Question

What does Regulation 3 (1) of IRDA (Protection of Policyholders’ Interests) Regulations, 2002 require regarding riders attached to a life policy?

a.

Riders must bear the nature and character of the main policy

b.

Riders must be independent of the main policy

c.

Riders must only be attached to participating policies

d.

Riders must only be attached to non-participating policies

Posted under IC 14 Regulations of Insurance Business

Answer: (a).Riders must bear the nature and character of the main policy Explanation:Regulation 3 (1) of IRDA (Protection of Policyholders’ Interests) Regulations, 2002 mandates that riders attached to a life policy must bear the nature and character of the main policy, whether it is participating or non-participating. This ensures consistency and alignment between the main policy and its riders.

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Q. What does Regulation 3 (1) of IRDA (Protection of Policyholders’ Interests) Regulations, 2002 require regarding riders attached to a life policy?
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