IRDAI invites suggestions for standard products for dwellings and small business in the segment of standard fire and special perils

Jun 29, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Insurance Regulatory and Development Authority of India (IRDAI) on June 26, 2020 invites suggestions for standard products for Dwellings and Small Business in the segment of Standard fire and Special Perils. 

The following three standard products are proposed in the segment of Standard fire and Special Perils:-

 Policy covering Dwellings for any sum insured.

 Policy covering Micro Commercial entities having value at risk at any one location not exceeding Rs. 5 crore.

 Policy covering Small Commercial entities have value at risk not exceeding Rs. 50 crore across all insurable asset classes at any one location.

The Authority hereby invites suggestions from the public for suitable names for the products to counter the effect of catastrophic events. A cash price of Rs. 10,000 for each of the products has been earmarked for the proposer of the selected name, along with certificates of appreciation by Chairman of IRDAI. The suggestions may kindly be forwarded to e-mail id: [email protected] by July 10, 2020.

[IRDAI Notice no: IRDAI/NL/SP/SFSP/59/2020-21]


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