The Insurance Bills passed in March 2015 in both the houses is expected to have a deep impact on the Indian Insurance Bills industry. Enlarge power to regulatory bodies, more protection to policyholders and enlarge level of foreign speculation in the sector are some of the key characteristics of the Insurance Bill.
Listed here are some major highlights of the bill and how they can affect you:
Increased Foreign Investment of the insurance Bill
The new revision allows up to 49% foreign speculation in Indian Insurance Bill companies from now onward. The national players now will be able to invest in new products and expand their portfolio manifold for insurance bill.
What does this mean to you: how is this going to affect you as a policyholder? Well, at a glance it may seem of no significance at all, but increased foreign participation means, increased competition, wider product range, and more professionalism.
An Empowered IRDAI of the Insurance Bill
This act goes a long way in strengthening the fist of IRDAI.
Also, this controlling body is now authorized to regulate the key areas of Insurance Companies such as expenses, investments, commissions payable to agents, code of conduct etc.
What does this mean to you: This enhanced power to IRDAI is sure to curtail many malpractices that are rampant today in the Insurance market in India. So, as a policyholder, your money will now be safer than before.
Consumer safety of the Insurance Bill
Indian Insurance market was never as safe as it is now from the consumer’s point of view. If you are worried about being misled by the insurance agent, then this act will give you peace of mind. Spend less time worrying about billing. Let our team of experts handle things, so you can focus on your patients.
Health Insurance of the Insurance Bill
Health insurance Bill in India never quite received the status of a separate business vertical. What does this mean to you: This move will definitely forge a path for many robust insurance products related to health. Insurance bill must be in one year.