BANKING AFFAIRS

Detailed explanation-1: -IRDAI has launched the Integrated Grievance Management System (IGMS) in the year 2010. Apart from creating a central repository of industry-wide insurance grievance data, IGMS is a grievance redress monitoring tool for IRDAI.

Detailed explanation-2: -What is Integrated Grievance Registration System? The Integrated Grievance Registration and Monitoring System (iGRS) is an online grievances/complaints registration system created by NIEPA. Anyone can register their grievances/complaints relating to NIEPA and can track the progress of grievance/complaint resolution.

Detailed explanation-3: -A complaint registered through IGMS will flow to the insurer’s system as well as the IRDAI repository. Updating of status will be mirrored in the IRDAI system. In case the complaint is not fully attended to by the insurer within 15 days of lodging it, you may use the IGMS for escalating the complaint to IRDAI.

Detailed explanation-4: -Rules On Handling Grievances The entire process is governed by the IRDA Protection of Policyholders’ Interests (PPHI) Regulations 2002.