IBBI & IRDAI Updates for April 2021

IBBI Updates {Insolvency and Bankruptcy Board of India}

• Important Notifications and Circulars Tracker (April, 2021)

IRDAI– Insurance Sector Updates

IRDAI directs insurers to decide on COVID-19 claims within 60 mins

Direction issued in view of Delhi HC order asking IRDAI to tell insurers to communicate their cashless approvals within 30 to 60 minutes so that there is no delay in discharge of patients.

Regulator IRDAI on Thursday directed insurers to decide on cashless COVID-19 treatment claims within 60 minutes of the receipt of the final bill so that the hospital bed can be quickly made available to another waiting patient.

The Insurance Regulatory and Development Authority of India (IRDAI) also directed all general and health insurers to communicate their decision on authorization for cashless treatment for COVID-19 claims to the hospital within 60 minutes from the time of receipt of request along with all necessary requirements from the hospital.

In the wake of prevailing conditions of COVID-19 cases in the form of second-wave and in line with aforesaid directions of the High Court, IRDAI has issued the following directions to all insurers:

1. Decision on authorization for cashless treatment for COVID-19 claims shall be communicated to the network provider (hospital) within a period of 60 minutes from the time of receipt of authorization request along with all necessary requirements from the hospital.
2. Decision on final discharge of patients covered in COVID-19 claims shall be communicated to the network provider within a period of one hour from the time of receipt of final bill along with all necessary requirements from the hospital.

• Key Updates – April, 2021