IRDAI mandates Indian insurance policies be linked to authorized salespeople
Business
Big update from IRDAI: every insurance policy in India now has to be linked to an authorized salesperson.
This new rule, decided at its Hyderabad meeting, is all about stopping mis-selling and making sure there's real accountability for who sold you your policy.
IRDAI advances distribution and registry reforms
IRDAI is also rolling out a bunch of reforms, like ditching the old renewal process for agents (now it's just an annual fee), relaxing investment rules, and making it easier for companies to transfer shares.
Plus, they're planning a Public Insurance Registry so you can trace your policy back to the agent who sold it.
A consultation paper on distribution reforms is coming soon too, aiming to curb pushy sales tactics and protect buyers like you.