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Tuesday, June 24, 2014

Irda Tightens Policy Switch Norms

Seeking to safeguard interest of customers, Irda has made it mandatory for agents to provide full details in transparent manner before persuading policyholders to shift to another life insurance firm.Tightening of replacement norms would help in retaining the life insurance policy.

The guidelines envisage the full disclosure and transparent information to the policyholder to avoid a possible misrepresentation as to the factual position of financial consequences of replacing an existing life insurance policy, it said. The draft said, “no life insurance agent, insurance intermediary or an insurer is permitted to replace a life insurance policy, except, if it is in the interest of the policyholder.”

Every insurance intermediary would make every reasonable effort to keep in force the existing life insurance policy, it said. Replacement, if required, would be subject to certain conditions, including obtaining a written consent from the prospect for replacing existing policies.
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