IRDA cautions people against fake insurers

The Insurance Regulatory and Development Authority (IRDA) has asked the general public to be wary of some logistic services providers selling insurance illegally.

“It has come to the notice of the IRDA that a few entities under the banner of cargo carriers, couriers, logistic providers and transporters are charging consideration from their clientele towards their contractual liabilities using the term insurance,’’ IRDA said in a circular.

Only licensed entities can offer an insurance product and collect or charge insurance premium towards consideration.

The general public should check the veracity of the entity as well as the insurance arrangement promised before making any payment as premium, the regulator said.


Source: thehindubusinessline