: Govt-owned general insurers shun their offspring, favour private TPAs #FinanceIndia #StockMarketNEWS #Business Indo-Asian News Service Chennai Ever seen a parent company shunning its offspring?

@StockMarketNEWS Tue 06 Sep, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

Govt-owned general insurers shun their offspring, favour private TPAs #FinanceIndia #StockMarketNEWS #Business
Indo-Asian News Service

Chennai

Ever seen a parent company shunning its offspring? Public sector general insurers are good examples.

Even after floating a health insurance claims processing company, Health Insurance TPA of India Ltd (HITPA), the four non-life insurance companies palm out their health insurance claims processing work to others including to a company whose licence was revoked by the sectoral regulator and not to their own.

The strange ways of the four government-owned insurers The Oriental Insurance Company Ltd, National Insurance Company Ltd, The New India Assurance Company Ltd and United India Insurance Company Ltd have been frowned upon by the Comptroller and Auditor General of India (CAG).

The HITPA is a Rs 120 crore equity based joint venture between the four general insurers each contributing Rs 28. 50 crore and balance Rs 6 crore by the General Insurance Corporation of India.

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