Laws and sections by number or title, due dates, pages, and updates.
The Insurance Regulatory and Development Authority of India issues directives regarding the issuance and collection of discharge vouchers by general insurance companies, stand-alone health insurance companies, and specialized insurance companies. Insurers continue the present system of obtaining discharge vouchers when insured persons or claimants do not dispute the offered claim settlement amount, provided the vouchers are dated and complete. When the insured person or claimant disputes the offered amount, insurers pay the assessed amount without waiting for a discharged voucher. Insurers must not collect discharge vouchers under duress, coercion, force, or compulsion. Insurers comply with these directions with immediate effect.
What you must do
Key dates
Who is affected
Ask about this circular
[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND IRDAI DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Ref-IRDA/NL/CIR/MISC/113/06/2016
Date: 07.06.2016
All CEOs of General Insurance Cos including Stand-alone Health Insurance Cos and Specialised insurance Cos
Re: Discharge Voucher issue
This refers to the circular no –IRDA/NL/cir/Misc/173/09/2015 dated 24th September, 2015 on the captioned subject. Since then insurers, on various occasions, have submitted that the above circular is not in the line with the IRDA (protection of policyholders interests) Regulations, 2002 (PPI Regulations) and the Indian Contract Act.
The Authority has reviewed the matter taking in to consideration the provisions of the Contract Act, PPI Regulations and Apex Court Judgements. Taking equal cognisance of the legal rights of the policy holders and insurers, the Authority hereby further directs that-
Since there is no uniformity in the format / wordings of the Discharge vouchers in use, Authority would suggest that the insurers may consider adopting a standardised format/wording/s of the Discharge voucher.
Insurers are directed to comply with the above with immediate effect.
[Image omitted. See the official document.]
P J Joseph Member (NL)
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत Ph.: 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
