News Regulations19 Dec 2018

India:Wef 1 Jan, insurers have to notify policyholders about receipt of premiums

19 Dec 2018

The insurance sector regulator has directed all insurers to inform policyholders through mobile messages on the receipt of premiums from the customers.

The IRDAI said the order, which takes effect on 1 January 2019, is issued to enhance policyholder protection and information disclosure.

Several customers have complained that they are often unaware of the payment status of their premiums.

The IRDAI said in its order that where the mobile phone number of the policyholder is available in policy records mantained by the insurer, the insurer shall immediately notify the policyholder of the receipt of premium on the latter's mobile phone number by an automatic SMS generated by the system.

Also, in the case of new insurance contracts, insurers must ensure that the correct mobile phone number is captured.

"All insurers shall put in place systems and procedures to ensure the above intimation to policyholders," the IRDAI said.

 

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