Irda forms working group for simple products in general insurance

Tags: IRDA, Insurance
Insurance sector regulator Irda has formed a working group to review 'File & Use' (F&U) guidelines to ensure availability of simple products in the general insurance category.

The Insurance Regulatory and Development Authority (Irda) said it was required to review the extant guidelines on F&U requirements for general insurance products.

"It is felt by the Authority that a review of extant guidelines has to be undertaken to ensure that products are designed, marketed, sold and serviced ensuring that a viable, simple and useful product is available to consumers and is sustainable for insurers," says a circular issued by Irda.

Earlier in 2007, Irda had withdrawn tariff structure for general insurance products under fire, engineering, motor and workmen compensation and gave insurers authority to decide premium rates for their products.

The eight member working group will be chaired by Irda member Suresh Mathur. Among others, the working group would consist one member from the Authority and six from general insurance industry.

The working group is expected to submit its report to Member (Non-Life) in three months.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amidst Sino-Indian bonhomie, the Tibet issue cannot be wished away

    Tibet did not figure in the three-day high-level meetings between India and the People’s Republic of China (PRC).

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Intertemporal choices

Intertemporal choice is the study of the relative value people ...

Parvez Imam

Why we all have blood on our hands

What does the Jammu and Kashmir flood make us think? ...

Dharmendra Khandal

The peculiar possibilities of animal poop

You can tell a lot about an animal by its ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture