I wrote about the removal of key consumer rights by the insurance regulator in my previous column. You can read it here: bit.ly/2njjAI1. Insurance Regulatory and Development Authority (Irdai) responded with a letter. In the interest of fairness, I’m using key arguments of the letter here and putting the rest online at: bit.ly/2nAhs2H. I will also respond to Irdai’s letter.
“We draw your attention to the article on the above subject written by Ms Monika Halan, published in your newspaper as well as website on 29.03.2017 (copy enclosed). We believe that the article has highlighted several issues which do not present a true and fair understanding of the issues at hand and could mislead the readers. We would therefore like to place on record our response to the article to set the record straight in respect of issues raised concerning consumer protection in connection with Draft Insurance Regulatory and Development Authority of lndia (Protection of Policyholders’ Interests) Regulations, 2017 (‘the draft regulations’ hereafter).
