Ajeet Gopchade asks Modi to protect policyholders from insurer bankruptcy
BJP Rajya Sabha MP Ajeet Madhavrao Gopchade has asked Prime Minister Modi to set up legal protections for people with insurance, just in case their insurer goes bankrupt.
He pointed out how important life insurance is for saving and protecting families, and suggested that if an insurer fails, policies should be moved to another company or managed in an orderly way to keep people covered.
Gopchade pushes industry-funded policyholders' protection scheme
Gopchade is pushing for a Policyholders's Protection Scheme (basically a safety fund paid for by the insurance industry) to cover both life, long-term, and general insurance.
He also wants updates to old laws so there's quicker help, clear compensation rules, and better ways to recover money if insurers collapse.
The goal: make sure policyholders don't lose out, and build more trust in India's insurance system.