The bench further observed that the IRDAI is a “statutory regulatory body and if there is any requirement of medical check up, all care can be taken by such type of authority which is constituted under the provisions of the law”.
Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch, saving start-ups time and cost.
Earlier, there were no regulatory provisions for any refund to a policy holder, during the first year of policy issuance, in case a person commits suicide and life insurers can legitimately deny any payment of claims to the beneficiaries of such a life insurance policyholder during this period.
According to IRDAI clarification, existing vehicles will get only one year insurance cover on renewal while new private cars will have to compulsorily go for three-year policies. Similarly, new two-wheelers will have to get compulsory five-year policy.
Insurance sector officials are not sure whether any other life insurer or a general insurance player other than GIC Re will qualify for the status. The committee headed by Pravin Kutumbe, Member-Finance & Investment, Irdai, has been asked to submit report in six months.
IRDAI had, way back in 2007, deregulated the pricing of the entire range of insurance products except the third party motor premium. Every year by March 1, the IRDAI unveils the new third party motor pricing for the year.