E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Business»IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon
Business

IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon

By August 7, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Insurance regulator Irdai will soon launch a revamped grievance redressal mechanism to make complaint redressal more efficient with the option of customers filing their complaints in regional languages. 

The Integrated Grievance Redressal System (IGMS), launched in 2011, is being upgraded to make it more convenient for customers. It is to be renamed as Bima Bharosa, sources said. 

The new portal will not only be a gateway for registering and tracking grievances online but also act as an industry-wide grievance repository for the Insurance Regulatory and Development Authority of India (Irdai) to monitor disposal of grievances by insurance companies, the sources said. 

All transactions, starting from registrations of complaints against various entities, processing of complaints through various stages and final closure of complaints, will happen on this portal, they said, adding it will allow policyholders to file complaints in 13 regional languages for redressal of their grievances against insurance companies. 

The robust and effective mechanism would allow easy on-boarding of the complainant and s/he has to fill only eight mandatory fields to lodge the grievance. 

The landing page is simple with a clean design. It focusses on two actions — namely ‘register a new complaint’ and ‘track status of complaint raised’. 

The new portal will be more dynamic which will take care of customers’ need in a more time bound manner. SMSes will be sent to the complainant’s registered mobile/e-mail ID after registration of complaint and upon attending by the insurance company. 

This is part of Irdai’s reform process. The regulator in its recent board meeting took several decisions for the benefit of both customers and industry. 

Irdai decided to do away with the prior approval requirement for raising capital through preference shares and subordinate debts by insurers. 

As per the decision, the issue of Other Forms of Capital (OFC) should not exceed 50 per cent of the paid-up share capital or net worth of the insurance company. 
 

The board has also done away with the prior approval requirement for exercising the call option under OFC, subject to a solvency ratio not less than 180 per cent. 
 



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.