Irdai proposes internal ombudsman for insurers to address claims up to Rs 50 lakh
on Wednesday proposed a framework mandating appointment of an
internal insurance ombudsman
for insurers to address complaints involving claims up to Rs 50 lakh.
The Insurance Regulatory and Development Authority of India (Irdai), which released the exposure draft of the Internal Insurance Ombudsman Guidelines, 2025, has proposed the establishment of an independent and impartial review mechanism within insurers to address unresolved or escalated complaints in a fair, transparent, and time-bound manner.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Product Management
PGDM
Project Management
Management
Operations Management
Healthcare
Data Science
Leadership
MBA
Others
Finance
MCA
Artificial Intelligence
Cybersecurity
Design Thinking
Data Analytics
Degree
CXO
Data Science
Public Policy
Digital Marketing
healthcare
Technology
others
Skills you'll gain:
Creating Effective Product Roadmap
User Research & Translating it to Product Design
Key Metrics via Product Analytics
Hand-On Projects Using Cutting Edge Tools
Duration:
12 Weeks
Indian School of Business
ISB Product Management
Starts on
May 14, 2024
Get Details
Skills you'll gain:
Product Strategy & Roadmapping
User-Centric Product Design
Agile Product Development
Market Analysis & Product Launch
Duration:
24 Weeks
Indian School of Business
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
Skills you'll gain:
Product Strategy & Competitive Advantage Tactics
Product Development Processes & Market Orientations
Product Analytics & Data-Driven Decision Making
Agile Development, Design Thinking, & Product Leadership
Duration:
40 Weeks
IIM Kozhikode
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
"Applicable to all insurers (except reinsurers) with more than three years of operations, the framework mandates the appointment of an internal insurance ombudsman to address complaints involving claims up to Rs 50 lakh," it said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
68-Year-Old Woman From Chicago With Baby Face. See What She Does
AntiAging Tricks
Try Now
Undo
Insurers may also appoint more than one internal insurance ombudsman, with well-defined jurisdiction, to ensure effective coverage and responsiveness, said the draft on which Irdai has invited comments till August 17.
The proposed guidelines lay down the eligibility criteria, tenure, independence, role and responsibilities and remuneration structure of internal insurance ombudsman, along with general principles to be followed by them.
Live Events
"To reinforce strong governance and oversight, it is proposed that the internal insurance ombudsman shall functionally report to the board or its policyholder protection, grievance redressal and claims monitoring committee, with administrative reporting to the MD/CEO," Irdai said.
It further said that by institutionalising this internal but independent mechanism, Irdai aims to further improve the quality of grievance handling and enhancing overall consumer confidence in the insurance sector.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
13 minutes ago
- Business Standard
FASTag annual pass from August 15: Save up to Rs 20,000 on highway tolls
From August 15, private car owners can opt for an annual FASTag pass priced at Rs 3,000, offering up to 200 toll-free trips on national highways. Announced by Road Transport and Highways Minister Nitin Gadkari on June 18 via X (formerly Twitter), this initiative aims to ease toll payments, especially for regular highway commuters using non-commercial vehicles such as cars, jeeps and vans. Here's a breakdown of what this means for you and how much you could potentially save. What is the FASTag annual pass? · The pass costs Rs 3,000 and covers up to 200 toll plaza crossings across India's national highway network. · It is valid for one year from the date of activation or until 200 trips are completed, whichever comes first. · Only non-commercial private light motor vehicles (LMVs) such as cars, jeeps, and vans are eligible. · The scheme is especially beneficial for those who use highways regularly and end up paying toll at multiple points within 60 km stretches. · Activation and renewal will be available through the Rajmarg Yatra App, as well as the official websites of NHAI and MoRTH. How much can you save from an annual FasTag pass? · Regular toll charges for cars range between Rs 50 and Rs 120 per trip, depending on the route. · If you make 200 trips a year and pay an average toll of Rs 100 per trip, your total annual toll cost would be Rs 20,000. · With the FASTag pass, you pay just Rs 3,000 for those 200 trips, a saving of Rs 17,000, or 85 per cent. · Even if you only make around 100 trips a year at Rs 80 per trip, you would still save Rs 5,000 compared to paying each time. Why does this matter? · Reduces frequent deductions from FASTag wallets. · Cuts down on disputes and delays at toll booths, especially where toll plazas are less than 60 km apart. · Helps frequent inter-city travellers, daily commuters, and weekend road-trippers save money and time. · Simplifies toll budgeting with a one-time payment for the year. Gadkari called the initiative a 'transformative step' towards seamless, faster, and more economical road travel for private vehicle users. While commercial vehicles are not covered under this scheme, the move is expected to benefit millions of highway users looking for a smoother ride, both financially and practically.
&w=3840&q=100)
Business Standard
13 minutes ago
- Business Standard
Tata Investment Corporation Q1 results: PAT net up 11.6% at ₹146.3 cr
Tata Investment Corporation Ltd on Monday reported an 11.6 per cent increase in consolidated profit after tax at ₹146.3 crore in the first quarter ended June 30, 2025 on higher dividend income. The company had posted a consolidated profit after tax (PAT) of ₹131.07 crore in the same quarter last fiscal, Tata Investment Corporation Ltd (TICL) said in a regulatory filing. Consolidated total revenue from operations in the quarter under review stood at ₹145.46 crore, as against ₹142.46 crore in the year-ago period, it added. TICL, a systemically important non banking financial company (NBFC), which has been classified by The Reserve Bank of India (RBI) as a middle layer NBFC, said its dividend income in the first quarter was at ₹89.16 crore, as compared to Rs 84.08 crore in the corresponding period last fiscal. Total expenses were marginally higher at ₹12.15 crore, as compared to ₹11.77 crore in the same quarter a year ago, the company said. The company said its board has approved subdivision of the existing equity share having face value of ₹10 each into ten equity shares having face value of Re 1 each, fully paid-up subject to approval of the shareholders and any regulatory approvals. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Fashion Value Chain
13 minutes ago
- Fashion Value Chain
IVCA CAT III Summit 2025 to Spotlight Innovation, Growth, and Alpha in India's Fastest-Growing Alternate Asset Class
The Indian Venture and Alternate Capital Association (IVCA), India's apex industry body for alternative assets, is set to host the IVCA CAT III Summit 2025 in Mumbai on 6th August 2025. As Category III AIFs emerge as a driving force in India's capital markets, this year's summit will convene over 120 industry leaders-ranging from fund managers and limited partners to policymakers and wealth advisors-for a deep dive into the strategies, structures, and shifts shaping this dynamic asset class. IVCA CAT III Summit 2025 to Spotlight Innovation, Growth, and Alpha in India's Fastest-Growing Alternate Asset Class The summit comes at a time when Category III AIFs have recorded a 65% compound annual growth rate (CAGR) over the past three years, with RS. 2.3 lakh crore in capital commitments across 371 registered funds. In FY25 alone, 95 new Category III AIFs were launched, marking an 86% year-on-year surge in fund registrations. The segment's 58% YoY jump in capital commitments has significantly outpaced the broader AIF industry growth rate of 19%, reflecting growing investor appetite for structured alpha and alternative strategies. Rajat Tandon, President of IVCA, said, 'Category III AIFs are at the forefront of India's financial evolution-bridging strategic growth with institutional capital and enabling investors to tap into sophisticated, high-conviction strategies. As a platform, IVCA is committed to driving meaningful dialogue with all stakeholders-fund managers, regulators, and allocators-to build a more agile and future-ready investment ecosystem. The CAT III Summit is a step forward in unlocking the true potential of this asset class.' The summit will feature marquee voices from both the policy and investment community. Shri Pradeep Ramakrishnan of the International Financial Services Centres Authority (IFSCA) and Shri Pavan Shah will headline the regulatory discussions, alongside prominent fund managers such as Bhautik Ambani (AlphGrep Investment Management), Siddharth Bhaiya (Aequitas Investments), Prashant Jain (3P), Vikas Khemani (Carnelian Asset Advisors), Dr. Pritesh Majumdar (DSP Mutual Fund), Vikaas Sachdeva (IVCA CAT III Council Co-Chair), and Onkarpreet Singh Jutia (Nuvama Private), among others. Dr. Pritesh Majmudar, Head- Legal & Compliance and Compliance Officer, DSP Asset Managers Private Limited said, 'Indian equity markets have displayed sharp dispersion of returns within sectors over time. Such dispersion opportunities can be captured by long/short equity funds, while keeping net market exposure to a minimum. These strategies can deliver strong risk-adjusted returns, and also offer a diversification element to the overall portfolio. In collaboration with IVCA, we aim to deepen industry engagement and promote best practices in alternative investments. This partnership will help elevate awareness among institutional investors and foster a more robust ecosystem for equity-based alternatives.' Priyam Kedia, Senior Portfolio Manager at Vivriti Asset Management, added, 'Indian credit funds predominantly operate as a close-ended Category II fund with a 4-5-year investment horizon. Global investors have access to credit funds providing periodic liquidity and exit options under a semi-liquid strategy. The semi-liquid credit fund is a new asset class, within the ambit of CAT III regulations, introduced by Vivriti AMC to Indian investors. I am looking forward to participating in the IVCA Summit to introduce semi-liquid credit funds as an asset class, broadening the array of diversified debt products.' In a statement ahead of the event, Udit Sureka, EVP and Head of Products at Nuvama Asset Services, remarked, 'Category III AIFs are redefining the future of alpha in India's alternatives landscape-offering investors uncorrelated, risk-adjusted returns that go beyond traditional market benchmarks. As the only vehicle that spans derivatives, quant strategies and private & public market investments, CAT III funds enable a multi-asset, market-agnostic approach to portfolio construction. For discerning investors, this isn't just about diversification-it's about accessing performance built on strategy, speed, and institutional discipline. While clarity on leverage norms and taxation will unlock further growth, the CAT III ecosystem is already leading the way in innovation-led investing.' The partners for the summit include 3P, DSP, and Vivriti Asset Management. Nuvama joins as the Custody and Clearing Partner, lending strong institutional backing to the event. As Category III strategies gain wider acceptance among domestic and global investors, the IVCA CAT III Summit 2025 promises to be a timely platform for industry leaders to decode key trends, navigate regulatory developments, and craft a forward-looking roadmap for the ecosystem. About IVCA The Indian Venture and Alternate Capital (IVCA) is a not-for-profit, apex industry body promoting the alternate capital industry and fostering a vibrant investing ecosystem in India. IVCA is committed to supporting the ecosystem by facilitating advocacy discussions with the government of India, policymakers, and regulators, resulting in the rise of entrepreneurial activity, innovation, and job creation in India and contributing towards the development of India as a leading fund management hub. IVCA represents 450+ funds with a combined AUM of over $350 billion. Our members are the most active domestic and global VCs, PEs, funds for infrastructure, real estate, credit funds, limited partners, investment companies, family offices, corporate VCs, and knowledge partners. These funds invest in emerging companies, venture growth, buyout, special situations, distressed assets, and credit and venture debt, among others.
