Irda asks insurers to take cautious approach before issuing NOCs...

The insurance regulator Insurance Regulatory and Development Authority (Irda) has asked all the insurers and their individual and corporate agents to take certain steps before issuing no objection certificates. There have been instances where individual and corporate agents agents are opting for transfer of their agency agreement from one insurer to another, said IRDA in a circular issued by it. In all such cases the policyholders were said to be experiencing difficulties with regards to service aspects of their policies. Most often, the policyholders are left to fend for themselves or forced to switch the insurer, thereby losing the benefits ...

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