IRDAI Reg Section 7 : Board approved policy for protection of interests of policyholders
Act
Summary
Section 7 of the IRDAI Regulations, 2024 mandates that every insurer must have a board-approved policy to protect policyholders' interests. This policy should include measures to ensure accurate representation of insurance products, inclusivity for persons with disabilities, and efficient grievance redressal processes. Insurers are also required to prevent mis-selling, establish reasonable service timelines, and promote insurance awareness. Additionally, systems for quick claim settlements must be in place.
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Explanation using Example
Example 1: Misrepresentation of Insurance Products
Introduction: ABC Insurance Company is launching a new health insurance policy. The marketing team is tasked with creating promotional materials that highlight the policy's benefits.
Application: According to Section 7(2)(i) of the IRDAI Regulations, 2024, insurers must ensure that the features, benefits, and terms of their products are accurately represented. ABC Insurance must create materials that truthfully depict the policy's coverage, exclusions, and terms. Misleading advertisements could lead to policyholders purchasing a product under false pretenses.
Outcome: If ABC Insurance fails to comply, they may face penalties for misrepresentation. Policyholders could file complaints, leading to investigations by regulatory bodies. This could result in fines or sanctions under the IRDAI guidelines.
Conclusion: Compliance ensures that policyholders make informed decisions, maintaining trust and avoiding legal repercussions for the insurer.
Example 2: Inclusivity for Persons with Disabilities
Introduction: XYZ Insurance Company is reviewing its policies to ensure inclusivity for persons with disabilities.
Application: As per Section 7(2)(ii) of the IRDAI Regulations, 2024, insurers must ensure that their products are accessible to persons with disabilities. XYZ Insurance needs to adapt their application processes and customer service practices ...
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