The Insurance Regulatory and Development Authority (Irda) said insurers could not replace life insurance policiesunless in the interest of policyholders.
This was to protect the long-term interest of policyholders and to discourage intermediaries from persuading customers to surrender their policies and take up new ones, Irda said in the exposure draft on rules related to the replacement of life insurance policies released on Wednesday. Feedback on the draft can be given till July 20
http://www.myallagents.com/Draft-rules-ban-replacement-of-life-insurance-policies/details.html
This was to protect the long-term interest of policyholders and to discourage intermediaries from persuading customers to surrender their policies and take up new ones, Irda said in the exposure draft on rules related to the replacement of life insurance policies released on Wednesday. Feedback on the draft can be given till July 20
http://www.myallagents.com/Draft-rules-ban-replacement-of-life-insurance-policies/details.html
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