26 February, 2020
3 Min Read
Syllabus subtopic: Statutory, Regulatory and various Quasi-judicial Bodies.
Prelims and Mains focus: about the move and its significance; about IRDAI
News: The Insurance Regulatory and Development Authority of India (IRDAI) is considering the possibility of allowing life insurance companies to offer health policies despite opposition from general insurance companies.
About the move
The regulator has set up a nine-member committee to study the feasibility of allowing life insurers to offer indemnity-based health policies.
As of now, only general insurance firms and specialised health insurance companies are allowed to offer indemnity-based health policies.
Opposition to the move
What is an indemnity-based health insurance plan?
Health insurance Premium
It is an apex statutory body that regulates and develops insurance industry in India. It was constituted as per provisions of Insurance Regulatory and Development Authority Act, 1999. It is headquartered in Hyderabad.
Source: Indian Express
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