IRDAI insurance reforms boost transparency, accountability for policyholders

A government agency in India called IRDAI watches over insurance companies and the people who sell insurance.

It just made a new set of rules to keep people who buy insurance safe.

Now, every insurance policy must show the name of the salesperson who sold it.

This way, customers always know exactly who gave them advice and who to contact.

Insurance sellers also no longer need to renew their licence every few years.

Instead, they get a permanent registration, but they still must pay a yearly fee and follow all the rules.

The regulator also created new rules for penalties, so anyone who breaks the rules faces fair and consistent punishment.

The head of a big insurance brokers' group, Narendra Bharindwal, called these changes a major milestone.

He said the new rules will make customers trust insurance more and improve the quality of service.