INDIA: Medical Insurance Policy Holders Can Shift Insurers From April 2008

MUMBAI (The Times of India), November 26, 2007: From April 2008, mediclaim policy holders, who are not satisfied with the services of their current insurance provider, can easily shift to another firm with accumulated bonuses. The General Insurance Council is preparing norms for portability of mediclaim policy and the same are expected to become operational by the beginning of next fiscal. "The council is working on guidelines and will finalise recommendations by early January," its secretary general KN Bhandari said. Thereafter, it would be sent to IRDA for vetting, he said, adding that hopefully it would become effective from next fiscal. "We have received several representations showing that absence of portability in mediclaim policy is not in the interest of policyholders," he said. Copyright © 2007 Legalpundits International Services Pvt Ltd