MANU/IRDA/0002/2017
Authority : Insurance Regulatory and Development Authority
Notification No. : IRDA/HLT/REG/CIR/005/01/2017
Date : 10.01.2017
Notification/ Circulars Referred : IRDA/HLT/REG/CIR/150/07/2016 dated 29th July, 2016 MANU/IRDA/0028/2016
Citing Reference:
IRDA/HLT/REG/CIR/150/07/2016 dated 29th July, 2016 MANU/IRDA/0028/2016 Referred
To
All Insurers and Third Party Administrators
Clarifications in respect of the provisions of IRDAI (Health Insurance) Regulations 2016 and Guidelines on Product Filing in Health Insurance
Reference is invited to the provisions of Guidelines on Product Filing in Health Insurance notified vide ref: IRDA/HLT/REG/CIR/150/07/2016 dated 29th July, 2016 (hereafter referred as the Guidelines). Under the powers vested in Regulation 2 (i) (o) read with Regulation 39 of IRDAI (Health Insurance) Regulations, 2016, the following clarifications are issued.
I. The following clarifications / further provisions shall be effected in CHAPTER - II of the Guidelines.
1. Reference to Clause (2) (I) (j) in Clause (3)(II)(iii) shall be replaced with Clause (3) (I) (j). On replacing, the first sentence of Clause (3) (II) (iii) shall be read as under;
"Insurers shall comply with Clause (3) (I) (d), Clause (3) (I) (e), Clause (3) (I) (i) and Clause (3) (I) (j) referred above,"
2. After Clause (4) (xiv) the following additional sub-clauses are incorporated.
(xv) "Any revision or modification including a revision in the price of a policy which is approved by the Authority shall be notified to policyholders at least ninety days prior to the date when such revision or modification comes into effect. The notice shall set out the revisions or modifications affected, and the changes in premium, if any. The possibility of a revision or modification of the terms of the policy including the premium must be disclosed in the prospectus and policy wordings.