The Insurance Regulatory and Development Authority of India (IRDAI) has released the latest Master Circular on Protection of Policyholders' Interests (2024) outlining new regulatory requirements. The circular reinforces several critical laws aimed at safeguarding policyholders' rights and ensuring inclusivity and fairness in the provision of insurance services. Insurers are required to comply with the following key legislative acts:
The Mental Healthcare Act, 2017
Insurers must offer coverage for mental illnesses and related treatments. Policies should cover mental health conditions, ensuring equitable treatment alongside physical illnesses.
The Rights of Persons with Disabilities Act, 2016
Insurance products must cater to individuals with disabilities. No one can be denied coverage or unfairly discriminated against due to a disability. The insurance offerings must ensure comprehensive inclusivity for all individuals, regardless of any physical or mental disabilities.
The Surrogacy (Regulation) Act, 2021
Health insurance plans must account for maternity-related treatments, including surrogacy. Insurance providers should offer products that include the necessary protections for families considering surrogacy under regulated conditions.
The Transgender Persons (Protection of Rights) Act, 2019
Insurers are obligated to ensure coverage is accessible to transgender individuals. Policies should not discriminate based on gender identity, and coverage should be inclusive of treatments specific to transgender health needs.
The HIV and AIDS (Prevention and Control) Act, 2017
Insurers must offer comprehensive health insurance that includes coverage for HIV and AIDS treatment. Under this act, discrimination against individuals based on their HIV status is prohibited, and all related treatments should be covered within health insurance policies.
We want to assure you that we will review these regulatory conditions at the time of your policy renewal and incorporate them as part of our benefit change goals, ensuring protection and inclusivity for every member of your organisation. Specifically, this means:
Should you have any questions or need any further assistance, please do not hesitate to reach out to our client management team assigned to your account or write to wtwindia@wtwco.com. The WTW team is available and happy to help you.
Source: IRDAI – Master Circular on Protection of Policyholders' interests 2024
*Note: Insurance is a subject matter of solicitation and requires careful consideration before making any commitments.
