The Health Insurance Authority (HIA) has found some private health insurers were not fully compliant with Health Insurance Act during 2020.
A new report from the HIA found insurers were generally compliant with their obligations under the Risk Equalisation Scheme, but some instances of non-compliance were identified.
They said as a result of the inspection findings, a refund was made to the Risk Equalisation Fund of €262,000.
The 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 €800 million.
They found 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 and 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.
Recommendations were made by the HIA to the relevant insurers following the inspection results.
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 chief executive. Laura Brien said:“The report reflects the importance of the Authority’s role in overseeing the health insurers and 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, and oversight of other key aspects of health insurance regulation."
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, with 47.5 per cent 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.
Some other key findings from the report included that he number of plans on the market has increased from 321 to 325, the average adult premium is €1,450 and Q1 2022 has seen an average price reduction of 1 per cent 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.
