IRDAI Reg Section 35 : Closure or Relocation of Places of Business within India
Act
Summary
Section 35 of the IRDAI Regulations, 2024, outlines the procedures for insurers regarding the closure or relocation of business locations within India. Insurers must consider policyholder convenience and obtain prior approval from the Policyholder Protection, Grievance Redressal, and Claims Monitoring Committee. Relocations outside the same city, town, or village require approval from the Competent Authority. Insurers must notify policyholders at least two months in advance, detailing alternative arrangements.
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Explanation using Example
Example 1: Closure of a Branch Office in a Small Town
Introduction: ABC Insurance Company has a branch office in a small town, which has been operational for several years. Due to declining business and increased operational costs, the company decides to close this branch.
Application: According to Section 35(1)(a) of the IRDAI Regulations, 2024, the closure must be approved by the Board appointed Policyholder Protection, Grievance Redressal and Claims Monitoring Committee. Additionally, as per Section 35(1)(c), the company must provide a minimum of two months' advance notice to the policyholders serviced by this branch, informing them of the closure and any alternate arrangements.
Outcome: ABC Insurance submits the closure proposal to the committee for approval. Upon approval, they notify the policyholders two months in advance, offering alternative service options such as online services or directing them to the nearest branch. Failure to comply with these requirements could result in regulatory penalties or sanctions.
Conclusion: By following the procedural steps and ensuring timely communication, ABC Insurance mitigates potential inconvenience to policyholders and complies with the legal requirements, avoiding any legal repercussions.
Example 2: Relocation of a Branch to a Different City
Introduction: XYZ Insurance Company plans to relocate one...
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