Mumbai: Government-backed insurance schemes may come under the insurance regulator’s ambit. Insurance Regulatory Development Authority of India (IRDA) chairman J Hari Narayan has indicated the schemes offered by the central and state governments should come under its regulation.
At present, there are a number of group health insurance schemes with a social objective that have been introduced by public and private insurers at the behest of the central government. Most schemes are either at subsidised rates or free of cost to people living below poverty line.
“The range of insurance products bought on the back of these insurance backed support schemes have happened only in the recent past & therefore, its time that we should finalise all these arrangements to make them stable,” Mr Hari Narayan said. Some state government-sponsored health schemes are offered by public or private insurers through a bidding process initiated by various states.
