If it is true that insurance is not subject matter of solicitation then insurance is not purchased, it is sold. If insurance is sold, then it is one among the many commodities sold in the market.

Selling does not recognize buyer’s necessity. It has the force to entice the buyer.

For example, you could choose to use a particular soap X. But the powerful selling techniques on TV, radio and social media is what entices you buy an expensive soap Y.

We spend more money based on the force of selling. In other words, selling does not acknowledge the necessity of the buyer.

If insurance is NOT a subject matter of solicitation, as defined by IRDAI, then insurance selling is based on the principal of Caveat Emptor i.e. let the buyer beware.

To put it differently, the principle of Uberrima Fides i.e. Utmost Good Faith, is no more applicable to insurance contracts and insurance contracts now subject to Caveat Emptor.

By excluding solicitation, the very foundation of insurance has been changed and Financial Underwriting done away with!