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  • Regulator IRDAI issues guidelines on professional indemnity policy for insurance intermediaries
  • June 11,2021  22:24

  • Insurance Regulator IRDAI has come out with guidelines on standard professional indemnity policy for insurance intermediaries, including brokers, corporate agents and web aggregators.

    The guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) will come into effect from July 1.

    Professionals and professional entities may be sued by their clients for errors or negligence during the course of their professional duties, as per the guidelines.

    As per the guidelines, every general insurer should endeavour to offer the standard professional indemnity for insurance brokers, corporate agents, web aggregators and insurance marketing firms.

    On policy period, the guidelines said: “An insurer shall issue an annual policy to the insurance intermediary. The insurer shall endeavour to issue long-term policy valid for the period of certificate of registration.”

    The premium rates will be determined by the insurers depending upon various risk factors and its board approved underwriting policy.

    Insurance intermediaries engaged in solicitation and distribution of insurance products are required to take professional indemnity insurance policies.

    A professional indemnity policy is a liability insurance product that protects individuals giving professional advice and professional entities against negligence claims by their clients for errors and omissions. It covers financial loss suffered by the clients resulting from breach of professional duty.

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Disclaimer: Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Mutual Fund investments are subject to market risks. Read all scheme related documents carefully. PMS is not offered in commodity derivative segment. Insurance is the subject matter of solicitation. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise.

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