IRDAI Sets Up Working Group (WG) to Revisit Product Structure of Title Insurance

IRDAI Sets Up Working Group (WG) to Revisit Product Structure of Title Insurance

• The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 12-member working group to revisit the product structure of title insurance, develop a standard product and recommend measures to spur demand for the product.
• Chairperson: The WG will be chaired by T.L. Alamelu , the whole-time member of IRDAI, in-charge of non-life insurance.
• It will have representatives from general insurance companies, Real Estate Regulatory Authority (RERA) and IRDAI.
• What is Title insurance: Title insurance is an insurance of indemnity. It basically provides indemnity to developers and the subsequent home owners of the property against losses and risks related to defects in the title of the property. It even covers issues which are not discovered prior to the commencement date of the policy.

Source: The Hindu, Economic Times

Points to Remember:

1. Head of the working group set up by IRDAI to revisit the product structure of title insurance