Insurance companies can now hike equity exposure limit to 15%: IRDA
The board of the Insurance Regulatory and Development Authority (IRDA) also approved the health insurance regulations that will enable development of a more robust, consumer friendly insurance system in the country.
Further, the board has referred the matter to insurance advisory committee to have more clarity on bancassurance regulation.
The board also approved a standard proposal form to capture full details of a policyholder in accordance with the KYC norms for sale of life insurance products which would be mandatory after six months.
This, the IRDA said, would improve "the service levels to prospective policyholders and to further minimise the chances of mis-sale".
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