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BankingNABARD / RBI

IRDAI Inspections Flag Health Insurance Master Circular Lapses

27 June 20251 min read
BANKING & FINANCEIRDAI InspectionsFlag HealthInsurance MasterCircular Lapses27 June 2025safalsetu.com

Why in the news

IRDAI checked insurers’ compliance, mainly with the new Health Insurance Master Circular, and found gaps in claims settlement and procedures.

Area flaggedIssue
Customer Information SheetDesign and complexity
Claims Review CommitteesRepresentation
PortabilityLate data to Insurance Information Bureau

Background

  • The circular aims to make policy terms, claims, portability and disclosures transparent and consumer-friendly.

Implications

  • Insurers must correct procedural gaps quickly.
  • May lead to wider reforms in claims transparency and data submission.

Exam angle

  • Regulator: IRDAI; data body: IIB.
  • CIS = Customer Information Sheet.

Test yourself

1. Which regulator conducted inspections of health and general insurers to check compliance with the Health Insurance Master Circular?

IRDAI carried out the inspections.

2. Delays in submitting portability data were flagged in relation to which body?

Portability data to the IIB was delayed.

3. What does CIS stand for in the IRDAI inspection findings?

CIS means Customer Information Sheet.

This topic is part of Daily Current Affairs 27 June 2025 (15 topics).

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