Last week the Insurance Regulatory and Development Authority of India asked most the life insurance companies to use and file facility. IRDAI encouraged the life insurance products to release new innovative covers fastly to flourish benefits to the customers and IRCA also deepen the penetration of insurance in India. It has been almost a week since the IRDAI extended the use and file method for the life insurance products so that the insurer will launch new policies without prior approval of the regulatory entity. Before this, the same kind of relaxation was extended to the health insurance entities and general insurance policies. There are several important points related to this headline and IRDAI’s guidelines that should be noted. By reading down the page and following every section the visitors of this page will become educated on this new development made by IRDAI. Have a look below. Follow More Update On GetIndiaNews.com
After this extension of relaxed norms for the insurance products and experts feel the insurer will be considered more accountable for the claims which are presented in the marketplace or bonds without being authorized by IRDAI. The MD of Star Health and Allied Insurance firm said that the fresh guidelines and directives of IRDAI will make the industry present insurance products faster in the market. Who is the MD of Star Health and Allied Insurance? S Prakash is chairing the post of MD of Star Health and Allied Insurance. Kindly take a peek at the next section to learn more about it.
S Prakash also said, “this will also make insurers more responsible while the regulator has given the freedom to industry”. he further added that the insurance companies will have to act more responsibly. Meanwhile, the managing director and chief executive officer of ManipalCigna Health Insurance Company named Prasun Sikdar said that the new reforms will reduce the intervention of humans and the process will become easier by cutting down on the cumbersome waiting period.
After the new guidelines of IRDAI, the CEO of Reliance General Insurance named Rakesh Jain commented that it would support fuel product innovation and customer-centricity, as a result, it will increase insurance penetration across the country. Rakesh Jain also said, “this reform will empower the customers to change their own coverage as per their requirements and insurers will be encouraged to address those needs faster.” Stay tuned to this page.