IRDAI Reg Part A : Provisions relating to protection of interests of policyholders
Act
Summary
Part A of the IRDAI Regulations, 2024, is dedicated to safeguarding the interests of policyholders. This section outlines essential provisions aimed at ensuring fair treatment and protection for individuals holding insurance policies. By establishing clear guidelines, Part A seeks to enhance transparency and trust between insurers and policyholders, reinforcing the regulatory framework governing the insurance sector.
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Explanation using Example
Example 1: Misleading Policy Information
Introduction: John, a policyholder, purchased a health insurance policy from XYZ Insurance Company. The policy brochure stated that all pre-existing conditions would be covered after a waiting period of one year. However, when John filed a claim for a pre-existing condition after 18 months, the claim was denied.
Application: According to Part A of the IRDAI Regulations, 2024, provisions relating to the protection of policyholders' interests require insurance companies to provide clear and accurate information about policy terms. Misleading information or failure to disclose critical terms can be considered a violation of these provisions.
Outcome: John can file a complaint with the IRDAI, citing the misleading information provided by XYZ Insurance Company. The IRDAI may investigate the matter, and if the...
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