On Thursday, Insurance Regulatory and Development Authority (Irda) formulated and finalised the structure of long-awaited health insurance forum. The forum will provide its assistance and advise to Irda on issues relating to health insurance segment, said the order. In the order Irda said forum would eventually become a self-regulatory organisation, in order to help promote health insurance.

The newly formed body will contain chief executive officers (CEOs) of three general insurance companies who are selling health insurance along with CEOs of three life insurance companies selling health policies and one representative from any of the three standalone health insurance providers.

“This is a welcome move by the regulator and it will help the health insurance segment in more than one ways. Moreover, this will provide a common platform for various stakeholders in healthcare system,” Subrahmanyam B, vice president and head of health and commercial lines at Bharti Axa General Insurance Company.

The forum will also consist representatives from third party administrators, ministry of health and family welfare, health service providers, CII, Ficci and Irda.

Forum will facilitate creation of standard processes and definitions health insurance segment. Collection and maintenance of information for efficient working of health insurance will also be forum’s responsibility.

Health insurance segment has been witnessing fastest growth in the non-life insurance segment with around 30 per cent year-on-year rise.

sagarsen@mydigitalfc.com