Motor third party policies may soon be available at pollution check centres and other agencies following insurance regulator IRDAI approval to the proposal of relaxing norms.
Motor third party policies may soon be available at pollution check centres and other agencies following insurance regulator IRDAI approval to the proposal of relaxing norms.
Insurance Regulatory and Development Auth-ority of India (IRDAI) has approved relaxation of norms in the proposed IRDAI (Appoint-ment of Insurance Age-nts) Regulations, 2016.
During the 92nd meeting of the IRDAI, an additional note proposing relaxation of the agency norms to facilitate distribution of simple insurance policies such as Motor Third Party policies through agencies such as pollution check centres was put before the Board for consideration.
The relaxation proposed was: ‘Provided that the Authority may exempt one or more of the above conditions for such applicants who are to be appointed to distribute specific insurance product(s) having fixed premium and/or benefits such as Motor Third Party Insurance’.
IRDAI accepted the proposal and acceded to insert it into the proposed regulations before notification. said the minutes.
