Irdai panel suggests better disclosures

A committee set up by the Insurance Regulatory and Development Authority of India on review of life insurance regulations has said there must be transparent disclosures about insurance products.

It has suggested a combination of better governance with profits business, appropriate documentation and transparent disclosure to the policyholder at point of sale and periodic statements. The Sumit Bose committee set up by finance ministry had also made similar recommendations on better disclosures.