Star Health Receives IRDAI Order on Policy Portability
Star Health and Allied Insurance Company Limited has received an order from the Insurance Regulatory and Development Authority of India (IRDAI). The order directs the company to adhere to IRDAI's norms regarding policy portability and claim settlement, and to report compliance within four months. The company is advised to review certain portability cases for FY 2024-25 and FY 2025-26 and take appropriate action. Star Health expects a limited financial impact, primarily associated with these specific portability claims, and no impact on its overall operations. The company has confirmed its commitment to comply with the IRDAI's directions.
Key Highlights
- IRDAI issues directions on policy portability and claim settlement.
- Company to review specific portability cases for FY25 and FY26.
- Expected limited financial impact from specific portability claims.
- No operational impact anticipated.
- Star Health confirms compliance with IRDAI directives.
Price Impact
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