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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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icp 25

ICP 25

CONSUMER PROTECTION

Y. Priya Bharat

icp 25 consumer protection
ICP 25: CONSUMER PROTECTION

.

Principle:

Minimum requirements for Insurers and Intermediaries in dealing with Consumers

icp 25 consumer protection1
ICP 25: CONSUMER PROTECTION

Principle explained:

  • Timely, complete and relevant information to consumers before a contract is entered into through to the point at which all obligations under a contract have been satisfied
  • Requirements for conduct of business help strengthen consumer confidence
icp 25 consumer protection2
ICP 25: CONSUMER PROTECTION

Principle explained:

  • Requirement for insurers to treat customers fairly
  • Good claim resolution process
  • Rights and Obligations of consumers to be informed
  • Distinguish between particular types of customers
icp 25 essential criteria
ICP 25: ESSENTIAL CRITERIA
  • Act with due skill, care and diligence in dealing with consumers
  • Have policies on how to treat consumers fairly and comply with them
  • Seek appropriate information from consumers before giving advice or concluding a contract
  • Provide information regarding products and matters connected with sale

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

icp 25 essential criteria1
ICP 25: ESSENTIAL CRITERIA
  • Deal with claims and complaints effectively and fairly through a simple, easily accessible and equitable process

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

icp 25 essential criteria2
ICP: 25 ESSENTIAL CRITERIA
  • MONITORING MECHANISM:

The compliance of various provisions/guidelines is monitored through onsite and offsite inspections/review of returns relating to policyholder servicing and complaints redressal

  • MEASURES TO ENSURE COMPLIANCE:

Imposed through various types of regulatory action—advisories, warnings, penalties etc

icp 25 advanced criteria
ICP 25: ADVANCED CRITERIA
  • Set rules on the handling of customer information paying due regard to the protection of private information of customers

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.

  • Give information to public about whether and how local legislation applies to cross-border offering of insurance, such as e-commerce.

Remarks: Cross-border offering of insurance of property situated in India is not permitted.

icp 25 advanced criteria1
ICP 25: ADVANCED CRITERIA
  • Warning notices to consumers when necessary in order to avoid transactions with unsupervised entities

Remarks: Notices of caution issued on the need to avoid transactions with un-supervised entities and in cases where mis-sale reported.

  • Promote consumers understanding of insurance contracts

Remarks: Consumer education initiatives through print, electronic media, seminars etc