Relieving the pain
The insurance regulator has underlined that public disclosure of risks faced by the insurers is critical for ensuring a fair and orderly insurance sector. The disclosures should be reliable and timely to ensure efficiency of the markets. They provide necessary feedback to the insurance regulator to ensure safety of investors as well as the policyholders.
Last year, the regulator made it mandatory for companies to put in place a system that will comply with the grievance redressal norms of the regulator. After receiving the complaint, the insurer will have to send a written acknowledgment to the policyholder within three working days and attend to the complaint with 15 days of its receipt.
To protect the rights and interests of policyholders, the Kamesam Committee made some pertinent suggestions, which were incorporated in Irda's Protection of Policyholders' Interests Regulations, 2002. The regulator has mandated that an insurance company will have to communicate, within 15 days of receiving the request, the decision on the new proposal to the proposer and the copy of the policy bond will have to be given to the proposer within 30 days of acceptance.
While every insurer has a place in the grievance redressal system, an aggrieved consumer can also approach the Insurance Ombudsman for complaints relating to
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