Submission of Quarterly Statements on Mis-selling complaints

Ji~ ~W:fl!l <flit1 fllf.l<n>titi ~'h: flRim ~lfuiti{Ol ; I 83tfi INSURANCE REGULATORY AND irJai DEVELOPMENT AUTHORITY OF INDIA Ref: I RDAI/CAD/C I R/MISC/001/01/2019 Date:21-01-2019 To All the CEOs/CMDs of Life Insurance Companies Re: Submission of Quarterly Statements on Mis-selling complaints Unfair Business Practices complaints affects the sentiment of the insurance sector. After analysing various measures put in place by Insurers in addressing mis-selling, we have observed that the market conduct of Intermediaries and design of insurance products play a major role in reducing complaints. In view of the above, IRDAI in exercise of its powers under Section 14(2)(h) of IRDA Act, 1999, hereby directs all the Life Insurers to submit the following data which is in addition to the monthly reports: 1. Quarterly Statement(s) as per the formats enclosed, at the end of every quarter henceforth so as to reach us on or before 10th of next month. 2. As a one-time exercise, submit the data in the prescribed formats (Form Nos. CAD/Compl/lNT 1, CAD/Com pl/PROD 1) for the periods (i) 2017-18(Financial Year) & (ii) April, 2018 to Dec, 2018 separately in the excel sheets by 31st of January, 2019. The above statements have to be sent to the mail id's r.pardhasaradhi@irda.gov.in; srikanth.vedala@irda.gov.in; This has the approval of competent Authority. Encl: a/a ✓~ -~r Sujay Banarji Member (Distribution) Iv- ~ 'f. 115/1, ~ ~ • .-lli1'4il ll-l~sl, ~-500 032, 'lTI7o I Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India 6) : +91-40-2020 4000 ~ : www.irdai.gov.in 6) : +91-40-2020 4000 Website : www.irdai.gov.in Statement of mis-selling complaints against top-10 Intermediaries for the quarter ending ___ _ Name of the Insurer Form No. CAD/Compl/ INT 1 Whether Corp. Agent Out of (e) No. of other than bank/ Total No. complaints Bank(Banc assurance)/ of No. of mis- attended to and No. of Action taken SI. Name of the Broker/ IMF/ complaints selling their resolution policies Premium Commission on the No. Intermediary Direct/Specify registered complaints classification sourced received paid intermediary (a) (b) (c) (d) (e) (f) (g) (h) ( i) (j) I p R I - In favour of Complainant; P - Partially in favour of complainant; R - Rejected Statement of top-10 Product-wise mis-selling complaints for the quarter ending __ _ Name of the Insurer: Form No. CAD/Compl/ PROD 1 Out of (d) No. of complaints attended SI. Name of the Total no. of No. of mis-selling to and their resolution classification No. product, UIN, Date complaints complaints No. of policies of approval registered registered sourced (a) (b) (c) (d) (e) (f) In favour Partially in Rejected favour