IRDA’s one-stop platform for all insurance activities

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The Insurance Regulatory and Development Authority of India (IRDA) has approved eight proposals at its board meeting on Friday. These includes the ‘Bima Sugam’ platform. This will be an electronic market place where all types of insurance information will be available. As a result, customers will be able to buy any insurance from one place. For this, they will not need to visit the websites of different companies or take the help of agents. The move is expected to simplify insurance rules and enhance convenience of the customers,

Apart from this, the insurance regulator also approved some other rules. In which insurance product rules are also one. Surrender value regulation has been added to this. Under the new rules, surrender value will be included along with guaranteed surrender value and special surrender value.

Motor Third Paty Cover: IRDA has updated the rules under rural, social sector and motor third-party (TP) insurance. Now the responsibility of rural responsibilities will be of Gram Panchayat. The scope of social sector has been expanded to cover cardholders and beneficiaries under various schemes. Under Motor TP, there will be renewal of coverage for vehicles and tractors carrying goods and passengers in measurement units.

Other approvals:  The Board also approved rules relating to registration, capital structure, transfer of shares and combination of insurers. For this, corporate governance regulations have also been given the green signal. The Board has also passed rules relating to registration and operation of foreign reinsurance branches. Also, rules covering the finance and investment functions of insurers have also been given the green signal. IRDA approved special rules to protect the interests of policyholders.