Insurance Regulatory and Development Authority (IRDAI) on Tuesday withdrew a circular that asked general insurance companies to provide long-term package covers in the motor segment, offering third-party and own-damage insurance for three and five years to new two-wheelers and four-wheelers, with effect from August 1, 2020, on grounds that it is creating issues for insurers and also making it unaffordable for some section of vehicle owners.
READ MORE Meanwhile, new business premiums (NBP) of life insurance companies recorded negative growth for the second consecutive month in May, ...
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First Published: Wed, June 10 2020. 11:28 IST
