Page 58 - Insurance Times July 2024

tion 12 of IRDAI (Reinsurance) Regulations, 2018, the Au- surance intermediary is no longer associated with the
thority hereby issues this Master Circular to specify various insurer
requirements and forms and to provide directions/guidelines Provisions to streamline group insurance business
on various provisions of the said Regulations.
a. Insurers to issue 'Certificate of insurance' to all the
This Master Circular is applicable to all Insurers, Reinsurers, members of a non-employer-employee group
Foreign Reinsurers Branches and Lloyd’s India. scheme
This Master circular shall come into force from the date of b. Consent of nominee/policyholder/beneficiary is nec-
its issuance. essary for repayment of outstanding loan amount
This has approval of the Competent Authority. from the proceeds of an assigned policy
c. In case of group mediclaim policies, no claim shall
Insurance Reforms to EMPOWER the POLI- be denied for non-availability of details of members
CYHOLDER of the group
Policyholder can access information on unclaimed
In continuation of endeavors towards policyholder centric amounts with any insurer in one place. A link is
reforms in the insurance sector the Insurance Regulatory provided on Bima Bharosa at https://
and Development Authority of India has strengthened the bimabharosairdai.qovin/Home/UnclaimedAmount
governance measures on the operations and allied matters Relentless efforts to achieve the mission of protection of
of the insurers in the Master Circular issued under part B policyholders' interests; securing a fair treatment to them;
of the IRDAI (Protection of Policyholders' Interests, Opera- promoting transparency and orderly conduct of insurance
tions and Allied Matters of Insurers) Regulations, 2024 re- business will continue with an ultimate objective of empow-
pealing 11 circulars. ering the policyholder.
Key aspects of the Master Circular are - The Master Circular can be accessed at (link)
Insurers to have a tech based robust mechanism for
Grievance Redressal of policyholders for an efficient and Master Circular on IRDAI (Insurance Prod-
speedy resolution, while also striving to move towards ucts) Regulations 2024- Health Insurance
"zero grievances". Insurers are required to establish Date: 29th May, 2024
regular customer interface through consumer-friendly
processes, running awareness campaigns; facilitate A. This Master Circular is issued under the section 14(2)(e)
submission of grievances online and ensure regis- of the IRDAI Act 1999 and section 34 of the Insurance
tration of all grievances; strengthen resolution processes Act, 1938 read with Regulation 7 of schedule-III of IRDAI
with internal escalation matrix (if not satisfied with (Insurance Products) Regulations 2024.
resolution at first level) and Internal Ombudsman B. The Master Circular shall be reviewed every year un-
Schemes.
less review or repeal is warranted earlier.
Advertisement Committee (approved by the Board) C. The Returns referred under this circular shall be sub-
and/or a senior level officer of the distribution channel mitted as per the provisions herein and the Master Cir-
to examine and approve the advertisements to ensure cular on submission of returns.
that they are true and are not misleading
D. All words and explanations used herein and not defined
To make insurance accessible at remote locations of the in this Master Circular but defined in the Insurance Act,
country, Insurers are required to adopt a phygital ap- 1938 (4 of 1938) or Insurance Regulatory and Develop-
proach (both physical and digital) to open places of ment Authority Act, 1999 (41 of 1999) or Rules or Regu-
business.
lations made thereunder shall have the meanings re-
Insurers to outsource permitted activities only if they spectively assigned to them in those Acts or Rules or
are economical and efficient in providing services to the Regulations.
customers and/or enhance value to their business. E. In Order to remove any doubts or difficulties that may
Outsourcing activities shall be under the oversight of arise in the application or interpretation or any of the
committee constituted by their Board
provisions of this Master Circular, the Competent Au-
Policyholders to get an option to avail online services thority may issue appropriate clarifications, as and when
or allotment of another insurance agent / sales staff for deemed necessary. This has approval of the Competent
uninterrupted policy servicing even if and when an in- Authority.

52 July 2024 The Insurance Times