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Irda tells postal dept to fall in line, triggers row Economic Times

NEW DELHI: India's top insurance regulator has demanded that the country’s postal department adhere to its norms while selling insurance products, triggering a potentially damaging row between the two and forcing the finance ministry’s intervention.

The Insurance Regulatory Development Authority (IRDA), which regulates all insurance products in the country, has threatened to ban all policies sold by the Department of Posts (DoP) in case of a failure to comply.

A rattled finance ministry, which is already locked in a high-profile mediation effort to resolve a row between the IRDA and Securities and Exchange Board of India (SEBI) over unit linked insurance policies (ULIPS), was forced to step in asking for restraint and the matter is now being discussed between the three.

“....We are working to find an amicable solution on how both IRDA and the Postal Department can solve this issue. Any final decision will be taken only after giving due consideration to

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Canara HSBC Oriental Bank of Commerce Life Insurance Celebrates ... - Business Wire India (press release)
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