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Saturday, May 11, 2013

IRDA norms on microinsurance in 2-3 months

The Insurance Regulatory and Development Authority (IRDA) hopes to bring out the final guidelines for microinsurance sector in two to three months.

According to Sudhin Roy Chowdhury, Member (Life), IRDA, the guidelines will focus on the issues of product design and distribution.

“We are looking at microinsurance from a different point of view. We want companies to design products wherein customers can get slightly higher returns than the premium deposited at maturity,” Chowdhury said at an insurance seminar organised by the Bengal Chamber of Commerce and Industry here on Friday.

The guidelines would also focus on the distribution channels that can be adopted by insurers to help penetration of the product in remote areas, he added.

Source: thehindubusinessline


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