IRDA forms panel for transparency in motor insurance

 

 

 

Insurance regulator IRDAI set up a seven-member committee to suggest ways to bring transparency in payouts made to the auto dealers by the insurers for getting motor insurance business.

The committee would be headed by a senior official of IRDAI and will comprise members from insurance companies and auto industry.

The IRDAI said it “proposes to bring clarity and transparency in payouts made to the auto dealers by the insurers for getting motor insurance business” while announcing setting up of the panel.

The panel will study the “existing practices in the industry on the payouts made to the motor dealers on motor insurance business” and also “examine the deviations from the existing norms”. The committee has been “advised” to submit its report within two months.