IRDAI website down, users unable to access site

IRDAI website down, users unable to access site

Livemint
Updated20 Feb 2024
 The Insurance Regulatory and Development Authority of India website is down
The Insurance Regulatory and Development Authority of India website is down(iStockphoto)

The website of the insurance sector authority Insurance Regulatory and Development Authority (IRDAI) seems to be down with users unable to access the site on February 20.

 

IRDAI website down

IRDAI proposes to raise free look period from 15 to 30 days

The insurance regulator on February 15 proposed to extend the free look period for the policies from the current 15 days to 30 days now.

This is one of the policies proposed to ensure protection of policyholders’ interest. The others include the provisions relating to bank accounts, nomination, issuing policies in electronic form, among others.

The proposal was part of draft on IRDAI (Protection of Policyholders' Interests and Allied Matters of Insurers) Regulations, 2024. One part covers provisions relating to protection of the interest of the policyholders. The second covers provisions relating to operation and allied matters of the insurers.

These are some of the proposals

A. The free look period for the policies, obtained through any mode, will be 30 days from the date of receipt of the policy document.

B. Insurers to collect the details of bank accounts of insured at the proposed stage to enable electronic transfer of refund and for payments of claims.

C. No policy to be issued unless nomination is obtained.

D. Nomination provisions relating to general, wherever applicable and health insurance policies introduced.

E. Insurance policies meeting the defined criteria to be issued in electronic form.

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