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General insurance companies must not restrict the sourcing or servicing of motor insurance business through any agent, intermediary, or insurer on the ground of tie-ups with motor dealers or manufacturers. This rule applies also to personal accident policies offered with motor policies. Insurers must ensure that no new agreements vary from this direction. Insurers must also ensure that all existing agreements conform to this direction.
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[Image omitted. See the official document.]
Ref: IRDA/NL/CIR/MISC/024/02/2016
February 10, 2016
CIRCULAR
To
All General Insurance Companies
It is well known fact that policyholders have a prerogative to choose any agent, intermediary or any insurer to avail of insurance services. Of late, it has come to the notice of the Authority that some general insurance companies having tie-ups with a particular motor dealer are not accepting motor business, if it is sourced by any other agent or intermediary. Similar issue has also been observed where some insurers offer personal accident policies along with such motor policies.
[Image omitted. See the official document.]
(T S Vijayan) Chairman
परिष्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत फै.: 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web. : www.irda.gov.in
