Insurance regulator IRDAI has launched a web portal for insurers that will allow them to register and sell policies online. The portal—isnp.irda.gov.in—is also open to intermediaries in insurance business. Last month Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines on e-commerce for insurance sector. Insurers and intermediaries can create a login credential for registration and submit ISNP application form on the portal.
In its guidelines issued in March, IRDAI had said that companies may offer discounts to customers if their policies are sold through e-commerce websites. The ISNP portal will offer host of services including change of policy details like name and address, collection of renewal premiums, surrender or withdrawals, fund switching, policy revival or cancellation or transfer, duplicate policy, death/maturity claim and other policy specific services.
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The Insurance Regulatory and Development Authority (IRDA) is a national agency run by the Government of India. Indian insurance industry is regulated by the terms and conditions of the IRDA
IRDA is based in Hyderabad and was formed by an act of Indian Parliament called as IRDA Act of 1999.It was further amended in 2002.
As stated in the act mission of IRDA is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."