What if my insurance company fails

1. 

   anandbal795
   

   new member
   Joined: Mar '10
   Posts: 1

   Reputation:2

    

   If I choose an insurer, say, for a Term Plan and the company goes bankrupt what is the way out? Who will come to rescue as per IRDA?

   Posted 1 year ago #
2. 

   Pooja
   

   member
   Joined: Jun '09
   Posts: 24

   Reputation:24

    

   Every insurer are required to maintain solvency margin which is monitered by IRDA on regular basis.

   Hence the chances of an insurer going backrupt is very remote, even if it happens, IRDA and Finance Ministry will take it's usaul course for recovery of public money.

   Posted 1 year ago #

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