The losses of medical health insurance enterprise of PSU insurers both worn out or decreased income of different strains of enterprise or elevated the general losses, the audit report on third-party directors (TPAs) within the medical health insurance enterprise of public sector insurance coverage corporations famous.
“The losses have been on account of group medical health insurance insurance policies the place premium charged was much less and declare outgo was extra compared to retail insurance policies,” it mentioned, including that PSU insurers’ market share in medical health insurance enterprise can be decreasing vis-a-vis the stand-alone well being insurers and personal insurers.
The audit findings tabled in parliament on Friday identified that the 4 insurers- , United India Insurance coverage, Oriental Insurance coverage and Nationwide Insurance coverage – didn’t adjust to the federal government directive to not exceed above 95% the mixed ratio of standalone group insurance policies and 100% for group insurance policies involving cross subsidy.