The Insurance Regulatory and
Development Authority (IRDA) has informed that following initiatives have been put
in place to educate the consumers against mis-selling of insurance products and
unfair business practices of Insurance Companies:-
Publicity in
English, Hindi and various Indian languages via mass media such as Television,
Radio, Print and Internet and other channels such as Metro, alerting prospects
and the Public against mis-selling.
IRDA has an exclusive
Consumer Education Website (www.policyholder.gov.in)
which gives advices to the public and prospects regarding guarding themselves
against mis-selling.
IRDA has
published Policyholder Handbooks and these handbooks are also uploaded on the
web and every insurance company in India has on its website a link to IRDA’s
Consumer Education Website.
The IRDA has also
published a series of comic books titled ‘Ranjan and his tryst with insurance’
on the theme of guarding against mis-selling which are distributed through
various channels. The Comic book series
have also been converted into animation films.
IRDA also
supports seminars by various consumer bodies to apread the message on guarding
against mis-selling.
IRDA has informed that various
insurance companies are integrated with Integrated Grievance Management System
(IGMS) on a real time basis and all complaints registered in the systems of
various insurance companies are mirrored in the central repository of IGMS.
IRDA analyses the complaints and publishes the same periodically. The data
published by IRDA is also available on its Consumer Education Website (www.policyholder.gov.in). The IGMS
has helped improve efficiency of insurance companies in handling complaints and
identify systemic issues for corrective action. IGMS thus offers a tool to IRDA
to monitor certain aspects of market conduct.
This was stated by the Minister of
State for Finance, Shri Namo Narian Meena in a written reply to a question in
the Rajya Sabha today.
Source : PIB Release, 26 Feb, 2013
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