IRDAI Ask Insurers for Compliance Details on Ombudsman Orders

Insurance regulator Irdai directed companies to furnish details of cases pending for compliance for the last three years.

Published: 01st April 2016 06:01 PM  |   Last Updated: 01st April 2016 06:01 PM   |  A+A-


NEW DELHI: Taking note of delay by insurers in implementing orders and awards of Ombudsmen, insurance regulator Irdai today directed companies to furnish details of cases pending for compliance for the last three years.

Irdai said it has been receiving communications from certain Ombudsmen bringing to its notice the inordinate delay on the part of the insurance companies to implement the orders/awards of the Insurance Ombudsman.

Similar complaints have also been received from the aggrieved policy holders, the Insurance Regulatory and Development Authority of India (Irdai) said in a communication to insurers.

Insurers have now been asked to "place before the competent authority" the list of Ombudsman awards that are pending for compliance for the last three years (2013-14, 2014-15 and 2015-16) by April 7.

They have to also file monthly statement on status of Ombudsman cases and compliance from this month onwards.

Further, monthly statement on the status of court cases has to be submitted every month.

Considering the "seriousness" of non-compliance of award of Insurance Ombudsman, Irdai had last year asked insurers to ensure that orders of judicial and quasi judicial bodies should be complied within the time frame stipulated in the order or award. In cases where time frame is not specified, the order/award should be complied within 60 days.

In cases where the insurer prefers an appeal against the order, such appeal against the order should be preferred within the stipulated time limit, it had said.

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