IRDA has put in place a regulatory framework for enhancing the transparency
and improving the informed choice amongst all classes of policyholders during
the course of solicitation of insurance business and all Insurers are required
to comply with the IRDA (Protection of policyholders’ interests) Regulations,
2002. The online sale of insurance policies should also comply with IRDA
Guidelines on Distance Marketing of Insurance Products. All other extant
regulatory framework are equally applicable to online sale of insurance
policies.
52 Complaints have been registered in IRDA’s Integrated Grievance Management System (IGMS) with regard to alleged mis-selling in online sale of insurance policies. Out of that, 50 complaints have been resolved by the Insurers and 2 complaints are pending.
52 Complaints have been registered in IRDA’s Integrated Grievance Management System (IGMS) with regard to alleged mis-selling in online sale of insurance policies. Out of that, 50 complaints have been resolved by the Insurers and 2 complaints are pending.
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