Buying property will be more secure, insurance companies will offer title insurance, know what will be the benefit
Title is a legal term used to identify the true owner or owners of a property. The biggest risk faced by a home owner is his property being declared illegal by a competent court in the country. Keeping this in mind, the insurance regulator, IRDAI has asked general insurance companies (except health insurers) to launch a new title insurance product for individual home owners and allottees.
Insurance regulator IRDA has taken steps to protect property buyers from false documents. It has asked the general insurance companies to submit the property purchase document i.e. insurance policy to protect against title risk in a revised format at the earliest.
Title insurance is a form of indemnity insurance. It protects the potential owner of the property from financial loss due to discrepancies in the title of the real property.
Loss will be covered by title insurance
The Insurance Regulatory and Development Authority of India (IRDAI) has come up with suggestions to bring in title insurance products to 'cover' liability as per law of companies (developers) as well as individuals for loss due to wrongful title. group was formed.
Based on the group's recommendation, IRDA has asked general insurance companies to bring an insurance policy with the purchase document of the property.
Title insurance in India is in its infancy. IRDA's circular on this will help in increasing its acceptance in the country. Currently, this product is available only to promoters/developers in the Indian market, in this circular the regulator has suggested introducing a retail policy for allottees/individual buyers.
IRDAI issued new rules regarding cyber insurance
According to the latest circular issued by IRDAI on September 8, it has been made mandatory to cover incidents like fund theft, identity theft, unauthorized online transactions, email spoofing in individual cyber insurance.
According to the National Cyber Security Agency CERT-In (Computer Emergency Response Team of India), more cyber attacks are happening on individual networks during the Corona period. People are working at homes, so cyber frauds are targeting personal computers and networks.
According to the IRDAI circular, there will be certain rules for individual cyber insurance, such as theft of funds, theft of identity, theft of social media data, cyber stalking/bullying, malware cover, phishing cover, un-authorized online transactions, It will be necessary to cover email spoofing, media liability claims, cyber extortion, data breaching and privacy breaching.