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Consumer Authority Writes to RBI, IRDA to Investigate Complaints Against Insurers for Failed Transactions | India News


NEW DELHI: The Central Consumer Protection Authority (CCPA) has written to the Reserve Bank of India (RBI) and the insurance regulator, IRDA, to investigate complaints of failed transactions but money not reversed, delay in crediting the amount and excessive time invested in processing insurance claims.
It has urged IRDA to address the issue of addressing consumer complaints with insurance companies and directing them to adhere to the deadlines stipulated in the IRDAI Policyholder Interest Protection Regulation, 2017.
The CCPA wrote to IRDA and RBI recently after discussing consumer complaints received at the National Consumer Help Line (NCH), which is in charge of the consumer affairs department. The CCPA analyzed the complaints filed between April and December 20.
NCH ​​data shows that out of 6,018 registered complaints related to the insurance sector, almost 1,200 concerned delays in obtaining the claim amount. “You can agree that the two most important factors influencing consumer satisfaction in the insurance industry, in addition to the perceived fairness of the settlement itself, are the speed and transparency of the claims process,” wrote the commissioner head of CCPA, Nidhi Khare to the president of IRDA. , SC Khuntia. He said insurance companies must meet deadlines.
Likewise, the NCH has received 2,850 complaints related to delays in the payment of the money deducted in the event of failed transactions during these nine months.
The CCPA has written to RBI Deputy Governor MK Jain noting that several complaints have been received regarding failed or canceled transactions and money not refunded during the prescribed period. “By using consumer interbank services such as IMPS and UPI, transactions failed, but were not revered or transferred, although money was deducted from consumers’ bank account or wallet. Although the banks are crediting the amount in the accounts of the consumer or beneficiary, it is not being done within the prescribed period as indicated in the RBI guidelines. ”

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