IRDAI’s regulations stipulate the Turnaround Times (TAT) for various services that an insurance company has to render to you, the consumer. These are part of the IRDA Protection of Policyholders’ Interests (PPHI) Regulations 2002.
Insurance companies are also required to have an effective Grievance Redressal Mechanism and IRDAI has created the guidelines for that too.
Here are the TATs for an insurance company to deal with various types of complaints
| General Insurance Companies |
|
| Service |
Maximum Turn Around Time |
| General |
|
| Processing of Proposal and Communication of decision including requirements/ issue of Policy/ Cancellations |
15 Days |
| Obtaining copy of the Proposal |
30 Days |
| Post Policy issue service requests concerning mistakes/ Refund of proposal deposit and also Non- Claim related service requests |
10 Days |
| General Insurance |
|
| Survey report submission |
30 Days |
| Insurer seeking addendum report |
15 Days |
| Offer of Settlement/ Rejection of Claim after receiving first/ addendum survey report |
30 Days |
| Grievances |
|
| Acknowledging a Grievance |
3 Days |
| Resolving a Grievance |
15 Days |