IRDAI Strengthens Cover For Homebuyers' Biggest Risk: Current Affairs Special Series_00.1
Latest Banking jobs   »   Current Affairs   »   IRDAI strengthens cover for homebuyers’ biggest...

IRDAI Strengthens Cover For Homebuyers’ Biggest Risk: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is IRDAI strengthens cover for homebuyers’ biggest risk.

IRDAI strengthens cover for homebuyers’ biggest risk

IRDAI has asked general insurance companies to launch new title insurance products for individual homeowners and allottees. The title is a legal term that is used in recognition of the true owner or owners of a property. The biggest risk to homeowners is his or her property being declared illegal by a competent court of the country but now it would be solved by IRDAI’s step.

Title insurance is a form of redressed insurance that safeguards a potential owner of a property against financial loss from defects in the title of the property. The title insurance cover should be retrospective in nature it means that it will not only cover future litigations but will also cover past defects if any. On September 08, 2021, IRDAI has issued the title insurance guidelines via a circular. Title Insurance in India is at its newborn (early) stage and IRDAI’s circular will help its acceptance in the country. Currently, this product is available only for Promoters/Developers in the Indian market but with this circular, it promotes to introduce a retail policy for allottee/individual buyer. The regulator has asked suggestions from the working group to provide help to promoters or developers to put legal defense against a title challenge and compensate home buyers in case of a defect. 

As per IRDAI’s circular the general insurers can extend basic Title Insurance covers for legal liabilities of promoters/developers in case of any loss caused to allottees due to defective title of the property, protection to individual buyers for the purchased unit in projects and to alleviate easy marketability of these products. 

IRDAI has suggested introducing a promoter legal expense (defense cost) policy, which will indemnify against legal defense costs only against suits challenging the Title of the project. 

IRDAI: Insurance Regulatory and Development Authority

Founded: 1999

Headquarter: Hyderabad

Chairperson: Subhash Chandra Khuntia 

Download SBI Clerk Prelims 2021 Memory Based Mock PDF

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?