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ICP 25

ICP 25. CONSUMER PROTECTION Y. Priya Bharat. ICP 25: CONSUMER PROTECTION. Principle: Minimum requirements for Insurers and Intermediaries in dealing with Consumers. ICP 25: CONSUMER PROTECTION. Principle explained :

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ICP 25

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  1. ICP 25 CONSUMER PROTECTION Y. Priya Bharat

  2. ICP 25: CONSUMER PROTECTION . Principle: Minimum requirements for Insurers and Intermediaries in dealing with Consumers

  3. ICP 25: CONSUMER PROTECTION Principle explained: • Timely, complete and relevant information to consumers before a contract is entered into through to the point at which all obligations under a contract have been satisfied • Requirements for conduct of business help strengthen consumer confidence

  4. ICP 25: CONSUMER PROTECTION Principle explained: • Requirement for insurers to treat customers fairly • Good claim resolution process • Rights and Obligations of consumers to be informed • Distinguish between particular types of customers

  5. ICP 25: ESSENTIAL CRITERIA • Act with due skill, care and diligence in dealing with consumers • Have policies on how to treat consumers fairly and comply with them • Seek appropriate information from consumers before giving advice or concluding a contract • Provide information regarding products and matters connected with sale Existing framework: PPI Regulations and Code of Conduct for Agents/Brokers; Corporate Governance guidelines ( mandatory Policyholder Protection Committee) Proposed initiatives: Guidelines for Distance Marketing; Key Feature Document; Prospect Product Matrix

  6. ICP 25: ESSENTIAL CRITERIA • Deal with claims and complaints effectively and fairly through a simple, easily accessible and equitable process Existing framework:PPI Regulations , IRDA Guidelines for Grievance Redressal ; Channel of Insurance Ombudsman; IRDA Grievance Cell accessible through IRDA Call Centre Proposed initiatives: Integrated Grievance Management System; Widening scope of Ombudsman

  7. ICP: 25 ESSENTIAL CRITERIA • MONITORING MECHANISM: The compliance of various provisions/guidelines is monitored through onsite and offsite inspections/review of returns relating to policyholder servicing and complaints redressal • MEASURES TO ENSURE COMPLIANCE: Imposed through various types of regulatory action—advisories, warnings, penalties etc

  8. ICP 25: ADVANCED CRITERIA • Set rules on the handling of customer information paying due regard to the protection of private information of customers Remarks: As far as information/data collected from insurers relating to customers is concerned, no private information is collected. As regards personal information arising out of customer complaints , no personal information is either published or shared with any other individual/organisation. • Give information to public about whether and how local legislation applies to cross-border offering of insurance, such as e-commerce. Remarks: Cross-border offering of insurance of property situated in India is not permitted.

  9. ICP 25: ADVANCED CRITERIA • Warning notices to consumers when necessary in order to avoid transactions with unsupervised entities Remarks: Notices of caution issued on the need to avoid transactions with un-supervised entities and in cases where mis-sale reported. • Promote consumers understanding of insurance contracts Remarks: Consumer education initiatives through print, electronic media, seminars etc

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