CEOs of all Insurance Companies
Reference is invited to the following circulars issued on the subject by the Authority:
- Public Disclosures by Insurers (Ref: IRDA/F&I/CIR/F&A/012/01/2012, dt: 28-01-20 10)
- Guidelines on Periodic Disclosures (Dt: 09-04-20 10)
- Public Disclosures by lnsurers (Ref: IRDA/F& I/CIR/PBDIS/105/05/2011, dt: 27-05-2011)
Forms L41 and NL 41 prescribed vide circular ref: IRDA/F&l/CIR/F&A/012/01/2012, dt: 28/1/2010 relate to disclosure of grievance disposal by insurance companies on a quarterly basis in respect of Life insurance and Nonlife insurance respectively. The forms basically reflect absolute numbers relating to certain broad categories of complaints.
You are indeed aware that the Integrated Grievance Management System has been fully functional with effect from 1s` April, 2011 and the categorization of complaints is now more detailed. Next, analysis of data relating to grievances becomes more meaningful when the grievances are correlated to policy servicing parameters or claims related parameters as may be the case. Data presented in this manner also provides for a fair comparison of the performance of different insurance companies. Absolute data is itself is quite meaningless and does not lend itself to proper comparison and analysis as the numbers involved are contingent upon several factors such as the age of the insurer, the size of the insurer, the number of policyholders, the number of claims registered etc. Keeping this aspect in view the Authority has revised forms L4I and NL41 respectively. Insurance companies are required to put up the revised forms for Public Disclosure on a quarterly basis with effect from the quarter ending 3151 Dec, 2012.
Insurers are also required to submit the data in the new format for the first two quarters of the current financial year in order to ensure uniformity in data collection and collation for the financial year 2012-13. The data for the first two quarters in the new format need only to be submitted to the Authority (Consumer Affairs Department) and are not required to be put up for Public Disclosure. The data for the first two quarters in the revised formats may please be subs’ ted to IDA – on or before 15`h Dec, 2012.
