News > IRDAI mandates additional costs for insurers on late health claim settlements
IRDAI mandates additional costs for insurers on late health claim settlements
14/06/2024 03:15 PM | Click to read full article
The Insurance Regulatory Development Authority of India (IRDAI) has introduced new customer-friendly measures for health insurance policies. Insurers must decide on cashless authorisation requests within one hour, effective July 1, 2024. If insurers fail to settle claims within three hours during discharge, they must cover any additional costs incurred due to the extended hospital stay from the shareholders’ fund, as per the latest circular.
