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IRDAI Tightens Grip on Unauthorized Sale of Motor Insurance Policies
January 19, 2018
In a bid to check the unauthorized sale of motor insurance policies across the nation, the Insurance Regulatory and Development Authority of India (IRDAI) has sent a circular to the motor insurance service providers (MISP). In it, it has clarified that they can’t enter into an agreement with the Original Equipment Manufacturers (OEMs) that affects the sale of motor insurance policies.
Earlier, OEMs were establishing the terms for the motor insurance policies which were then forced on the buyers by the dealers. IRDAI seeks to curb this practice now.
