Wednesday, May 23, 2018

Irdai enforces more transparency over policy exclusions

To ensure that policyholders are aware of the inclusions and limitations of their insurance policies, the Insurance Regulatory and Development Authority of India (Irdai) has asked insurers to group together all policy exclusions upfront in the policy document.

The regulations released this week require every insurer to display the service parameters and turnaround times as approved by the board in its website and keep the same updated as and when the service parameters are revised by the board.

The decision has been taken by Irdai to help policyholders who are entirely dependent on what their insurance agents tell them. It also prevents policyholders from completely relying on agents, who sometimes overstate the coverage.

The insurers are also now required to update on their website the terms and conditions of every product that is withdrawn or modified.

 

 

 

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