Insurance Reforms – Empowerment of Policy Holder –Master Circular 19.6.2024
IRDAI has issued Master Circular of 46 pages on 19.6.2024 to strengthen governance measures on operations and allied matters of the Insurers issued under the IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024, repealing 11 Circulars.
Amongst others, the important aspects which will go a long way to empower the policy holders are –
Zero Grievance through robust mechanism of Grievance redressal through regular customer interface, submission of grievances online, Internal Ombudsman Schemes.
Advertisement Committee to examine and approve advertisements to eliminate misleading advertisements.
Phygital approach (both physical and digital) to open places of business to make insurance accessible at remote locations of the country.
Option to avail online services
Option to the policy holders for allotment of another insurance agent / sales staff for uninterrupted policy servicing even if and when an insurance intermediary is no longer associated with the insurer.
Access information on unclaimed accounts with any Insurer at one place. A link is provided on Bima Bharosa.
Master Circular on Operations and Allied Matters of Insurers (1).pdf
