The Health Insurance Authority (HIA) has discovered that some private health insurance companies were not fully compliant with the Health Insurance Act in 2020.
A new report from the HIA found that insurers generally adhered to their obligations under the risk leveling scheme, but there were some cases of non-compliance.
They said a refund was made to the € 262,000 risk leveling fund as a result of the test results.
Compliance with Irish tested and registered health insurance companies and obligations under the Risk Leveling Fund with an annual value of over € 800 million.
They have been tested by three health insurance companies (VHI Insurance DAC, Elips Versicherungen AG, Irish Life Health DAC), which are mostly compliant with the Health Insurance Act and are risk leveling funds.
However, HIA has identified areas where the policy enforcement by some insurers is not fully compliant.
Following the test results, HIA made recommendations to the relevant insurance companies.
For the third finding, HIA works directly with registered insurance companies and has agreed on a specific schedule for resolution.
Inspection Report Talk about HIA Chief Executive Officer. Laura Brien said: “This report reflects the importance of the authority’s role in overseeing health insurance companies and ensuring compliance with a wide range of obligations.
“It also emphasizes the importance of the authority’s role in managing the Risk Leveling Fund and the oversight of other important aspects of health insurance regulation.”
HIA also released its first quarter report on the health insurance market 2022 today.
The report identifies health insurance trends and provides important insights into the evolving health insurance market.
The main findings show that the Irish health insurance market continues to grow and that 47.5% of the population has private health insurance.
This increased from 2,365,332 at the end of 2021 to 2,388,860 as of March 31, 2022. This trend shows that despite rising living costs, people still place great importance on health insurance coverage.
Other important findings from the report show that the number of plans on the market has increased from 321 to 325 and the average premium for adults is € 1,450, a similar plan in the first quarter of 2022. It includes a 1% drop in the average price of.
As prices have changed between existing plans and new plans have been introduced, HIA will review policies and evaluate plans using HIA’s comparison tools before all health insurance customers renew. It is recommended.
