Laws and sections by number or title, due dates, pages, and updates.
All life insurers conduct Pre-Issuance Verification Calls to prevent mis-selling and to protect policyholders. Insurers perform these calls to the extent possible and certainly in important cases. Insurers put board-approved guidelines in place to govern the verification calls.
What you must do
Key dates
Who is affected
Ask about this circular
[Image omitted. See the official document.]
Circular No: IRDAI/Life/Misc/CIR/116/05/2020
Date: 12/05/2020
To
All Life Insurers
Re: Circular on Pre-Issuance Verification Call (PIVC)
Reference is drawn to Regulation 5 (1) (iv) of IRDAI (Protection of Policyholders' Interests) Regulations, 2017. To comply with the said regulation, some of the life Insurers have adopted the practice of PIVC (Pre-Issuance Verification Call) to prevent mis-selling and unfair business practices and to ensure that during policy solicitation and sale stages, the prospects are fully informed and made aware of the terms and conditions of the product being sold.
In order to ensure uniformity and for better protection to the policyholders, all Life Insurers are encouraged to conduct Pre-Issuance Verification Call (PIVC) to the extent possible and certainly in important cases. Board approved guidelines may be put in place to this effect.
K. Ganesh Member (Life)
सर्वे नं.-115/1, फाइनेंशियल डिस्ट्रिक्ट, गचचीबावली, हैदराबाद -500032, भारत दूरभाष:- 91-040-2020 4000
Sy No. 115/1, Financial District, Gachibowli, Hyderabad - 500032, India Ph. : 91-040-2020 4000
