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As you are aware that for sake of ease of doing business , development of insurance industry and achievement of its target Insurance for all 2047,the IRDAI has established Regulations Review Committee(RRC). The RRC has recommended unified Regulation on Protection of Policyholders Interests and A
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FAQ :
The main objective is to ensure fair treatment of prospects during policy sales, protect policyholder interests, and ensure that insurers and their distribution channels act in the best interests of policyholders, with a strong emphasis on grievance redressal and prudent risk management for outsourcing.
Mis-selling is defined as the sale or solicitation of policies by insurers or distribution channels through undue influence, dominance, making false or misleading statements, knowingly concealing facts or features, or failing to take reasonable care to ensure policy suitability.
The Board Approved Policy must include measures for enhancing insurance awareness, setting service parameters and turnaround times, establishing procedures for complaint resolution, preventing mis-selling and unfair practices, and ensuring prospects are fully informed about product benefits, features, terms, and conditions.
These regulations shall be in force for a period of 3 years from the date of their publication in the Official Gazette, unless reviewed or amended earlier.
All insurance policies must now be issued in electronic form if the sum insured exceeds Rs.100 or the single/annual premium is not less than Rs.10. Policies must have a digital signature and will be considered valid with it. Policyholders can still request a physical copy.
If an insurer claims that a prospect suppressed material information or provided misleading or false information on any matter material to the grant of cover, the onus of proof rests with the insurer.
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