Does IRDA give any guarantee to the policy holder in case the pvt insurer is unable to pay its policy holder the money as it is due to him akin to Sovereign guarantee to the policy holders of LIC?
Yes, IRDA give the guarantee to the policyholder. as the IRDA take care of all the activity specially (Solvency margin:The solvency margin is a minimum excess on an insu…rer's assets over its liabilities set by regulators. It can be regarded as similar to capital adequacy requirements for banks. It is essentially a minimum level of the solvency ratio). (MORE)