“Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centres) Regulations, 2019” sets out the framework for offering insurance services through Common Service Centres (CSCs) across India. Here’s a detailed summary of these regulations:
General Provisions
Title and Commencement: The regulations are officially known as the IRDAI (Insurance Services by Common Public Service Centres) Regulations, 2019.
Repeal and Replacement: These regulations replace the earlier 2015 version and were published in the Official Gazette on August 2, 2019.
Definitions
Detailed definitions include “Act,” “Authority,” “CSC SPV” (CSC e-Governance Services India Limited), and other pertinent terms related to the framework.
Objectives
The main objective is to regulate insurance services offered through CSCs, ensuring proper governance and expansion of insurance accessibility across rural and underserved areas in India.
CSC-SPV Role and Functions
Registration and Operation: The CSC-SPV is responsible for registering and supervising the village-level entrepreneurs (VLEs) and Rural Authorized Persons (RAPs) who deliver insurance services.
Training and Certification: It ensures that VLEs and RAPs are appropriately trained and certified to handle insurance solicitation and servicing as per the prescribed standards.
Governance and Compliance
Compliance with IRDAI: The CSC-SPV must comply with IRDAI’s regulations and guidelines, maintaining proper records and reporting as required.
Monitoring and Audit: Provisions for regular monitoring and audit of the operations conducted by CSC-SPV to ensure compliance with regulatory requirements and protection of policyholder interests.
Operational Guidelines
Insurance Solicitation and Servicing: Defines the processes and guidelines for solicitation and servicing of insurance products via the CSC network. This includes compliance with the code of conduct, operational guidelines, and other regulatory norms.
Use of Technology
Emphasizes the use of technology in facilitating insurance transactions, ensuring data security, and maintaining records digitally to streamline operations and enhance service delivery.
Responsibilities Towards Policyholders
Ensures that services are delivered in a manner that protects the interests of policyholders, with clear guidelines on handling grievances and ensuring transparency in transactions.
These regulations aim to leverage the CSC network to broaden the reach of insurance services, particularly in rural and underserved areas, enhancing financial inclusion and ensuring that services are delivered efficiently and transparently.
