Micro-life insurance: IRDAI authorizes points of sales persons

IRDAI, the regulator of the Indian insurance market, has authorized points of sales persons (PoS) to distribute micro life insurance policies. From now on, the PoS can deal directlty with the customers. However, IRDAI sets the conditions for this mode of distribution.

Companies will need to ensure that the terms and conditions of the policies are easily understood by the customer. In addition, insurers have a deadline of four working days to give a definitive response to the customer, i.e., provide him with an insurance policy.

In the event of a refusal of insurance, the company must fully reimburse the customer. It should be noted that insurers must provide a certificate to any new point of sales person having had a 15-hour training and passed an examination.

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