The decision of insurance regulator IRDAI to allow general insurers to change the wordings in all corporate policy documents, except motor third party, is expected to lead to a sea change in the way insurance policies are issued, insurance officials said.
Insurers can now change terms, conditions, clauses, warranties, policy and endorsement wordings applicable to certain classes of business such as Fire, Engineering, Motor, Workmen’s Compensation and other classes of insurances, which were not allowed earlier, said a gazette notification issued by the government.
