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ANNUAL REPORT 2011-12<br />
<br />
<br />
Financial Crime Working Group<br />
AAISC Supervisory Reporting Working Group<br />
II.4.7 The IAIS has assumed greater signifi cance in<br />
the aftermath of the global fi nancial crisis and has<br />
reoriented itself to work towards maintaining stability<br />
across insurance markets and ensuring better<br />
preparedness of various jurisdictions across the globe<br />
to face any such situations which may arise in future.<br />
II.5 PUBLIC GRIEVANCES<br />
Integrated Grievance Management System (IGMS)<br />
II.5.1 With the successful implementation of the IGMS,<br />
the status of complaints across the industry is available<br />
to the Authority on a real time basis. The IGMS has<br />
now the repository of the industry’s complaints<br />
including the status as well as the various analytical<br />
reports on public grievances. The insurer is the fi rst<br />
port of call for a complainant and in case he/she is not<br />
satisfi ed with the insurer’s decision, the policyholder<br />
may escalate the complaint online on the IGMS or<br />
through the Integrated Grievance Call Centre (IGCC).<br />
All complaints received are now part of a single<br />
repository, viz. IGMS complaints. The Authority also<br />
regularly accesses the portal of the Department of<br />
Administration and Public Grievances (DARPG),<br />
TABLE II.10<br />
STATUS OF GRIEVANCES : LIFE INSURERS<br />
Insurer<br />
Government of India and ensures that complaints<br />
relating to the insurance sector are downloaded and<br />
necessary action is initiated to ensure that the<br />
complaints are examined and redressed by the<br />
insurance companies.<br />
Life Insurers<br />
Grievances<br />
Reported<br />
during<br />
2011-12<br />
Grievances<br />
Resolved<br />
during<br />
2011-12<br />
Outstanding<br />
as at<br />
31 st March,<br />
2012<br />
LIC 52300 52135 165<br />
Private 257313 256196 1117<br />
Total 309613 308331 1282<br />
II.5.2 As on 31 st March, 2012, there were 1,282<br />
complaints pending resolution by life insurance<br />
companies. During the year 2011-12, the life insurance<br />
industry received 3,09,613 complaints out of which,<br />
52,300 related to LIC and 2,57,313 related to private<br />
sector life insurers. Of these, the insurance companies<br />
resolved 99.58 per cent of the complaints in 2011-12.<br />
While the private life insurers resolved 99.57 per cent<br />
92
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