For 10 Years, IRDAI Took No Action against Any Insurer for Not Complying with Orders Passed by Insurance Ombudsman
Moneylife Digital Team
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The Insurance Regulatory and Development Authority of India (IRDAI) has admitted, shockingly enough, that in over 10 years, it has not taken any action against a single insurance company for non-compliance with awards or orders issued by the insurance ombudsman. This admission was made in response to a Right to Information (RTI) query filed by Mumbai-based RTI activist Jeetendra Ghadge. The activist had filed an application with IRDAI seeking details about the insurance ombudsman scheme and action taken. Replying to his query on action taken against insurance companies for not-complying with the award or orders of the insurance ombudsman, the IRDAI says, No disciplinary action could be taken on any insurance company so far on grounds of non-compliance with the awards of insurance ombudsman.