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| IRDAI releases text of proposed regulations | | |  Early Times Report
Jammu, Nov 13: The regulatory body of Insurance sector in India, 'Insurance Regulatory & Development Authority of India' (IRDAI) is now coming up with Regulation 2019 for practicing Surveyors & Loss Assessors in India. The provisions of the proposed Regulation will not only adversely affect the General Insurance Industry but also its Intermediaries, Automobile sector, Banking and Finance sector, Trade and Commerce and Industries besides the policy holders and the economy of the country as well.
IRDA has released the text of the proposed regulations as Exposure Draft for opinion, suggestions and concern of all stack holders including insuring public by 21.11.2019. We the office bearers and members of Institute of Insurance Surveyors & Loss Assessors, J&K Chapter are holding this Press Conference to aware the general public and the crores of policy holders and to raise our concern before the authority and Government of India to scrap this regulation The possible impact of these regulations on Insurance Industry and economy of country are outlined as below.
The country is already facing a trust deficit in Banking Sector. Similarly if Insurance Employees are engaged to interpret the policy contract of which they are one party and settle the claim, then outcome would be obviously inclined towards company instead of insuring public. It is a serious case of Conflict of Interest and breach of natural justice. |
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