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NEW INDIA ASSURANCE, ORIENTAL INSURANCE, UNITED INSURANCE AND NATIONAL INSURANCE TOGETHER MANAGE OVER ` 6,000 CR OF HEALTH INSURANCE BUSINESS
NEW DELHI: The Competition Commission of India (CCI) has initiated a probe against public sector general insurance companies including New India Assurance, Oriental Insurance, United Insurance and National Insurance among others for allegedly indulging in unfair business practices with regard to third party administrators (TPAs).
The four insurers together manage over ` 6,000 crore of India’s health insurance business.
The investigation has been ordered ag ainst “General Insurers’ (public sector) Association of India (GIPSA) and other public sector general insurance companies for alleged anti-competitive practices,” the fair trade regulator said.
TPAs are generally the only point of contact between the patient and insurance firms. TPAs carry out all administrative tasks on behalf of insurance companies and settle claims for patients who present a valid health insurance card.
None of the four responded to phone calls when contacted.
“It was observed that the opposite parties have floated inhouse TPAs to reduce their claim ratio, which may potentially result into rejection of claims on ad-hoc basis… The said practice was found by the commission to not be in alignment with prevailing global practices where the TPAs and insurers are operating independently,” the CCI said.
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