Sectoral regulator IRDA on Thursday set up a forum that would eventually become a self-regulatory organisation, in order to help promote health insurance.

The health insurance forum, IRDA said, would help in evolving policies and processes for the health insurance sector. The members of the forum would include CEOs of health insurance companies, life insurers, third party administrators (TPAs), officials from labour and health ministries and representatives of health service providers.

The forum, Insurance regulatory and Development Authority (IRDA) said, will act as a consultative agency between insurance companies and other stakeholders. It would also assist the IRDA in collecting data for efficient conduct of health insurance business in the country.

"It is the intention of the IRDA to extend the membership of the forum to cover all stakeholders relevant to the health insurance business and to enable this Forum to evolve into a Self Regulatory Organisation (SRO)," IRDA said.

The IRDA said that the Forum was necessary for effective dialogue between service providers (hospitals), the insurance companies, TPAs, and the consumers in general.

This Forum would help form a consultative role in order to enable the evolution of a regulatory structure to take care of the growing needs of the sector. The Forum would meet atleast twice a year and the members of would be in office for a period of two years.

Last year from October 1, the IRDA had allowed portability of health insurance schemes, thereby allowing customers to change insurers without losing policy benefits.

Besides three standalone health insurers, Star Health & Allied Insurance, Apollo Munich and Max Bupa, a number of other players including National Insurance Company, United India and Oriental Insurance and ICICI Lombard are also active in this field.