TCF and Principles-based Regulation : To meet the optimum level to treat the Customers fair, TCF initiative is the principle-based approach to regulation. The principle based approach helps to align good […]
Insurance Law - 2. page
Transparency in Dealings – Disclosures Required by Insurance Companies
Transparency in Dealings – Disclosures Required by Insurance Companies : One of the methods to promote fairness in dealings with customers is appropriate disclosures to customers about an insurance company’s key […]
Desired Outcomes expected upon adoption of TCF
Desired Outcomes expected upon adoption of TCF : The firms which have adopted TCF are expected to deliver the following outcomes: Outcome 1: Consumers can be confident that they are […]
Information required before the point of sale
Information required before the point of sale : At this point, the knowledge of consumer needs to comprise of all those facts, data and any other information which is relevant to […]
Information required at the point of sale
Information required at the point of sale : Once the customer decides to purchase an insurance policy, the documentation of the customer’s needs and requirement takes place. Usually, under a life […]
TREATING CUSTOMERS FAIRLY
TREATING CUSTOMERS FAIRLY : What does “Treating Customers Fairly” means? The Treating Customers Fairly (TCF) principle aims to raise standards in the way financial institutions carry on their business by introducing […]
Important aspects of the Financial Statements of Insurance Companies
Important aspects of the Financial Statements of Insurance Companies : Insurance is an invisible trade. Being an intangible product, it embodies a pledge of protection. By default, insurance transaction relates to […]
PROTECTION OF POLICY HOLDERS
PROTECTION OF POLICY HOLDERS : Protection of Policy holders is a very important aspect in the insurance business. IRDA have provided ‘Insurance Regulatory and Development Authority (Protection of Policyholders’ Interests) Regulations, […]
Disclosure requirements
Disclosure requirements : The following disclosure requirements have been prescribed alongwith annual financial statements: (a) Quantitative and qualitative information on the insurer’s financial and operating ratios, namely, incurred claim, commission and […]
Whistleblower Policy
Whistleblower Policy : The guidelines also require insurers to have a Whistleblower policy in place. This is intended to act as a mechanism to promote voluntary reporting of possible frauds and […]