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Insurance Regulatory & Development Authority (IRDA) is in the process of notifying the separate regulations defining “micro-insurance products”, “micro-insurance agents” and to address the issue of waiver of certain pre-requisites for license to micro-insurance agents. These regulations are in the draft stage. Once these regulations are notified, the insurance coverage under micro-insurance would commence.
Micro-Insurance is a channel targeted to provide insurance cover to the poorer sections of the society namely BPL families, landless agricultural farmers, low income artisans etc. Micro insurance agents, like Non Governmental Organisations (NGOs), Self-Help Groups (SHGs) and Micro Financial Institutions (MFIs), source Micro-insurance products from both life and non-life insurance companies for sale of these products to the rural as well as the urban poor. These micro-insurance products are required to be approved by the IRDA.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by Shri Ravula Chandra Sekar Reddy in Rajya Sabha today.
BSC/BY/DN-195/05
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