Insurers need to give payment details: Irda

Insurers need to give payment details: Irda
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First Published: Fri, Mar 13 2009. 11 59 PM IST
Updated: Fri, Mar 13 2009. 11 59 PM IST
New Delhi: With an aim to control growing management expenses of life insurance companies, Insurance Regulatory and Development Authority, or Irda, has issued a circular on Friday that life insurers must give details of all payments to its intermediaries, except individual agents.
The table would indicate the total business procured in a financial year through various intermediaries, including, corporate agents, brokers and referrals. Another circular issued by the regulator on Friday states that all life insurers are required to submit the scrip-wise details of available investments to arrive at the solvency margin.
Meanwhile, in a relief to insurers, National Consumer Disputes Redressal Commission has said that the concealment of material facts on health and failure to give satisfactory explanation for long absence from duty can be reasonable grounds for a life insurance company to repudiate a policy claim.
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First Published: Fri, Mar 13 2009. 11 59 PM IST