1 / 10

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 :

koren
Download Presentation

ICP 25

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related