Life

Life


Functions and Responsibilities of Life Department:

It is primarily responsible for work related to regulatory approvals, new regulation making, supervision related to Life Insurance companies and MIS/Inputs for policy making to Authority, Chairperson, Members.

The following are the details of Functions and Responsibilities:

  1. Registration of New Life Insurance Companies
  2. Approval for opening of new places of business by Life Insurers as per Section 64 VC of the Insurance Act,1938
  3. Section 34A (of the Insurance Act,1938) approvals related to appointment, termination and remuneration of Whole Time Directors of Insurance Cos.
  4. Approvals for Applications of Life Insurers under Issuance of capital regulations,2015

What’s New

20-07-2022

New

28-06-2022

New

FAQs

The information is not available as Individual policy related documents are not maintained by the Authority.

The information is not available as Individual policy related data is not maintained by the Authority.

The List of Life Insurance companies along with the address of the headquarters can be viewed at the following link

https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129& mid=3.1.9

The information is not available as the HR matters of the Insurance companies are not regulated by the Authority.

IRDAI is a Statutory Regulatory body. The liabilities of the regulated entities are not discharged by the Authority. However, it is also informed that in case of any grievance as a policyholder of any Life Insurance Company, the following Grievance Redressal Mechanism is put in place may be used for resolution of the same.

In the event of any complaint/grievance against insurer/s the applicant is required to first approach the Grievance/Customer complaints Cell of the concerned Insurer. In case of non-receipt of a response from insurer(s) with a reasonable period of time or are dissatisfied with the response of the company, approach the Grievance Cell of the IRDA at the following address:

Complaints against Life Insurance Companies:
General Manager,
Consumer Affairs Department,
Insurance Regulatory and Development Authority,
Survey No. 115/1, Financial District, Nanakramguda,
Gachibowli, Hyderabad – 500032
Email-id: complaints@irda.gov.in
Call Toll Free Number 155255.

If not satisfied with the Insurance Company’s response the applicant can also file a complaint with the Insurance Ombudsman of the State. The Authority directed all Insurers to mention in the policy documents information relating to the ombudsman. The Insurance Ombudsman is an independent office to provide speedy and cost effective resolution of grievances to the customers with regard to any grievances connected with claim settlement up to a limit of Rs. 30 Lakhs per case.

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