The Insurance Regulatory and Development Authority (IRDA) has extended the deadline for implementing new norms for group products in health insurance till September 30 this year.
As per a notification issued in February this year, the insurers were supposed to withdraw all the existing group products in health insurance by June 30, 2013. They should not be sold from July 1, 2013 onwards.
Similarly, from October 1, individual health insurance plans which do not conform to the new norms should not be sold.
However, the deadline for groups plans has now been extended till October in view of difficulties expressed by insurers with regard to the time-frame keeping in view the interests of the policyholders, T. S. Vijayan, Chairman, IRDA, said in a circular issued on Thursday.
There was, however, no change in the deadline deferment for individual products, he added.
naga.gunturi@thehindu.co.in