HIA inspection found that some private health insurers were not fully compliant with Health Insurance Act during 2020
- Overall, the HIA findings found insurers were generally compliant with their obligations under the Risk Equalisation Scheme but some instances of non-compliance were identified.
- As a result of the inspection findings, a refund was made to the Risk Equalisation Fund of €262,000
- The health insurance market in Ireland continued to grow in Q1 2022, with an increase of 1% since end of 2021.
The Health Insurance Authority (HIA) has today published the findings of its Risk Equalisation Scheme Inspection of Registered Undertakings.
It was carried out in 2021 for the period 2020. The HIA inspected registered health insurance companies in Ireland and their compliance with the obligations under the Risk Equalisation Fund, which has an annual value in excess of €800m.
Overall, however the HIA’s findings showed that the three health insurance companies who were inspected (VHI Insurance DAC’s, Elips Versicherungen AG and Irish Life Health DAC’s) were largely compliant with the Health Insurance Act. They have the appropriate policies, procedures and controls in place in respect to claims made to the Risk Equalisation Fund.
The HIA, however, identified areas where some insurers applications of policies were not fully compliant with regulations. These findings were issued to the relevant insurers in January 2022. Recommendations were made by the HIA to the relevant insurers following the inspection results. A resolution is now being put in place regarding two of the findings. A refund was made to the Risk Equalisation Fund of €262,000. Regarding the third finding, the HIA is engaging directly with the registered insurers, and a specific timeline for resolution has been agreed upon.
Speaking about the Inspection Report HIA CEO, Laura Brien said:
“The report reflects the importance of the Authority’s role in overseeing the health insurers. This is as well as ensuring that they achieve high levels of compliance with the broad range of their obligations. It also highlights the importance of the Authority’s role in managing the Risk Equalisation Fund. As well as oversight of other key aspects of health insurance regulation. The Risk Equalisation Fund supports the policy of community ration that ensures all consumers regardless of age, gender or health status pay the same price for the same insurance plan. We will continue make sure that the Risk Equalisation Fund operates in the interests of the health insurance customers.”
The HIA today also published their Q1 Report on the Health Insurance Market 2022. The report identifies health insurance trends and provides important insights into the evolving health insurance market. Key findings show that the health insurance market in Ireland continues to grow. 47.5% of the population holding private health insurance. This has grown from 2,365,332 at the end of 2021 to 2,388,860 as of 31st March 2022. This trend shows that people still place a high importance on their health insurance cover despite the cost of living rising.
Other key findings included:
- The number of plans on the market has increased from 321 to 325
- The average adult premium is €1,450
- Q1 2022 has seen an average price reduction of 1% across like for like plans
As there have been price changes across existing plans and the introduction of new plans, the HIA encourages all health insurance customers to review their policies before they renew, and to use the HIA’s comparison tool to assess plans.
For more information on the Health Insurance Authority and the private health insurance market, visit www.hia.ie. The Risk Equalisation Scheme Inspection of Registered Undertakings is available to view here.
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