M/s Universal Medi-Aid Services Private Limited which is a Third Party Administrator (TPA) since 2010 has decided not to renew its license that expired on 21/03/2013.
In the insurance industry TPA is defined as a link between the insurance company and the health insurance policyholders to provide claim related services to the policy holders.
M/s Universal Medi-Aid Services Private Limited, has its registered office in New Delhi, was functioning as a TPA since past many years, vide TPA license no. 9 granted by IRDA.
The TPA vide letter dated 11th February 2013 had submitted the application for renewal of TPA license for the period 22/03/2013 to 21/03/2016. However, subsequently the TPA submitted the letter on 16th February 2013 to the authority deciding not to go with the renewal of TPA license. Based on the application received, the authority cancelled the license granted to M/s Universal Medi-Aid Services Private Limited. This order was passed vide order no. IRDA/TPA/ ORD/CAN/049/01/2014 dated 31st January 2014.
