Policyholder Protection Committee - Policy Holder
Policyholder Protection Committee
IRDA has put forth many measures to protect the policyholders’ interests. Insurers have been told to strengthen their grievance redress procedures, consumer complaint resolving procedures where they are found weak.
An important step taken by IRDA is that it has made it compulsory that each company forms a Policyholder Protection Committee in the Board of Directors. This is part of the Corporate Governance guidelines issued by IRDA and will have the effect of ensuring that insurers’ internal systems are monitored effectively at the highest level of the company, that is, the Board.