Irda issues new guidelines for the sale of insurance policies.
Global Banking News-March 23, 2015--Irda issues new guidelines for the sale of insurance policies
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Global Banking News - 23 March 2015
The Indian insurance regulator, Irda, has issued new guidelines for the sale of insurance policies.
The Insurance Regulatory and Development Authority of India has released new rules that would impose higher penalties for mis-selling policies. The new guidelines are to come into effect from April 1.
Irda said insurers would be responsible for all acts and omission by its agents, including violation of the code of conduct specified under the guidelines. For violations, they will be liable to a penalty of up to INR10m.
According to the new norms, an individual can act as an insurance agent for only one life insurer, one general insurer, one health insurer and one monoline insurer.
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