Chennai, May 27 (IANS): With 711 awards given by the Insurance Ombudsman yet to be complied with, and 162 of these pending for over a year, sectoral regulator IRDAI on Friday told insurers that non-compliance within the timeframe will be viewed seriously.
The Insurance Regulatory and Development Authority of India (IRDAI) asked the insurers to settle all the Ombudsman Awards pending for more than 30 days without laying any deadline.
It should be noted that only individual policyholders can approach the Insurance Ombudsman in connection with a claim settlement.
The IRDAI, in a circular, expressed its displeasure at 711 awards of Ombudsman kept pending, and urged the insurers to stick to the timelines in honouring these.