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Title: Exposure Draft
Reference No.: CAD /PPHI/2017
Date: 01/02/2017
Exposure Draft on IRDAI (Protection of Policyholders’ Interests) Regulation
1.         The basic framework for protection of policyholders’ interests is contained in the IRDA (Protection of Policyholders’ Interests) Regulations 2002 (PPHI Regulations in short).
2.         There have been several changes that have come about after 2002 which include introduction of new categories of insurance intermediaries like brokers, web-aggregators and new products like ULIP products etc. The channels of grievance redressal have also increased with the introduction of IGMS, IRDAI Grievance Call Centre etc. and introduction of technology in the process of sourcing; sale and servicing of products necessitate a commensurate change in the regulatory framework for better policyholder protection. Earlier, the Authority has issued guidelines on grievance redressal. It is felt necessary to merge some of the provisions of these guidelines into the Regulations. Further, the Insurance Laws (Amendment) Act, 2015 has brought in amendments to section 45, section 39 which are required to be suitably factored into Regulations.   
3.          The consumer protection related provisions contained in other regulations need to be aligned with Regulations meant for policyholder protection. In this background, it is imperative to revisit the IRDA (Protection of Policyholders Interest) Regulations, 2002 for strengthening the measures for policyholder protection. Considering the above, the Authority proposes to issue revised Regulations for protection of interests of policyholders.
4.    Accordingly, an exposure draft on IRDAI (Protection of Policyholders’ Interests) Regulations, 2017 is herewith issued seeking comments of all stakeholders.
All stakeholders are requested to review the attached exposure draft (Annexure-I) and forward their views / comments in the prescribed format (Annexure-II) should reach the following address on or before 15th February, 2017.
General Manager (Consumer Affairs Department),
Insurance Regulatory and Development Authority of India,
03rd Floor, Parisrama Bhavan, Basheerbagh,
HYDERABAD – 500004
TS Naik
General Manager
Consumer Affairs Department
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    Exposure Draft on IRDAI (Protection of Policyholders’ Interests)

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