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TMI BlogUnfair Business Practice by Insurance CompaniesX X X X Extracts X X X X X X X X Extracts X X X X ..... Unfair Business Practice by Insurance Companies - News and Press Release Dated:- 24-7-2019 - News - The Insurance Regulatory and Development Authority of India (IRDAI) has put in place Integrated Grievance Management System (IGMS), which captures the complaints registered against all insurers. A statement showing the number of complaints received and attended to in the said system against both public and private general insurers during the last 3 years and the current year is given in Annexure . IRDAI has notified IRDAI (Protection of Policyholders Interests) Regulations, 2017. Vide Regulation 5(1)(iv) of the said Regulations, the IRDAI has mandated all insurers to have in place a board approved policy which shall contain steps to be taken to prevent mis-selling and unfair business practices at point of sale and service. Further, vide Regulation 6, prescribed specific point of sale provisions to be complied with by all insurers, agents and intermediaries. In case any insurer, agent, intermediary violates the above provision the IRDAI can initiate action against them. IRDA (Advertisement and Disclosure) Regulations, 2000 and other guidelines relating to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advertisements are aimed at ensuring that any communication (including those on the internet) which directly or indirectly result in eventual sale or solicitation of policy should not be unfair or misleading. IRDAI has also notified various other regulations namely IRDAI (Appointment of Insurance Agents) Regulations, 2016, IRDAI (Registration of Corporate Agents) Regulations, 2015, IRDAI (Insurance Brokers) Regulations, 2018 prescribing code of conduct for agents, corporate agents and brokers so that they do not resort to mis-selling and unfair business practices at point of sale. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance Corporate Affairs in a written reply to a question in Rajya Sabha Annexure Complaints received against all general insurers during last 3 years and current year S.No Name of the Insurer 2016-17 2017-18 Opening Balance Reported during the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Attended to during the year Pending at the end of the year Opening Balance Reported during the year Attended to during the year Pending at the end of the year 1 Agriculture Insurance* - - - - - - - - 2 ECGC of India 55 8 11 52 52 9 8 53 3 National Insurance 180 4680 4671 189 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 189 5571 5591 169 4 The New India Assurance 139 4208 4312 35 35 4820 4852 3 5 The Oriental Insurance 129 2673 2672 130 130 2743 2121 752 6 United India Insurance 22 7484 7394 112 112 9425 9212 325 (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total - PSU insurers 525 19053 19060 518 518 22568 21784 1302 1 Acko General 2 Aditya Birla Health 0 5 4 1 1 251 145 107 3 Apollo MUNICH Health 4 1097 1081 20 20 929 918 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31 4 Bajaj Allianz General 49 917 959 7 7 914 919 2 5 Bharati Axa General 37 3579 3609 7 7 1943 1944 6 6 Cholamandalam MS General 10 1670 1677 3 3 439 440 2 7 CignaTTK Health 6 1020 1018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 8 702 707 3 8 DHFL General 9 Edelweiss General 10 Future Generali India 1 2075 2073 3 3 1113 1113 3 11 Go Digit General ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 HDFC ERGO General 16 2900 2916 0 0 1037 1037 0 13 ICICI Lombard General 90 3587 3589 88 88 3037 3091 34 14 IFFCO Tokio General 1 1781 1781 1 1 1044 1029 16 15 Kotak General 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 25 23 2 2 63 65 0 16 L T General 0 409 409 0 0 137 137 0 17 Liberty Videocon Genral 3 315 315 3 3 257 260 0 18 Magma HDI General 0 113 96 17 17 94 62 49 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 Max Bupa Health 0 802 802 0 0 772 772 0 20 Raheja QBE 0 0 0 0 0 1 0 1 21 Reliance General 46 1287 1324 9 9 454 456 7 22 Reliance Health ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23 Religare Health 6 895 901 0 0 573 569 4 24 Royal Sundaram Alliance 22 808 824 6 6 778 782 2 25 SBI General 61 1117 1123 55 55 671 697 29 26 Shriram General 0 214 214 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 218 218 0 27 Star Health and Allied 93 6434 6490 37 37 4496 4486 47 28 Tata- AIG General 1 1473 1473 1 1 1050 1050 1 29 Universal Sompo General 0 528 528 0 0 454 454 0 (ii) To ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal Private Insurers 446 33051 33229 268 268 21427 21351 344 Grand Total [ (i)+(ii)] 971 52104 52289 786 786 43995 43135 1646 2018-19 Apr 19 - May 19 Opening Balance Reported during the year Attended to during the year Pending at the end of the year Opening Balance Reported during the year Attended to during the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pending at the end of the year 0 12 12 0 0 4 2 2 53 15 68 0 0 0 0 0 169 4739 4891 17 17 856 708 165 3 5164 5137 30 30 1020 703 347 752 2634 3359 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27 538 357 208 325 8404 8464 265 265 1600 860 1005 1302 20968 21931 339 339 4018 2630 1727 0 11 11 0 0 186 173 13 107 595 702 0 0 147 140 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31 1211 1230 12 12 313 288 37 2 1052 1052 2 2 221 211 12 6 1350 1352 4 4 165 155 14 2 233 235 0 0 35 35 0 3 709 709 3 3 136 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 126 13 0 12 12 0 0 5 5 0 0 3 3 0 0 0 0 0 3 602 605 0 0 91 84 7 0 117 117 0 0 9 8 1 0 1070 1070 0 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 193 190 3 34 2929 2889 74 74 555 507 122 16 707 722 1 1 117 89 29 0 71 69 2 2 12 11 3 0 5 5 0 0 1 1 0 0 291 291 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 0 61 58 3 49 80 129 0 0 12 5 7 0 892 892 0 0 210 210 0 1 1 2 0 0 0 0 0 7 600 607 0 0 114 105 9 0 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 0 0 0 0 0 4 644 645 3 3 163 150 16 2 538 530 10 10 73 78 5 29 471 489 11 11 107 102 16 0 231 231 0 0 69 68 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47 5685 5597 135 135 1100 1040 195 1 1231 1228 4 4 229 226 7 0 446 446 0 0 70 69 1 344 21793 21876 261 261 4394 4134 521 1646 42761 43807 600 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 600 8412 6764 2248 Source: IRDAI - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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