The Hindu Business Line : Follow proposal norms, IRDA tells insurers

Hyderabad, Feb. 19 The Insurance Regulatory and Development Authority (IRDA) has asked the insurers to strictly adhere to norms pertaining to proposal for insurance.

The authority has advised all insurers to strictly follow the provisions relating to ‘Proposal for insurance’ (Section 4) under the IRDA (Protection of Policyholders’ Interests), 2002.

Any instance of violation by an insurer shall be viewed seriously by the authority and action as deemed fit, taken, it said in a notification.

IRDA was in receipt of several complaints, citing instances of policies being issued without collecting a proposal form from customers as specified in Section 4, it said.

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