The Insurance Regulatory and Development authority (IRDA) has stipulated that all insurance companies (life and general) have to resolve the complaints from policy holders within 14 days and any failure to do so would attract penalty. “Any failure on the part of insurers to follow this procedures and time-frames would attract penalties by the IRDA. It is necessary for each and every office of the insurer to adopt a system of grievance registration and disposal,” it added.
IRDA issued the guidelines pertaining to minimum time-frames and uniform definitions and classifications with respect to grievance redressal by insurance companies. Every insurer was asked to have a board approved Grievance Redressal Policy which would be filed with IRDA and a designated Grievance Officer.
