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Insurance regulator, the IRDAI, has decided to constitute a committee of experts to advise IRDAI on matters related to mental health and insurance.
The Authority explains the reason for the establishment of the five-member panel, in a circular, “One of the important areas that needs attention from the point of view of insurance coverage is mental health. A holistic examination of the various aspects involved such as types of conditions, types of treatments etc from the insurance perspective is necessary when dealing with products designed to cover mental illnesses and other related aspects.”
The terms of reference of the Committee are as follows:
1) Expert advice on coverages offered/to be offered under insurance products for mental illnesses;
2) Expert advice/inputs on terminology, concept and the like on matters relating to mental illnesses from the medical domain perspective;
3) Advice on various aspects relating to mental illnesses from the insurance domain perspective
4) Any other relevant aspect related to mental illness.
The members of the Committee include three mental health specialists and a representative each from a general insurer and a health insurer.
The Committee is formed for two years from 23 March 2023, the date of the order relating to the formation of the panel.
