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IRDAI Gives Green Signal to POS to Support Insurance Industry
October 19, 2018
Insurance Regulatory and Development Authority of India (IRDAI) has approved the distribution of micro-insurance products through Point-of-Sales (POS) which is expected to increase insurance penetration in the country. It also said that in view of the representations received from various insurance companies, it has been decided to drop the name “POS” from the product names.
The insurance regulator said that as per IRDAI (Protection of Policy holder’s Interest) Regulations, 2017, under the matter provided in general, life and health insurance policy, the name of the salesperson is required. However, the prefix “POS” in product names is unnecessary as the insurance policies will already contain the details of the salespersons.
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