Category
Regulatory & Legal (IRDAI)
15 terms explained in plain English, with Indian context.
- BancassuranceBancassurance is the distribution of insurance products through banks, where the bank acts as a corporate agent (or, less commonly, a bro...
- Bima BharosaBima Bharosa is the IRDAI-operated integrated grievance management system for insurance policyholders, accessible at the Bima Bharosa por...
- Bima SugamBima Sugam is a proposed IRDAI-backed digital marketplace that aims to become a single, unified platform for the entire Indian insurance ...
- Bima VahakBima Vahak is the IRDAI-conceptualised regional, women-led distribution channel that aims to bring insurance access to every Gram Panchay...
- Bima VistaarBima Vistaar is IRDAI's universal mass-market insurance product, designed to bundle life cover, accident cover, health cover, and propert...
- Corporate Agent (IRDAI)A Corporate Agent is an IRDAI-licensed corporate entity that distributes insurance products as an intermediary, attaching to up to three ...
- IIB (Insurance Information Bureau)The Insurance Information Bureau (IIB) is the data and analytics body of the Indian insurance industry, set up under the aegis of IRDAI a...
- Insurance Broker (IRDAI)An Insurance Broker is an IRDAI-licensed intermediary that represents the customer in the insurance transaction, with a regulatory duty o...
- Insurance OmbudsmanThe Insurance Ombudsman is a quasi-judicial authority created under the Insurance Ombudsman Rules 2017 to resolve disputes between insura...
- Insurance RepositoryAn Insurance Repository is an IRDAI-licensed entity that holds insurance policies in electronic form, allowing the policyholder to mainta...
- IRDAIIRDAI — the Insurance Regulatory and Development Authority of India — is the statutory regulator of the Indian insurance industry, establ...
- MACT (Motor Accident Claims Tribunal)The Motor Accident Claims Tribunal (MACT) is a quasi-judicial body constituted under Section 165 of the Motor Vehicles Act 1988 to adjudi...
- POSP (Point of Sale Person)A Point of Sale Person (POSP) is an individual licensed by IRDAI to sell a defined, simple set of insurance products through an insurer o...
- Section 45 (Insurance Act)Section 45 of the Insurance Act 1938, as amended in 2015, limits the grounds and the time window within which a life insurer can challeng...
- Web Aggregator (IRDAI)An Insurance Web Aggregator is an IRDAI-licensed entity that operates a website or app comparing insurance products from multiple insurer...