Bima Vahak Guidelines, 2023 issued by the IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) (Bima Vahak) Guidelines, 2023
In exercise of the powers conferred by Section 14 (2) (e) of the Insurance Regulatory and Development Authority Act,1999, the Authority, hereby issues the following Guidelines:
- Short Title and Commencement
a) These Guidelines are known as ‘Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023’
b) These shall come into force from the date of launch of Bima Vistaar*
(* Bima Vistaar is a comprehensive Insurance product which will be issued in due course) - Objectives
a) To establish women centric dedicated distribution channel that is focused on enhancing insurance inclusion and creating awareness in every village / Gram Panchayat, thereby, improving accessibility and availability of insurance in every nook and corner of the country.
b) To identify and develop resources locally who understand and appreciate local needs and enjoy the trust and confidence of the local population of their village / Gram Panchayat. - Definitions: In these Guidelines, unless the context requires otherwise,
a) Bima Vahak means
i. an individual (hereinafter referred to as Individual Bima Vahak) or
ii. a legal person (hereinafter referred as Corporate Bima Vahak) registered in accordance with the respective laws of India engaged for providing the services under these Guidelines.
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