State-owned insurers and hospitals agreed to restore cashless medical claims for emergency cases.
Full Coverage: Medical insurers stop cashless facility
The standoff between insurance companies and private hospitals over cashless treatment continues, defying hopes of millions of Mediclaim policy holders for an early resolution.
IRDA said that it will soon come out with draft norms that define terms like critical illness and hospitalisation cost, among others, a move that will reduce the scope for disputes between insurers and hospitals.
Private hospitals will resolve their dispute with state-owned insurance firms and restore cashless treatment under Mediclaim policies within 10 days, Naresh Trehan, heart surgeon and member of a conciliatory group said.
Insurance regulator IRDA today expressed hope that the row over withdrawal of the cashless treatment facility at select hospitals by public sector insurance companies will be sorted out shortly.
Aviva Plc, Britain's second largest insurer, wants to boost its stake in its Indian joint venture to 49 percent as soon as regulations allow, its chief executive told Reuters in an interview on Wednesday.
India?s largest real estate firm DLF is likely to bring in a strategic Indian investor in DLF Pramerica Life Insurance, its insurance joint venture with US-based Prudential International Holdings.
The changes in the legislation were finalised on late Thursday night by the finance ministry in consultation with the regulators, said a government official privy to the development.
Punjab National Bank has set up a committee to evaluate the prospects of entering the life insurance business after its earlier attempt to enter the sector along with US-based Principal fell through.