Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA

The insurance regulator had in mid-February set the March 1 deadline for rollout of the feature, which allows insurers to take a customer's consent and block the premium amount for a period of 14 days

Insurance companies, through the offices of the Life Insurance Council, have approached the Insurance Regulatory and Development Authority of India (Irdai) seeking an extension for implementing Bima-ASBA (Applications Supported by Blocked Amount), said multiple sources aware of the development. A majority of insurers have yet to go live with this feature despite the regulator’s March 1 deadline, these sources told Business Standard.

 

Insurance firms have initiated discussions with Unified Payments Interface (UPI) facility providers to implement Bima-ASBA. While they are working towards rolling out the feature soon, sources said the deadline was too soon, making it almost impossible for most