IRDAI - Current Affairs Questions and Answers

ANSWER: Insurance intermediaries

Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has launched a web portal for insurers that will allow them to register and sell policies online.

The portal - isnp.irda.gov.in - is also open to intermediaries in insurance business.

IRDAI had issued guidelines on e-commerce for insurance sector.

IRDAI indicated insurance companies, brokers and corporate agents can sell and service insurance policies through this platform.

Insurers and intermediaries can create a login credential for registration and submit ISNP application form on the portal.

In its guidelines issued in March, IRDAI allowed that companies may offer discounts to customers if their policies are sold through e-commerce websites.

ANSWER: 2%

Explanation:
IRDAI has said on 10th March 2016 that the insurer should assess the credit risk of the buyer which adds more than 2% of the total turnover of policy holders while revising guidelines with respect to the credit insurance business. The regulatory body has revisited 2010 guidelines which regulate the credit insurance market to give a much needed boost to growth of the credit insurance market. Listing conditions for trade credit insurance, it has said that trade credit insurance policy should not be issued to lenders, financiers or banks.

ANSWER: IRDAI

Explanation:
The Insurance Regulatory and Development Authority of India Member Nilesh Sathe announced that the decision will not be binding on banks who are free to take their call.