IRDA cracks the whip on general insurance companies

General insurance companies will have to answer to the regulator if they attempt to overcharge a consumer after their products are detariffed on January 1 next year, reports CNBC-TV18.

The insurance regulator IRDA has issued a new set guidelines specifying that insurers will need regulator approvals for thier new products. 75% of products in the market are currently tariffed. According to the new IRDA guidelines, health, auto and home insurance would be detariffed. More....