The Insurance Regulatory and Development Authority of India (IRDAI) on October 09, 2023, notified the Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023.
The following has been stated: -
•The main objectives of these guidelines are as follows: -
To establish a 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.
And 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.
•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 to as Corporate Bima Vahak) registered in accordance with the respective laws of India
engaged in providing the services under these Guidelines.
•In order to remove any difficulties with respect to the application or interpretation of any of the provisions of these Guidelines, the Chairperson of the Authority may issue appropriate clarifications from time to time.
•These Guidelines are being issued to enable insurers to make necessary arrangements for onboarding and training of Bima Vahaks. The effective date of the guidelines will be notified separately.
These shall come into force from the date of launch of Bima Vistaar (Bima Vistaar is a comprehensive Insurance product that will be issued in due course)
The detailed notification is given in the document attached below.
[Notification No. IRDAI/LIFE/CIR/GDL/174/10/2023]
