Page 58 - Insurance Times December 2023

6. Compliance of the following shall be ensured: I. All policies issued under the Retail Lines of Business shall
i. Insurers, intermediaries and agents shall forward not have any Arbitration Clause.
the Customer Information Sheet to all policyhold- II. All policies issued under the Commercial Lines of Business
ers and acknowledgement, physical or digital, shall shall have an Arbitration Clause as under:
be duly obtained.
"The parties to the contract may mutually agree and
ii. Customer Information Sheet shall be made avail- enter into a separateArbitration Agreement to settle
able in local language if the policyholder so desires. any and all disputes in relation to this policy.
iii. The CIS shall have minimum font size 12" (Arial) or Arbitration shall be conducted under and in accordance
above.
with the provisions of the Arbitration and Conciliation Act,
iv. All details provided for in the CIS shall be duly filled 1996."
in. III. Transitory provisions
v. The policy document forwarding letter shall contain a. For all the new policies issued on or after the date of this
a cross reference to the CIS. circular:

This circular is being issued in terms of Regulation 26 of I
Arbitration Clause shall be deemed deleted from all
RDAI (Health Insurance) Regulations,2016. the retail policies.

Amendment of Arbitration Clause in Gen- Clause at 'II' above shall be deemed to be the Arbi-
tration Clause in General Conditions of all the com-
eral Insurance policies mercial insurance policies.
27.10.2023 b. For all the existing policies:

On reference made by the Hon'ble Supreme Court of India, The existing Arbitration Clause shall remain valid till
IRDAI undertook a comprehensive review of the extant Arbi- the term of the policy unless a policyholder specifi-
tration Clause prevalent across various lines of business in the cally requests the insurer to replace it with the
General Insurance Industry. After due consultation with stake- clause at "II" above.
holders, IRDAI is of the view that the extant Arbitration The clause at ¡§II¡¨ shall be deemed replaced the
Clause is limited in scope and need to be amended. It was existing Arbitration Clause in all the commercial
also viewed that the retail/ individual policy holders may be policies from the date of renewal falling on or af-
kept out from the provisions of Arbitration Clause as they have ter the date of this circular
alternative forums of Insurer's Grievances System, Insurance Insurers shall take necessary steps to bring it to the notice
Ombudsman and the Consumer Courts besides the Civil Courts of the policyholders and to amend the relevant provisions
available for redressal of their grievances/ disputes.
of such policies.
Accordingly, the Authority in exercise of its powers under
This circular comes into force with immediate effect.
Clause (i) sub Section (2) of Section 14 of the IRDA Act, 1999,
hereby directs that

Attention Subscribers

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52 December 2023 The Insurance Times