2009-10 - Aditya Birla Nuvo, Ltd

BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Policyholders’ Protection Committee addresses the various compliance issues relating to protection
of the interests of policyholders, as also relating to keeping the policyholders well informed of and
educated about insurance products as well as complaint-handling procedures and shall directly
report to the Board.
The documented charter, duly approved by the Board, holds the Policyholders’ Protection Committee
responsible, inter-alia, for the following:
a) To address complaints and grievances of policyholders including misselling by intermediaries;
b) Ensure compliance with the statutory requirements as laid down in the regulatory framework;
c) Review of the mechanism at periodic intervals;
d) Ensure adequacy of disclosure of “material information” to the policyholders;
e) Review the status of complaints at periodic intervals to the policyholders;
f) Provide the details of grievances at periodic intervals in such formats as may be prescribed by
the IRDA;
g) Provide details of insurance ombudsmen to the policyholders;
h) Evaluate the merit of the investigated complaint cases that are presented at the meeting by any
Function(s) of BSLI;
i) Decide upon exceptional cases presented before the Policyholders’ Protection Committee from
time-to-time which includes, but not limited to, the following viz. Misselling / Misrepresentation,
Issues arising due to any deviations from BSLI processes, Out of Free Look & fraud cases etc.;
and
j) Carrying out any other functions as is mentioned in the terms of reference of the Policyholders’
Protection Committee and as may be specified by the IRDA by way of notifications or necessary
amendments in applicable statutes and/or guidelines, from time to time.
III.6.A. Composition
The composition of the Policyholders’ Protection Committee as on 31 st March 2010 is given in
Table 17:
Name of the Committee Members Designation Status
Mr. N. N. Jambusaria Independent Chairman
Mr. Ajay Srinivasan Managing Director Member
Mr. Amitabh Verma Chief Operational Officer Member
Mr. Chander Chellani Chief Distribution Officer Member
Mr. Fabien Jeudy Chief Actuarial Officer & Member
Appointed Actuary
Mr. Mayank Bathwal Chief Financial Officer Member
Mr. Lalit Vermani VP – Compliance, Risk Management Member
and Internal Audit
Mr. Puneet M. Bansall Head – Legal & Company Secretary Member
Ms. Yamini Kurup Head – Customer Services Member
Table 17
III.6.B. Meetings and attendance
Since the Policyholders’ Protection Committee was constituted in March 2010, no meetings of this
Committee took place during FY 2009-10.
22