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The Insurance Regulatory and Development Authority of India prohibits restrictions on sourcing or servicing motor insurance business through any agent or intermediary. General insurance companies must not refuse motor business based on tie-ups with motor dealers or manufacturers. Insurers must not enter into agreements that violate this rule. Insurers must also update existing agreements to match 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
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत फै.: 91-040-2338 1100, फेक्स: 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
