IRDAI Proposes to Launch Simple Insurance Products

The Insurance Regulatory and Development Authority of India (IRDAI) is working with non-life insurance companies to launch simple insurance products which can be sold over-the-counter (OTC).

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    As quoted by The Economic Times, Mr. T S Vijayan, Chairman, said, "We are working on introducing simple insurance products which can be sold over-the-counter and we have already come out with points-of-sales regulation for non-life products. We are also working with life insurers to launch such simple products which could happen later. We don't want any complex products to be sold through points-of-sales," he added after launching the Registry of Hospitals in Network of Insurance.” (Also Read: IRDAI Launches Centralized Health Insurance Portal
     

    Answering to a query why only a few foreign insurers have decided to increase their stakes from current 26% in spite of the new Insurance Act, Mr. Vijayan said, "I hope they are waiting for the right time to increase their stake". 

    Written By: PolicyBazaar - Updated: 02 August 2021

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