• More reports on:
  • IRDA

Policyholders'' protection regu

By Our Banking Bureau | 20 Apr 2002

1
Chennai: The Insurance Regulatory and Development Authority (IRDA) is considering bringing in a policyholders protection regulation, which could include a mandatory free-look period for all policies and interest to the insured, in case of delayed settlement of claims.

This was mentioned by Harbhajan Singh, an IRDA member till last month, at a seminar on bancassurance, organised here by the Indian Institute of Bankers and SBI Life. He, however, said the policyholders protection fund might not materialise.

Singh pointed out in his speech that there were cultural differences between bankers and insurance companies. "Banking business is basically laidback, whereas, insurance products are sold aggressively. My experience as a chairman of a bank is that the bank staff are not willing to sell their own banks credit cards, leave alone insurance products." Singh was earlier the CMD of Punjab and Sind Bank.

IRDA chairman N Rangachary said there is basically three issues in bancassurance that of how to remunerate the bank counter staff who actually deal with the customers; whether or not all the counter staff should pass the mandatory examination for selling insurance; whether or not banks could own insurance companies. "IRDA will evolve regulations, depending on the opinion that would be gathered."


 

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more