Circular to All General Insurers (Other than Stand Alone Health Insurers and Specialized Insurers) (dated – 08.09.2021) – IRDAI
View PdfCircular to All General Insurers (Other than Stand Alone Health Insurers and Specialized Insurers) (dated – 08.09.2021) – IRDAI
- In Order to ensure that the general insurers offer basic title insurance covers for legal liabilities of promotors/developers in case of any loss caused to allottees due to defective title of the property, protection for individual buyers for the purchased units in projects and to facilitate easy marketability of these products, the Authority had constituted a working group to suggest, inter alia, product construct and policy wording for two new products in addition to the existing products.
- Accordingly, the working group has suggested product structure, coverage and policy wordings.
- All General insurers are, therefore, encouraged to file these products as per the procedure required under the extant product filing guidelines. The insurers may also design and file similar products, keeping in view the minimum coverage as specified in the given policy wording. The filing of the said products, may be carried out at the earliest to respond to the requirements of promoters/developers and retail property buyers. ETC.,
