Freedom to Switch Insurers

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You can shop for a new health insurer from October, if you are dissatisfied with your existing one, and carry along your no-claim bonuses and track records. However, you can switch your health insurance policy to another insurer only if you have held the policy for a minimum of one year.

The Insurance Regulatory and Development Authority (Irda) has issued final guidelines on health insurance portability, which will come into force from October 1, 2011.

“It is beneficial for policy holders. They can choose a product with better price and features, which may not be available with their existing insurance provider,” said Sanjay Datta, head, customer service, health and motor at ICICI Lombard General Insurance.

Under the new guidelines, a policy holder will have to initiate the portability process 45 days before his policy with the old insurer expires or becomes due for renewal.

“Portability would drive health insurers to improve their claims-related services since this would be a major factor for customers to switch from their current insurer to another one,” says TA Ramalingam, head, underwriting, Bajaj Allianz General Insurance.

Policy holders will be eligible to carry forward the no-claim bonus to the new insurer.

“The biggest benefit is the transfer of waiting period. All benefits will get transferred. A person will not have to wait for the waiting period when they transfer their policy,” says Datta.

When you buy a new policy, you become eligible for the benefits immediately only on expiry of the waiting period. Generally, there is a 30-day waiting period beginning from the date of commencement of your policy during which you are not covered for any ailments. In addition, there is ailmentspecific waiting period. There is pre-existing disease waiting period as well.

“With portability coming in, a customer can freely move from one insurer to another insurer and transfer the waiting period benefits accrued with their previous insurer.” says Ramalingam.

REGULATOR WATCH

BANKING

Non-resident Indians (NRIs) can open non-resident (external) rupee accounts and foreign currency (non-resident) account(banks) with their resident close relatives on a ‘former or survivor’ basis. The resident relative can operate the account as a power of attorney holder. Resident Indians can open joint accounts with NRI relatives, but the NRI holders cannot operate the account during the lifetime of the resident holder.

INSURANCE

Third Party Administrators, which act as an intermediary between health insurance policyholders and the insurers, will now have to confine their services only to insurers. The insurance regulator has withdrawn permission given to licensed TPAs to offer their services to non-insurance bodies.

CAPITAL MARKETS

The Securities and Exchange Board of India has started a centralised web-based complaints redressal system for investor grievances against depository participants (DPs), which act as agents of depositories, which hold securities such as shares, derivatives and commodities for investors. The complaints will be channelled through the depositories concerned and the DPs will have to redress the grievances within one month from the date of receipt of the complaint.

TELECOM

In an attempt to check unsolicited marketing calls and messages, the Telecom Regulatory Authority of India has limited the number of text messages allowed from each mobile number to 100 per day. The restriction will become effective from September 27, 2011.