Page 12 - Life Insurance Today January 2018

Insurance Regulatory and Development

Authority of India (Protection of

Policyholders’ Interests) Regulations,

2017

F. No. IRDAI/Reg/8/145/2017.— In exercise of the powers 2. To ensure that insurers, distribution channels and
conferred by clause (zc) of sub-section (2) of section 114A other regulated entities fulfil their obligations
of the Insurance Act, 1938 (4 of1938) read with clause (b) towards policyholders and have in place standard
of sub section (2) of section 14 and section 26 of the procedures and best practices in sale and service
Insurance Regulatory and Development Authority Act, 1999 of insurance policies.
(41 of 1999), the Authority, in consultation with the
3. To ensure policyholder-centric governance by
Insurance Advisory Committee, hereby makes the following
insurers with emphasis on grievance redressal.
regulations, namely:
1. Short Title and Commencement 4. Definitions:

1. These regulations may be called The Insurance
In these regulations, unless the context otherwise
Regulatory and Development Authority of India
requires:
(Protection of Policyholders’ Interests) 1. “Act” means the Insurance Act, 1938 (4 of 1938);
Regulations, 2017.
2. “Authority” means the Insurance Regulatory and
2. These regulations shall come into force from the Development Authority of India established under
date of their publication in the official Gazette of the provisions of section 3 of the Insurance
the Government of India and supersede Insurance
Regulatory and development Authority Act, 1999
Regulatory and Development Authority (41 of 1999);
(Protection of Policyholders’ Interests)
3. “Bank Rate” means “Bank rate fixed by the
Regulations, 2002 and any clarification circulars/
guidelines issued in this regard. Reserve Bank of India (RBI) at the beginning of the
financial year in which claim has fallen due”;
2. Applicability 4. “Complaint” or “Grievance” means written
1. These Regulations are complementary to any expression (includes communication in the form of
other regulations made by the Authority, which, electronic mail or other electronic scripts), of
inter alia, provide for protection of the interests dissatisfaction by a complainant with insurer,
of policyholders. distribution channels, intermediaries, insurance
intermediaries or other regulated entities about an
2. These Regulations apply to all insurers,
distribution channels, intermediaries, insurance action or lack of action about the standard of
intermediaries, other regulated entities and service or deficiency of service of such insurer,
policyholders. distribution channels, intermediaries, insurance
intermediaries or other regulated entities;
3. Objective: Explanation: An inquiry or request would not fall

1. To ensure that interests of insurance policyholders’ within the definition of the “complaint” or
are protected. “grievance”.

“The reason people find it so hard to be happy is that they always see the past better than it was, the present worse than it is, and the
future less resolved than it will be.”

12 January 2018 Life Insurance Today

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