Insurance Regulatory and Development Authority (IRDA) issued a draft circular on policy servicing forms. The two main stipulations that IRDA has focused on are - (1) Availability in Languages recognized under Constitution of India (2) Minimum Font Size of “Times New Roman 7”
(1) Availability in Languages recognized under Constitution of India
While the existing regulations specify that all print material, used in the pre-sales and sales process, shall be made available in multiple languages, there is no rule for making available all the forms used during the course of post-sale policy servicing such as; claims, loans, surrender, alterations, nominations, assignments, revivals etc. Therefore, IRDA has advised all the Insurers to make available all the policy servicing forms also in languages recognized under the Constitution of India.
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Saturday, June 28, 2014
Customer Forms Should Have Standard Font And Minimum Size 7 Says IRDA
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