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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 83 / 228

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83 / 228

4905

4581

111

751

612

112

371

2624

324

1263

1197

12

216

110

2

110

747

66

6168

5778

123

967

722

114

481

3371

390

*(93.68 )

(2.13 )

(16.74 )

(12.50 )

(1.97 )

(8.32 )

(58.34 )

(6.75 )

5441

4603

206

1457

496

65

541

1838

838

1203

1012

23

240

101

20

134

494

191

6644

5615

229

1697

597

85

675

2332

1029

*(84.51)

(4.08)

(30.22)

(10.63)

(1.51)

(12.02) (41.53)

(18.33)

12812

11393

352

2664

1319

199

1156 5703

1419

Compla- ints Outstan-

ding

(12.46)

ANNUAL REPORT 2007-08

(11.58)

Public

1147

4294

Private

197

1006

Total

1344

5300

Life

(3.09)

(23.38)

(1.75)

(10.15) (50.06)

Non-Life

Combined

1947

10865

*(88.92)

Note:

AIC,ECGC are included in the public sector

  • *

    represents percentages to the respective complaints disposed.

Public

491

4414

Private

112

1151

Total

603

5565

Partic- ular

TABLE 53 DISPOSAL OF COMPLAINTS BY OMBUDSMAN 2007-08

Dispo-

Recom-

sed

menda-

tion

Withdr-

Non-

Dismi-

Not

awal/

Acce-

ssal

Enter-

Settle-

ptance

taina-

31.3.07

Total

No. of

From

Compl aints as on

- 1.4.07 to 31.3.08

No. of complaints disposed off by way of

Awards

ment

ble

viii) Committees

Standing Committee of Accounting Issues

Committee on Distribution Channels

The Authority vide its order dated September 21, 2007 constituted a committee to study the manner in which distribution channels have been functioning, their efficacy, their cost effectiveness, their weaknesses and recommend changes for making them effective, professional and accountable and serve the interests of the insured through effective services. The Committee was headed by Sri NM Govardhan, former Chairman, LIC of India and had representation from both life and non life insurance companies as members. The Committee was known as the “Committee on Distribution Channels”. The Committee submitted its report to the Authority on April 17, 2008 and the report was put up on the IRDA website on May 13, 2008. The recommendations of the committee are being examined for further action by the Authority.

The Authority, soon after its inception in 2000, had drawn up the Regulations on the manner of presentation of final accounts of insurers and also issues connected thereto namely IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2000. The Regulations were modified and replaced in 2002. While the regulatory framework has facilitated putting in place the framework for reporting on financial matters to the Authority, with various developments (both domestic and international) on accounting in financial sector in general and insurance industry in particular, there is a need for examining the various emerging issues on an ongoing and proactive basis.

With a view to addressing these issues and the various emerging challenges, the Authority has constituted a Standing Committee on Accounting Issues (SCAI) to deliberate on issues relating to finance, accounting and

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