Irdai scanner on car insurance policies

Once car buyers buy costly insurance, they do not get any support from the insurance companies

The insurance regulator has decided to get tough with general insurance companies to ensure car buyers get the cover they need.

It has decided to force the insurance companies to come under regulations that will make their connections with motor dealers transparent. 

The urgency shown by the Insurance Regulatory and Development Authority of India (Irdai) is in response to the finance ministry’s concern that the largest non-life insurance business in the country has got snared in mis-selling. The regulator has asked the umbrella body of these companies, the General Insurance Council, to respond to the concerns raised within this week.