Insurance regulator Irdai Friday said it has set up a "working group" to examine the health insurers' proposal seeking settlement of accidental and health policy claims in installments rather than lump sum payments.
Some general and health insurance companies have proposed payments of claims in installments in respect of personal accident policies and benefit-based health policies as against lump sum payments, Irdai said.
The concept of settlement of claim benefits in installments will enable the beneficiaries/claimants to receive payments in a series of pre-determined installments, the Insurance Regulatory and Development Authority of India (Irdai) said.
In order to examine the above concept and submit report, a working group is constituted, the regulator said further.
The members of the committee are Suresh Mathur, E D (Health), Irdai; Antony Jacob, MD and CEO of Apollo Munich Health Insurance; R M Singh, General Manager, New India Assurance Co Ltd; Biresh Giri, Appointed Actuary, ACKO General Insurance Co; Sameer Shah, Chief Financial Officer, HDFC Ergo General Insurance Co Ltd.
Among others in the panel are R K Sharma, General Manager, Irdia; Pankaj Kumar Tewari, Deputy General Manager (Actuary), Irdai; Md Ayaz, Assistant General Manager (Health Regulations), Irdai.
Suresh Mathur, E D (Health) will be the Chairman of the working group and Md Ayaz will be the Member Convener.
The terms of reference of the working group is as need for allowing settlement of personal accident and benefit based health insurance claims in instalments and if considered what should be the operational procedures to be put in place to protect the interest of policyholders.
The working group is expected to submit its report in eight weeks.
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