IRDA Gave Permission: All insurance companies in India are recognized by IRDA. IRDA has given approval to companies for alternative products covering the risk of fire.
Preparing Alternative Products: Insurance regulator Irda on Thursday allowed general insurance companies to prepare alternative products covering fire and allied risks. The objective of this initiative is to give more options to the customers and increase the coverage of insurance.
All new guidelines issued
The Insurance Regulatory and Development Authority of India (IRDA) has in January 2021 introduced standard products (Bharat Griha Raksha, Bharat Micro Udyog Suraksha and Bharat Micro and Small Businesses) to protect against fire and other risks. Guidelines for Small Enterprise Security) were issued.
Permission has been given to manufacture products
No other products were allowed after these standard products for fire and associated hazards. IRDA said in a circular that in view of the increasing demand for alternative products related to fire, the Authority (Insurance Regulatory and Development Authority) allows general insurance companies to manufacture such products.
After all, what does IRDA do?
In India, IRDA recognizes insurance companies and looks after the insurance sector. The Insurance Regulatory and Development Authority of India promotes various types of insurance companies in India. IRDA is the Statutory Body regulating these companies.