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Corporate Law : Explore IRDAI's comprehensive reforms in the general insurance business post de-tariffication, focusing on customer-centric measur...
In exercise of the powers vested under Section 14(2) of the IRDA Act, 1999, the Authority issues the following order reforming the Indian Motor Third Party Pool System. The Authority hereby orders the dismantling of the existing Indian Motor Third Party Pool with effect from 31.3.2012.
ORDER NO. IRDA/NL/ORD/MPL/277/12/2011, Independent review conducted by the Authority through various agencies has revealed that the current framework of the pool is severely affecting the financial viability of the general insurance sector due to alarming capital depletion in the sector. The analysis of the data also revealed huge inefficiencies in claim settlement by the companies reflected in the average claim ratio which differed by as much as 100%.
The Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002 have laid down the functions of a Direct Broker in Regulation 3. Regulations 3(e) and 3(j) envisage that an insurance broker should render advice to a client on appropriate insurance cover and terms and assist in the negotiations of claims. However, as per Clause 7(e) of Schedule 3 of the said Regulations, an insurance broker should not to take up a recovery assignment on a policy contract which has not been serviced through him nor work as a claims consultant for a policy which has not been serviced through him.
The Standing Committee constituted by the Authority by its order dated 25.08.2010 will receive the applications for the grant of ATI licenses and screening shall be done according to the eligibility criteria prescribed by the Authority. The Committee shall make necessary recommendations to Sr. JD (Intermediaries) who shall according to the recommendations of the Committee grant license or renew the licenses of ATI. The verification regarding the suitability, carrying out due diligence shall be the responsibility of the Committee and there shall not be any further examination after the Committee makes it recommendations.
Insurance Regulatory and Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The health insurance policy holder by virtue of the said circular can, at the time of renewal, switch:-
The Health Insurance Policy Holder can at the time of Renewal of his/her policies can shift to another Insurance Company for a similar product, if he is not satisfied with the present Insurance Company for any reason, without losing the Credits gained, if renewed with the existing company. This was not the case earlier; because change in insurance company or plans amounted to loss of these credits and the policies started as new, carrying all time limitations afresh.
eference is invited to the Authority’s Circular Ref: IRDA/CAD/GDL/AGN/016/02/ 2011 dated 151h February, 2011 wherein, interalia, all Non Life Insurers are directed to lay down Minimum Business Requirements for Individual Agents. The said provision of Minimum Business Requirements is now being extended to all Corporate Agents engaged with Non Life Insurance Companies for soliciting the Insurance Business. Accordingly, all Non Life Insurers are directed to lay down the Minimum Business Requirements for Corporate Agents and monitor the performance of Corporate Agents in this regard as often as it is required.
IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders’ interests are protected the industry cannot achieve the required penetration. The policyholder protection acquires much more significance for IRDA as the rural population is either totally illiterate or financially illiterate. The role of the agent becomes crucial in educating the rural policyholders about the features of the product and the consequences of taking certain protection and not taking certain protections from the insurance. Further, the agents are supposed to educate the policyholders about the risks involved in complex products like ULIPs.
Based on the working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944.
The Insurance Regulatory and Development Authority (IRDA) has informed that at present some of the insurance companies resort to online sale of insurance products through their websites/portals in addition to sale through the conventional distribution channels. However there is no proposal from any insurer for sale of their entire policies on online mode.
