ICP 25. CONSUMER PROTECTION Y. Priya Bharat. ICP 25: CONSUMER PROTECTION. Principle: Minimum requirements for Insurers and Intermediaries in dealing with Consumers. ICP 25: CONSUMER PROTECTION. Principle explained :
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Y. Priya Bharat
Minimum requirements for Insurers and Intermediaries in dealing with Consumers
Existing framework: PPI Regulations and Code of Conduct for Agents/Brokers; Corporate Governance guidelines ( mandatory Policyholder Protection Committee)
Proposed initiatives: Guidelines for Distance Marketing; Key Feature Document; Prospect Product Matrix
Existing framework:PPI Regulations , IRDA Guidelines for Grievance Redressal ; Channel of Insurance Ombudsman; IRDA Grievance Cell accessible through IRDA Call Centre
Proposed initiatives: Integrated Grievance Management System; Widening scope of Ombudsman
The compliance of various provisions/guidelines is monitored through onsite and offsite inspections/review of returns relating to policyholder servicing and complaints redressal
Imposed through various types of regulatory action—advisories, warnings, penalties etc
Remarks: As far as information/data collected from insurers relating to customers is concerned, no private information is collected. As regards personal information arising out of customer complaints , no personal information is either published or shared with any other individual/organisation.
Remarks: Cross-border offering of insurance of property situated in India is not permitted.
Remarks: Notices of caution issued on the need to avoid transactions with un-supervised entities and in cases where mis-sale reported.
Remarks: Consumer education initiatives through print, electronic media, seminars etc