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IRDA

The Integrated Grievance Management System of IRDA

The Integrated Grievance Management System of IRDA (IGMS)

An excellent grievance management system is something desired by all customers, isn’t it? All of us as consumers want our issues to be resolved quickly and without any hassle, and this is expected from all the industries, even insurance. So, to fulfill this expectation of its customers The IRDA as the regulator of the industry launched the Integrated grievance Management System.

Let’s Get a better insight into the Integrated grievance management system of the IRDA

What is it?

It is an online customer grievance or complaint registration system launched by the IRDA in 2010. It is like a portal for the customers to connect with the insurers and get their issues resolved.

The IGMS has the online complaint management system of all the insurance companies linked to it. The customers can not just register their complaints but also track the progress of their complaint resolution. The Integrated Grievance Management system or the IGMS to the insurance policyholders also provides the facility to register their problems through a gateway in case they are not able to directly connect to their insurance company for some reason.

The IGMS also serves the purpose of being a tool to monitor the grievance redressal policies, methods, and duration of different insurance companies. The IRDA keeps a real-time and close watch of the complaints and their progress through the IGMS.

When should you contact The IRDA?

Every complaint or issue that an insurer has must be first registered with the insurance company and only if needed one should escalate it to the IRDA’s consumer affairs department. You must use the IGMS if your issue or issues are not solved by your insurer after 15 days of registering it.

If a policyholder registers a complaint with the IGMS, it is updated on the insurer’s system as well which is mirrored on the IGMS.

The link or contact of your insurer’s complaint redressal mechanism is mentioned on your policy papers.

What are the steps involved in the process of registering a complaint on IGMS?

There are three simple steps involved for registering and tracking your complaint:

  1. Register yourself by entering your details.
  2. Register your complaint.
  3. After registering your complaint, view the status to track its progress.


The IGMS is a comprehensive tool. It not only keeps a track of the complaints but also can classify them based on the pre-defined rules which are fed into it.

It assigns, stores, and tracks unique complaint IDs. It is also programmed to define the “Target Turnaround Time (TATs) on all complaints and also keeps a record of it. It sets and sends alerts to the insurance companies regarding the pending tasks or if a complaint is about to exceed its assigned TAT.

It also has the ability to automatically trigger actions based on the rules of workflow programmed into it.

The IGMS is a way for the IRDA to know the needs and expectations of the policyholders in a better way. And as responsible consumers, it is our responsibility to make the best use of the IGMS by providing the right information about our complaints and co-operating with the Insurance companies and the IRDA.

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IRDA

Functions of Insurance Regulatory and Development Authority

Functions of Insurance Regulatory and Development Authority

You trust your insurance companies for the safe-keeping of your future, the dearest of your people, and the most valuable assets of yours. It surely might have crossed your mind that who makes these insurance companies trustworthy? Who ensures that they keep up with your belief and expectations? Here’s something to answer these questions.

It is the IRDA or the Insurance regulatory and development authority which works towards protecting the interests of the policyholders. It is the one that ensures that you don’t lose your hopes for a safe future.

It sets rules, regulations, and guidelines for the working of insurance companies, agencies, and intermediaries. It controls the insurance industry in India. The IRDA also regulates the rates and other charges related to insurance.

The sole objective of the IRDA is to ensure that the provision of the Insurance Act is enforced appropriately followed in a way that benefits the policyholders. There are various functions it performs to fulfil its objective and purpose of establishment.

Let’s take a deeper look into the functions of Insurance regulatory and development authority.


Functions of Insurance regulatory and development authority (IRDA)

  1. The first and foremost function of the IRDA is to protect the interests and secure fair treatment of the policyholders.
  2. Ensuring the growth of the industry is another most important function of the IRDA. While executing this function the authority has to keep in mind the benefits the growth will offer to the common man.
  3. Granting, Renewing, Modifying, Cancelling, or Withdrawing the IRDA certificates for the insurance companies.
  4. Laying down the code of conduct, the qualifications needed and the training to be given to the insurance agents.
  5. It also lays down the ways of working and the code of conduct for loss assessors and surveyors.
  6. Promoting fairness, transparency, and orderly conduct of the market players. It also helps create a reliable and high-standard management system to build a reputation of the insurance industry.
  7. Specifying the fees and charges for carrying out the functions of the authority.
  8. It undertakes inspections, audits, investigation, and calls for information of the insurance companies, intermediaries, and other companies related to the insurance industry.
  9. Another one of its very important functions is to take strict and immediate action against the companies that do not follow the guidelines. It also ensures to take stern measures against companies that are inadequate in enforcing the standards and measures as laid down by the authority.
  10. IRDA also decides and specifies the limits of rates that an insurance company can offer. It also looks after the advantages that the insurance companies provide.
  11. To look after the effective and speedy settlement of genuine claims. This helps in avoiding frauds and malpractices and in addressing the grievances of the policyholders.
  12. IRDA also makes sure that the insurance companies register themselves under it. This helps them to keep a check on the companies’ ways of working and standards.

Along with all of these, one of the important functions of Insurance regulatory and development authority is to guarantee the policyholder that the best of their interests are being taken care of.

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IRDA

Chairman of Insurance Regulatory and Development Authority (IRDA)

Chairman of Insurance Regulatory and Development Authority

The Current Chairman of the Insurance Regulatory and Development Authority is Dr. Subhash C. Khuntia. He took over the position in May, 2018 and his tenure is of three years from the date of joining.

Dr. Subhash C. Khuntia has had a career of over 36 years in Civil services. He has worked as a Chief Secretary under the Government of Karnataka and previously he worked as the Secretary of School Education and Literacy under the central government of India in the ministry of Human Resource Development (HRD).

His appointment as the Chairman was announced by the department of personnel and training after the Financial Sector Regulatory Appointment Search Committee (FSRASC) confirmed his candidature. In 1981, he was appointed to the Indian Administrative Service (IAS). Mr. Khuntia belonged to the Karnataka cadre. He has served in various departments under the government of Karnataka at various posts.

IRDA Chairman
IRDA Chairman, Dr. Subhash C. Khuntia

Some of the departments he has served are, Departments of Finance, Revenue, Personnel, Urban Development, Rural Development, and Public works and ports. In addition to this, he has also served under the central government of India in numerous ministries. To name them he has served the ministry of finance, ministry of human resource development (HRD), and the ministry of Petroleum and Natural Gas.

Dr. Subhash C. Khuntia, the Chairman of Insurance Regulatory and Development Authority is an alumnus of the India Institute of Technology (IIT), Kanpur. From IIT Kanpur he completed his post-graduation in Computer Science and Physics. Furthermore, he has a Ph.D. in economics and is a graduate in Law. He hails from the Jagatsinghpur district of Odisha.

Dr. Subhash C. Khuntia succeeded the former Chairman of Insurance Regulatory and development authority, TS Vijayan who completed his tenure on February 20. Dr. Khuntia was nominated by the Financial Sector Regulatory Appointment Search Committee (FSRASC). The Financial Sector Regulatory Appointment Search Committee shortlisted eight candidates for the post out of which TS Vijayan was chosen.

The other candidates nominated by the FSRASC included G. Srinivasan, the Chairman of New India Assurance Company; Insurance Corporation Chairman VK Sharma; Badri Singh Bhandari, whole-time director of the Pension Fund Regulatory and Development Authority; former corporate affairs secretary, Tapan Ray; Nilesh Sathe, a current IRDA member along with three managing directors of LIC. Before Dr. Khuntia and T.S. Vijayan, there were three previous chairmen IRDA had- S. Rangachary, C.S. Rao, and Hari Narayan. Ranghachary had a background in the Indian Revenue Service and the other two, C.S. Rao and Hari Narayan were from Indian Administrative Services.

The position of the Chairman of IRDA is of high prestige, the Chairman is considered to be the head of the Insurance Regulatory and Development Authority which lies above all the insurance companies in India and regulates their working. This automatically makes the Chairman the regulator of all these companies too. As of now, there are 34 non-life insurance and 24 life insurance companies approved and working under the IRDA. This means that Dr. Khuntia is not only the head of one organization but also the regulator of all of the 58 companies working under the regulatory body.

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