GIC, IRDAI Push for Healthcare Regulator Amid Surge in Costs and Uneven Billing Practices

NEW DELHI: India's insurance and regulatory bodies are in discussions with the Centre to create a dedicated authority to oversee the healthcare sector, according to Ramaswamy Narayanan, Chairman and Managing Director of General Insurance Corporation of India.

- MPOST BUREAU

The move, led by the General Insurance Council (GIC) in collaboration with the Insurance Regulatory and Development Authority of India (IRDAI), comes in response to widespread concerns over inconsistent hospital pricing and alleged misuse of health insurance frameworks.

"There is a need for a structure similar to what the insurance, banking, or stock market sectors have," Narayanan said, referring to regulators like IRDAI, RBI, and SEBI. He noted that the current healthcare system lacks uniform pricing and oversight, leading to growing issues for both insurers and patients.