers to group version of the Covid-specific, short term, standard health policy Corona Kavach.

About IRDAI:

  • The Insurance Regulatory and Development Authority of India or the IRDAI is the apex body responsible for regulating and developing the insurance industry in India.
  • It is an autonomous body. It was established by an act of Parliament known as the Insurance Regulatory and Development Authority Act, 1999. Hence, it is a statutory body.
  • The IRDAI is headquartered in Hyderabad in Telangana. Prior to 2001, it was headquartered in New Delhi.

Functions of IRDA

  1. Its primary purpose is to protect the rights of the policyholders in India.
  2. It gives the registration certificate to insurance companies in the country.
  3. It also engages in the renewal, modification, cancellation, etc. of this registration.
  4. It also creates regulations to protect policyholders’ interests in India.

Composition of IRDA

The Section 4 of the Insurance Regulatory Development Authority (IRDA) Act, 1999 specifies the composition of authority which consists of 10-member team appointed by the government of India which includes:

  1. One chairman
  2. Five whole time members
  3. Four part time members

-Source: The Hindu

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