IRDAI Reg Section 6 : Principles for sale of insurance products
Act
Summary
Section 6 of the IRDAI Regulations, 2024, outlines the principles for the sale of insurance products. It mandates that insurers ensure equitable access to insurance services and maintain transparency throughout the solicitation process. This section emphasizes fair treatment of prospects and policyholders, providing them with all necessary information to make informed decisions about purchasing insurance policies.
JavaScript did not load properly
Some content might be missing or broken. Please try disabling content blockers or use a different browser like Chrome, Safari or Firefox.
Explanation using Example
Example 1: Ensuring Equitable Access to Insurance Products
Introduction: ABC Insurance Company operates in a diverse urban area with a significant population of non-English speakers. The company aims to comply with Section 6(a) of the IRDAI Regulations, 2024, which mandates equitable and inclusive access to insurance products.
Application: To adhere to this provision, ABC Insurance translates its policy documents and promotional materials into multiple languages prevalent in the community. They also train their agents to communicate effectively with non-English speaking clients and provide interpreters when necessary.
Outcome: By implementing these measures, ABC Insurance ensures that all prospects, regardless of language barriers, have access to their insurance products. This approach not only complies with the legal requirement but also enhances customer satisfaction and broadens their market reach.
Conclusion: Compliance with Section 6(a) ensures that ABC Insurance avoids potential legal challenges related to discrimination and fulfills its obligation to provide equitable access to all community members.
Example 2: Transparency in the Solicitation Process
Introduction: XYZ Life Insurance is launching a new life insurance product. To comply with Section 6(b) of the IRDAI Regulations, 2024, they must ensure transparency and fair treatment during the solicitation process.
Application: XYZ Life Insurance develops a comprehensive training program for its agents, emphasizing the importance of providing clear and complete information about the new product. They implement a checklist that agents must follow, ensuring all key features, benefits, a...
Login to access all pages and read more content.
To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.
In fact, any online course, certificate program, diploma in International Law, Technology Law, or whatever-new-hype-they-invent is usually just marketing sugarcoat. Don't let them sell you a PDF or Recorded Content and call it empowerment.
A course designed to truly empower you should be accessible — and preferably, free. That's why KanoonGPT will launch a Free AI 101 for Law Professionals course.
Also, quick reality check: Indians earn in INR ₹₹₹ — why on earth are we paying in Dollars $$$ for AI tools ? 🤨 Something doesn't add up.
Download Digital Bare Acts on mobile or tablet with "Kanoon Library" app
