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(Precious) Words of Wisdom : "Wall Street makes its money on ACTIVITY, you make your money on INACTIVITY." ~ Warren Buffett

Is your insurer resolving complaints within this time-frame?

Don't let the insurance companies take you for granted.

In order to protect the interests of policyholders, IRDA has made it mandatory for all insurance companies to have a "speedy and effective" grievance redressal system in place.

In this regards, it has issued guidelines specifying the time-frame that the insurers must adhere to, on receipt of any complaint from a policyholder.

Please be aware of these guidelines and ensure that your problems are resolved... to your satisfaction... within the stipulated time-frames. 

For your quick and easy perusal, a brief overview of grievance redressal mechanism prescribed by Insurance Regulatory and Development Authority of India (IRDA) is described below.

1. Every insurance company has to have a Grievance Redressal Policy, duly approved by its Board and filed with IRDA. Further, this policy must be publicized and made available on its website.

2. At its Head Office, either the CEO or the Compliance Officer should be designated as the Grievance Officer. Apart from this, the insurance company must nominate an officer as Grievance Officer at each of its offices.

3. The insurance company has to acknowledge the receipt of your complaint, in writing, within 3 working days of receiving the same.

4. The acknowledgment must provide the name and designation of the officer who would be addressing your grievance.

5. It has to also specify the grievance redressal procedure followed by the company and the time-frame for resolution of such disputes.

6. If the problem has been addressed within 3 working days, the resolution can be communicated along with the acknowledgement.

7. However, if the matter remains unresolved within the first 3 working days, the insurance company has a time period of 2 weeks to do so and send you the final letter of resolution. 

8. The insurance company's response to your grievance would either offer a redressal or it may reject your complaint with reasons for doing so. Further, it should specify how you can pursue the matter further in case you are dissatisfied with the solution / rejection.

9. There should be a Policyholder Protection Committee that receives and analyzes the reports from the management and carries out all the requisite monitoring activities.

Your complaint stands closed if 
(a) the company has fully accepted your grievance or 
(b) you have accepted the company's solution to your problem or 
(c) if you fail to respond to the insurance company's aforesaid letter within 8 weeks from the date of receipt of the same

In addition, the Grievance Redressal Officer can also close your complaint by certifying that the company has discharged its contractual, statutory and regulatory obligations.

All insurance companies have to strictly follow these grievance redressal regulations.

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