IRDAI Flags Rising Consumer Complaints, Seeks Stronger Policyholder Protection

The Insurance Regulatory and Development Authority of India (IRDAI) held a meeting with Chief Compliance Officers and Grievance Redressal Officers of insurance companies to review policyholder protection and grievance handling.

IRDAI Chairman Ajay Seth stressed the importance of trust and the role of compliance and grievance functions in maintaining it. The meeting included a review of current compliance practices, grievance redressal systems, and trends in consumer complaints. The regulator raised concerns over the increasing number of complaints and asked insurers to improve the quality and timeliness of resolutions. Insurers were advised to create a standard operating procedure to classify consumer references.