When can non-life insurance companies decide the policy wordings on their own?
We need to build a consensus before freeing the wordings and, by December, we hope to do that. One, we need to get a consensus on certain wordings as a number of these terms carry specific meanings. For instance, in India, the word fire as used in insurance includes a whole lot of other perils and not just fire. Two, there are concerns that over time, we have used certain words, which have been examined by courts. Now, if we change them and bring in a new word, again there may be some judicial lack of clarity. So it is also important that the meaning of a word is as given by the court so that it reduces disputes later. We can see how other countries have done it. Besides, Indian documents are written in a stylised, archaic manner. So while we are releasing wordings, we have to work on making the style simpler. Do you think banks should be allowed to sell products of multiple insurance companies? At the moment, I am evaluating both the options (sale of single and multiple products). In
