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ANNUAL REPORT 2011-12 cent of complaints in the life insurance sector, followed by “Proposal Processing” at 27 per cent and “Policy Servicing” at 20 per cent. The pie chart depicts the classification of life insurance complaints by “type” into six broad categories. Non-Life Insurers II.5.4 The non-life insurance companies resolved 98.29 per cent of the complaints received during the year. The private non-life insurance companies resolved 94
ANNUAL REPORT 2011-12 99.94 per cent of the complaints registered and public non-life insurance companies resolved 87.77 per cent of the complaints fi led against them with the Authority. As on 31 st March, 2012, 1,595 complaints were still pending with the insurance companies for resolution, out of which 47 were with respect to private sector and 1,548 pertained to public sector non-life insurance companies. II.5.5 An analysis of the complaints fi led reveals that for the non-life industry, “policy related” issues constituted a signifi cant component of the complaints at around 41 per cent, followed by “claims related” complaints at 33 per cent. Segment-wise, the number of complaints in Motor segment stood at 42,982 (46 per cent of total complaints) and remained the largest source of insurance complaints, followed by Health Insurance with 37 per cent. II.6 INSURANCE ASSOCIATION AND INSURANCE COUNCILS LIFE INSURANCE COUNCIL II.6.1 Life Insurance Council is a body set up under section 64C of the Insurance Act, 1938. All registered life insurers are members of the Council and are represented to it by their Chief Executive Offi cers. There are two nominees from the IRDA on the Council, one of whom is the Chairman of the Council. The Secretary General functions as the chief executive of the Council. The Council has formed several standing Sub-committees. In addition, as and when needed, specifi c areas of work are taken up at meetings of ‘working groups’ constituted to discuss emerging issues from time to time. In most Sub-committees members choose a Chairman from among themselves. The Committee-based approach ensures participation by and valuable contribution from a wide cross-section of senior executives from the industry in very diverse areas of life insurance. The summary of the various activities taken up by the Life Insurance Council during 2011-12 are indicated below: Life Council had engaged a consulting firm Economic Laws Practice (ELP), Mumbai to represent the issue of 20 per cent Central Value Added Tax (CENVAT) credit of life insurance 95 companies. Core group of CFOs met frequently to draft the representation, and fi nally relaxation was announced for life companies in the budget 2012. The Life Council also made a representation to Ministry of Finance on issues related to service tax and direct tax in the Union Budget, 2012. The Human Resources (HR) and Admin Committee met twice during the year. Some of the initiatives taken by the Committee include Compensation and Benefi ts (C & B) study for the industry; explore the possibility of having common training-cum-sourcing partner for the industry, etc. Statistical Data Sub-committee met once during the year. Some of the Sub-committee recommendations, which were approved by the EC, were as follows: o o Service Tax data specifi c to the requirement for Council representation to service tax authorities: a. Gross CENVAT credit availed b. Gross Output tax Rural policies sold and Social lives covered. Legal and Compliance Sub-committee met once during the year 2011-12. The Committee made a representation to the Telecom Regulatory Authority of India (TRAI) on their recent customer preference regulations affecting insurance industry. The Awareness Committee of Life Council met twice during the year and deliberated on the public relations strategy for the fi nancial year 2011-12. One of the key initiatives of the Committee was issuing a common advertisement on behalf of the industry for change in the Net Asset Value (NAV) computation and conducting press meets. As per the direction of IRDA, Life Council had constituted a core group of insurance experts from industry to draft guidelines for the People Living with HIV/AIDS (PLHA). The core group is in the process of finalising the draft guidelines for submission to IRDA.
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ANNUAL REPORT 2011-12 INSURANCE REG
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ANNUAL REPORT 2011-12 CONTENTS MISS
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ANNUAL REPORT 2011-12 IV.4 Promotio
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ANNUAL REPORT 2011-12 REGULATIONS F
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