Mumbai Aug 17: With the law not permitting a foreign collaboration, the state-owned General Insurance Corporation has decided to go ahead with its own comprehensive health-care plan, its chairman KC Mittal said on Saturday.

But the Corporation has decided to wait for another three months in case the government changes the law and permits joint ventures with global players.

``With or without the Insurance Regulatory Authority (IRA) Bill, the Corporation is very much in a position to start the operation concerning health insurance in another three months,'' Mittal told The Financial Express. If necessary the Corporations will go alone and launch an entire revamped health insurance schemes, Mittal said. ``We will watch the situation for little more time before taking a final decision,'' he said adding that there were also alternative plans in case the Corporation faces any rough weather.

Referring to the future course of action, Mittal said that though some preliminary work for a suitable global partner has been done, the Corporation may drop its plan if the necessary legislative amendments are not made.

Government after giving statutory power to the existing IRA, which was subsequently turned down by the opposition, had proposed to amend the GIC Act to facilitate a joint venture. ``If we are allowed to tie up with only domestic players, we may form another subsidiary to undertake health care business,'' Mittal said. To prepare for any kind of eventualities, the Corporation intends to appoint an international management consultant to prepare a blue print on health insurance.

``GIC has formed a top level committee to identify the consultant,'' he said. Domestic health insurance needs a lot of technical and network support to run the business successfully. GIC has enough financial resources to invest but has to coordinate with a net work of medical centres to deliver the goods,'' he said. ``We intend to be cheap and effective,'' he said. GIC also intends to announce a revamped overseas mediclaim policy shortly. It has decided to enhance the total sum assured under its overseas mediclaim policy for $100,000 to $ 500,000.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.