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Galaxy Health receives IRDAI approval as 7th standalone insurer- Republic World

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Health insurance | Image:Pixabay

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Galaxy Health Registered: The Insurance Regulatory and Development Authority of India (IRDAI) decided to grant the certificate of registration to Galaxy Health and Allied Insurance, allowing it to commence operations as the seventh standalone health insurer in India.

IRDAI recently issued a press statement announcing the approval of several crucial regulations during its board meeting, aimed at enhancing the insurance industry’s efficiency and policyholder protection.

Regulatory overhaul initiated

The approved regulations cover various aspects such as product guidelines, surrender charges, policyholder protection, and the establishment of Bima Sugam, an electronic insurance marketplace. These regulations aim to streamline processes, promote transparency, and ensure better governance within the insurance sector.

One major change involves revising surrender charges, potentially allowing policyholders to receive a higher refund upon premature policy termination. However, details regarding the finalization of these changes remain forthcoming from IRDAI.

Unified insurance platform

Additionally, the establishment of Bima Sugam is aimed at providing a unified platform for policy transactions and claim settlements. Moreover, the finalized policyholder protection regulations emphasize standard procedures and best practices to safeguard policyholders’ interests and ensure effective grievance redressal mechanisms.

IRDAI, in its press statement, highlighted the importance of these regulations in boosting a more robust and customer-centric insurance ecosystem. While specific details of these regulations are yet to be fully disclosed, the insurance industry awaits further clarity from IRDAI. Notably, proposed changes include extending the free-look period for policy returns and mandating electronic issuance of most policies.

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