MOTOR POLICIES MUST HAVE NOMINEE NAMES: IRDA

In order to streamline settlement of claims by insurance companies, the Insurance Regulatory Development Authority (IRDA) has made it mandatory for persons seeking motor insurance to mention the name of nominee at the time of buying the policy. As per a circular sent to the insurance companies, IRDA has asked to ensure that the name of nominee is mentioned in the policy document at the time of giving cover for private vehicles. The directive follows disputes relating to settlement of claims by insurance companies in the event of death of the policyholder.