Plan for insurance regulator mooted

Leading public sector general insurers have mooted the idea for a regulator to standardise the costs of medical treatment across the country.

Speaking at an insurance conclave organised by the Federation of Indian Chambers of Commerce and Industry Eastern Regional Council in Kolkata on Tuesday, The New India Assurance Company Limited CMD B Chakrabarti said the experience with the third party administrators was mixed and the performance of some of them was very dismal.

He said creation of the medical regulator was indeed necessary for all stakeholders ranging from pharmaceutical companies to patients to hospitals. This would benefit people who were not covered under the medical insurance scheme.

Chakrabarti said TPAs have a role to play in the health insurance sector, but some of them were not functioning properly.

A similar view was echoed by V Ramaswamy, National Insurance Company Limited CMD, who said the review mechanism for monitoring the TPAs would be strengthened.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group