COMMON WORDING READY FOR IRDA BY OCTOBER AS DETARIFFING CONTINUES

India’s General Insurance Council and several leading market insurers are working on common market wording in preparation for the next phase of detariffication, reports Business Line . IRDA asked the companies and the council to put together a common market wording. General Insurance Council secretary-general KN Bhandari said that the wording should be ready to submit to IRDA by the end of September. IRDA chairman CS Rao said that he had not imposed any deadline on the insurers to return with the wording, and that “after the submission it might take at least two to three months for us to go through the contents”. Mr Rao noted that “only after this we will be able to decide if the second phase of detariffing can be advanced as requested by the general insurance companies”.