Irda panel to formulate guidelines for insurers

The Insurance Regulatory and Development Authority of India has constituted a committee to look into the existing grievance redressal systems in the public sector undertakings.

The committee will formulate guidelines for adoption by the insurers and suggest modifications to the regulations for protection of policyholders' interests.

Vepa Kamesam, managing director, Institute of Insurance and Risk Management, will be the chairman of the committee.

The other members of the committee include H C Jain, executive director, Life Insurance Corporation of India, Asha Nair, deputy general manager, New India Assurance Company Limited, and Pushpa Girimaji, a consumer activist. The committee will submit its report within the next three months, an order from the regulator stated.