Former IRDAI Chairman Urges Strict Action Against Banks for Mis-selling Insurance

7 Jun 2023 , 02:11 PM

In an exclusive interview with Moneycontrol, The former Chairman of IRDAI, MR. Subhash C Kuntia emphasized the need for stringent implementation of bancassurance regulations. Bancassurance, the distribution of insurance products through banks, has become popular but has also increased mis-selling cases.

Mis-selling here refers to selling insurance policies without fully disclosing terms and conditions to customers. The former Chairman highlighted the importance of protecting consumer interests and ensuring transparency in the sales process.

To address this issue, strict regulations should be enforced to hold banks accountable for mis-selling. The former Chairman called for robust monitoring mechanisms and prompt action against guilty banks.

The aim is to protect consumers from financial loss and ensure informed decision-making in insurance purchases. Stricter regulations and accountability will foster trust and confidence in the bancassurance sector.

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