Money & Banking

Covid-19: IRDAI issues lock-down guidelines for insurers

Our Bureau Hyderabad | Updated on March 24, 2020

In view of the lock-down in 75 districts across the country and in many states, the insurance regulator has issued special guidelines to insurers.

Stating that lock-down may disrupt operations of insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to maintain business continuity with all possible alternate modes including telephonic contact and digital mode.

In case of renewal of life insurance policies, the insurers may offer an additional grace period of 30 days (there is a grace period of 30 days being provided) if desired by the customers.

In health insurance policies, the insures could offer 30 days grace period without deeming it as a break in the policy.

The board meetings which are scheduled till June 30 may be held through video conferences of any other audio-visual means, the regulator said. The monthly mandatory submissions could be delayed by 15 days while quarterly returns can also get an additional window of 30 days, it said.

Published on March 24, 2020

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