Pranab hints at empowering IRDA Ombudsmen

Union Finance Minister Pranab Mukherjee on Wednesday stated the Centre was contemplating to empower the Ombudsmen to suo moto register public complaints  and through reference from Insurance Regulatory and Development Authority.

Mukherjee said the policy holders' interest would be protected through a dispute resolution mechanism. He said the business would have to ensure customer satisfaction in the long-run.

“The Centre and the Insurance Regulatory Authority are working together to strengthen the Ombudsmen. Efforts are under way to register complaints by Ombudsmen in consonance with IRDA norms. These measures will help build the confidence of the insurance companies,” he stated.

“There is a need to institute efficient in-house grievance redressal mechanism for policy holders,” Mukherjee said.

Earlier, Pranab said IRDA's grievance cell and the insurance information bureau heralded an important chapter in the development of the insurance sector.

“The setting up of the grievance cell will enable IRDA to effectively protect the interest of the policy holder,” he claimed.