IRDAI against insurance portability to all forms of insurance products

Hyderabad: Insurance regulator T.S. Vijayan on Thursday mooted the idea of extending portability facility — currently available to health products — to all forms of insurance products. However, he stopped short of floating a discussion paper on it.

Speaking on the sidelines of SKOCH Inclusive Insurance Convention on Thursday, he said: “There is no road map (for insurance portability). Digitisation of policy is the first step. Once that is done, we can think of it. People should discuss it, then only it can emerge. I don’t say tomorrow we are going to bring that.”