IRDAI Cancels E-Meditek's TPA Licence
Updated On May 07, 2019
Recently IRDAI (Insurance Regulatory and Development Authority of India) had canceled the certificate of registration of E-Meditek insurance Third Party Administrator. It will not be allowed to do business as a TPA, as directed by IRDAI. It is the first time that any such incident has happened wherein a TPA has been asked to shut shop because of several violations which the regulator found detrimental to the interests of policyholders and insurers.
E-Meditek has been asked to continue servicing the existing health insurance policies based on the discretion and direction of the respective insurers for a period not exceeding 3 months from the date of the order (10th Jan 2019).
Parvathi Singh, Executive Vice President & Chief of Claims, Tata AIG General Insurance Company has informed, “There are specific sections in IRDAI (Health Insurance) Regulations, 2016 and IRDAI (Third Party Administrators–Health Services) Regulations, 2016 dealing with servicing of such policies or claims. The insurer has to ensure that it does not impact the customers including managing pending claims or cashless requests”. It is quite clear that going forward, no insurer shall entrust servicing of new policies or servicing of new lives under the existing group schemes/policies to E-Meditek TPA.