India's IRDAI introduces Master Circular on General Insurance Business, banning claim rejection due to insufficient docs, simplifying products, and enhancing customer experience.
India's Insurance Regulatory and Development Authority (IRDAI) has introduced a Master Circular on General Insurance Business that bans companies from rejecting claims due to insufficient documents. The new guidelines also simplify insurance products and enhance customer experience, including allowing customers to select products based on their needs, providing a clear Customer Information Sheet, and setting strict timelines for claims settlement. In addition, the circular outlines calibration and governance measures to protect customers' interests, such as board oversight, proper management of underlying risks, and tech-enabled processes for seamless onboarding and claim settlement.
June 11, 2024
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