Subject: Health Insurance to be regulated exclusively
The General Insurance Council (GIC), along with the Insurance Regulatory and Development Authority of India (IRDAI), is in talks with the central government to establish an independent regulatory body for the healthcare sector, said Ramaswamy Narayanan, CMD of the General Insurance Corporation of India.
The proposed regulator would function much like other sectoral watchdogs, such as IRDAI for insurance, Securities and Exchange Board of India (SEBI) for capital markets, and the Reserve Bank of India (RBI) for banking.
According to Narayanan, two major issues have prompted this move: fraudulent practices and discriminatory pricing by hospitals based on a patient's insurance status.
In its current form, the healthcare industry lacks pricing standardisation and oversight, Narayan said.
Most probably, such dedicated Regulator for Health Insurance is unique in the world.
M Arunachalam
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