Report of the Working Group (WG) to revisit the product structure of Title Insurance

Last updated: 12 May 2021

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The Insurance Regulatory and Development Authority of India (IRDAI) has released an exposure draft report from a Working Group tasked with reviewing the structure of Title Insurance products. Currently, these products vary significantly between insurers. The Working Group has proposed two new product structures, and the IRDAI is now inviting all stakeholders to provide their valuable feedback on the report. Please submit your comments by 31st May 2021.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

Ref. No: IRDAI/NL/WG/Title Ins/67/05/2021-22

Date:10-05-2021

Exposure Draft

Report of the Working Group (WG) to revisit the product structure of Title Insurance

Title Insurance products are currently offered by only a few General Insurers in the Indian market. The features of these products, namely the terms and conditions, scope of coverage etc vary from insurer to insurer. In order to examine the needs of the market and make recommendations with regard to the structure of title insurance products, the Authority set up a Working Group vide order Ref:IRDAI/NL/ORD/PRO/180/10/2019 dated 1th October 2019.

The Working Group has submitted its report in which it has made various recommendations, including two new product structures for Title Insurance.

The report of the working group is now placed on the website to seek valuable inputs of all the stakeholders. Please give your feedback in the format given below on or before 31st May, 2021 to nl-products@irdai.gov.inwith a copy marked to pradeep.singh@irdai.gov.in.

(Yegnapriya Bharath)

Chief General Manager (Non-life)

Format

Name/Organization:		Address & contact no:	Date:
Page no	Para No./ Point No.	Suggestions/Comments	Reasons

FAQ :

The Working Group was set up to examine the market needs and make recommendations regarding the structure of Title Insurance products, as current offerings vary widely.

The report includes recommendations for two new product structures for Title Insurance.

All stakeholders are invited to provide their valuable inputs on the report.

The deadline for submitting feedback is 31st May 2021.

Feedback should be submitted via email to nl-products@irdai.gov.in with a copy marked to pradeep.singh@irdai.gov.in, using the provided format.

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Notification No : IRDAI/NL/WG/Title Ins/67/05/2021-22
Published in Miscellaneous
Source : https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo4481

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