 "insurance")
The Insurance Regulatory and Development Authority of India (IRDAI) website reported an outage on Tuesday. The IRDAI website faced some technical glitches, so the services became inaccessible to users.
"Our services aren't available right now. We're working to restore all services as soon as possible. Please check back soon," this is how the website responds when a user tries to access it.
IRDAI offers to extend the free look period
The Insurance Regulator (IRDAI) proposed to extend the free look period on February 15 for the policies from the current 15 days to 30 days now.
This policy ensures the protection of the policyholder's interest. The others include provisions such as bank accounts, issuing policies in electronic form, nomination, and others.
The proposal was part of the IRDAI (Protection of Policyholders' Interests and Allied Matters of Insurers) Regulations, 2024 draft. One part covers provisions related to the protection of the interest of the policyholders. The second covers provisions related to the operation and insurer’s associated matters.
Here are some of the proposals:
A. The free look period will be 30 days from the receipt date of the policy document which you can obtain through any mode.
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B. Insurers can collect the bank account details insured at the proposed stage enabling electronic transfers of refunds and claims of payments.
C. Policy wouldn’t be issued unless the nomination is obtained.
D. Nomination provisions which are related to general, wherever applicable and health insurance policies are introduced.
E. Insurance policies will be issued in electronic form that meets the criteria.
About IRDAI
IRDAI is a statutory body which comes under the jurisdiction of the Finance Ministry, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. This was constituted by the Insurance Regulatory and Development Authority Act 1999 which was passed in the parliament by the Indian Government. It's headquarters is based in Hyderabad, Telangana, where it moved from Delhi in 2001.
