Insurance News Details

Insurance regulator IRDAI sets up 12-member committee to simplify insurance policy wordings

(28-Oct-23   09:36)

The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee of 12 members to simplify insurance policy wording.

The committee, headed by L Viswanathan, a member of the Insurance Advisory Committee (IAC), includes the Secretary Generals of the Life Insurance and General Insurance Council along with the president of the Insurance Brokers Association of India (IBAI) and the Principal Officer, State Bank of India (Corporate Agent) as well as other senior members of the insurance industry.

Further, the committee can also include external experts if found necessary.

This decision comes in the backdrop of the IRDAI's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts due to the complex language used in the policy, stopping them from making informed decisions while purchasing an insurance policy.

As a step towards IRDAI's goal of Insurance for all by 2047, the regulator is putting efforts towards creating a progressive, supportive, facilitative and forward-looking architecture, which will foster a healthy environment leading to wider choice, accessibility and affordability to the policyholders.

The regulator's statement said further that In this endeavour a committee with following members is constituted for simplification of policy wordings by using language understandable to policyholders.

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