A set of regulations on the minimum information insurers and insurance intermediaries need to maintain to facilitate investigation by insurance regulator IRDAI has been notified.
Covering various aspects pertaining to the business conducted by them, which is also bound to help the insured, the Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020 will come into force after six months.
According to the regulator, the objective of the regulations is to specify minimum information required to be maintained by insurer, intermediary or insurance intermediary to enable the investigating officer carry out his or her work. From all the proposals for insurance received and their details; records of policies, claims, grievances and complaints; as well appointment letters issued to all agents, consultants, members of the staff along with changes, the regulations cover a wide range of information to be maintained.
The information, data and documents maintained by the insurers, intermediaries and insurance intermediaries will be reconciled with the audited financials, wherever relevant, and requirements of other applicable laws and regulations. The information may be maintained either in physical form or electronic form and access given to persons authorised by the Authority, IRDAI said.
