Coming down heavily against the insurers, the insurance regulator IRDAI n Tuesday has directed them to submit data pertaining to compliance of awards passed against them by  Insurance Ombudsman.

According to TS Naik, general manager,Consumer Affairs Department, IRDAI, the regulator has found good deal  of data showing many lapses committed by the insurers with regard to the compliance of orders of  Insurance Ombudsman.

Naik has referred to a period  between  April, 2018 to December, 2018, for substantiating  regulator’s  stand against the insurers. 


“ While Insurance Ombudsman Rules, 2017 mandate insurers to comply with the awards passed by Insurance Ombudsman within a period of 30 days of receipt of award, many insurers are neither complying with the awards nor filing appeals within 60 days of receipt of awards in accordance with provisions of circular referred above,’’ said Naik. .


While submitting the statement, reasons for pendency for each award have to be mentioned separately. However, many Insurers are not mentioning the same, he added..


“ Few Insurers are not even submitting statements prescribed under above mentioned circular to designated person. Upon calling for reasons for non-compliance from the Insurers, few insurers are submitting that they have complied with the award post timelines stipulated under the above mentioned rules. Non-compliance of these awards within the timelines prescribed would severely undermine the grievance redressal framework laid down and cause undue hardships to the policyholder,’’ Naik pointed out.


`All Insurers are hereby cautioned that non submission of statements prescribed under above mentioned circular and non-compliance of awards by Insurers within the timelines prescribed under Insurance Ombudsman rules, 2017 will be viewed very seriously, warned Naik .