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What would happen if the insurer company goes bankrupt? Would my family still get the insured amount in that case?
What would happen if the insurer company goes bankrupt? Would my family still get the insured amount in that case?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on December 27,2021
Answered on December 27,2021
Dear
IRDA and Insurance Act regulates all insurers . IRDA ensures quarterly audit of each insurance company and solvency margin .
In case of any early warning , IRDA would ensure that weak insurance company is merged with a strong insurance company .
So be assured that no insurer can go bankrupt . Once merged , new Insurer would honour all liabilities .
This has been happening in the industry without any harm to policy holder .
Hope this clarifies
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