Section 3 in The Insurance Regulatory And Development Authority (Micro-Insurance) Regulations, 2005
3. Tie-up between life insurer and non-life insurer.-
(1)An insurer carrying on life business may offer life micro-insurance products as also general micro-insurance products, as provided herein:Provided that where an insurer carrying on life insurance business offers any general micro-insurance product, he shall have a tie-up with an insurer carrying on general insurance business for this purpose, and subject to the provisions of section 64-VB of the Act, the premium attributable to the general micro-insurance product may be collected from the prospect (proposer) by the insurer carrying on life insurance business, either directly or through any of the distributing entities of micro-insurance products as specified in regulation 4, and made over to the insurer carrying on general insurance business:Provided further that in the event of any claim in regard to general micro--insurance products, the insurer carrying on life insurance business or the distributing entities of micro-insurance products, as the case may be, as may be specified in the tie-up referred to in the first proviso, shall forward the claim to the insurer carrying on general insurance business and offer all assistance for the expeditious disposal of the claim.(2)An insurer carrying on general insurance business may offer general micro-insurance products as also life micro-insurance products, as provided herein:Provided that where an insurer carrying on general insurance business offers any life micro-insurance product, he shall have a tie-up with an insurer carrying on life insurance business for this purpose, and subject to the provisions of section 64-VB of the Act, the premium attributable to the life micro-insurance product may be collected from the prospect (proposer) by the insurer carrying on general insurance business, either directly or through any of the distributing entities of micro-insurance products as specified in regulation 4, and made over to the insurer carrying on life insurance business:Provided further that in the event of any claim in regard to life micro--insurance products, the insurer carrying on general insurance business or the distributing entities of micro-insurance products, as the case may be, as may be specified in the tie-up referred to in the first proviso, shall forward the claim to the insurer carrying on life insurance business and offer all assistance for the expeditious disposal of the claim.
