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General insurers, reinsurer to set up TPA by Sept

In the joint venture, the four general insurers will hold 23.75% stake each and General Insurance Corporation of India (GIC) will hold 5%

April 30, 2013 3:21 IST | India Infoline News Service
Four general insurers and a national reinsurer are planning to form a joint venture to set up a third-party administrator (TPA) claims processing unit, according to a media report.

The joint venture is expected to start operations by September and the total project cost is estimated at Rs. 2 billion, the report added.

Four general insurers include: United India Insurance, National Insurance, New India Assurance and Oriental Insurance.

In the joint venture, the four general insurers will hold 23.75% stake each and General Insurance Corporation of India (GIC) will hold 5%.

At present, the four insurers together earn a premium of around Rs. 90 billion under their health insurance portfolio and pay a service fee of over 5% to the TPAs.

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