Insurance regulator asks general insurers to offer long-term policies

0
46
Insurance regulator asks general insurers to offer long-term policies
google news

The Insurance Regulatory and Development Authority of India (IRDAI) has asked general insurers to offer long-term policies, particularly with three different segments forming the majority of the business. These three segments are automobile insurance, health insurance and property insurance.

A working committee of 21 members was formed for this purpose. This working committee is made up of representatives from the general insurance industry, the regulatory side and the banking side.

The committee basically expected to give its recommendations and suggestions to the insurance regulator in terms of structure, operation of long-term products in these three segments as well as pricing and accounting mechanism.

This decision will help policyholders stay with one insurance company over the long term. The possible industry indication is that there could be 10-year auto insurance policies, health insurance policies, and property insurance policies.

This committee is supposed to give recommendations to the regulator. Once this is collected by the regulatory body, final regulations will be developed regarding the appearance of these products.

To learn more, watch the attached video

cnbctv18-forexlive

google news
Previous articleJames Stavridis: Putin’s new cannon fodder won’t win the Ukraine war
Next articleAnonymous Group Accuses Yuga Labs and BAYC NFTs