annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10as well as official observer of its Insurance WorkingGroup and Financial Instruments Working Group. Italso has observer status on the Financial Action TaskForce (FATF) which combats money laundering andterrorist financing.II.4.5 The Authority is represented by its Chairmanon the Executive Committee, Technical Committeeand Implementation Committee and various TaskForces constituted by the EC of the IAIS, and by itsMembers on the various sub-committees of IAISlooking into insurance contracts, accounting aspects,insurance laws, reinsurance, financial conglomerates,solvency, frauds, etc. Chairman, IRDA heads theImplementation Committee and also ImplementationActivities Approval sub-committee (IAAS). The detailsof various committees /sub-committees on which IRDAis represented are given in the Table below:TABLE 64COMMITTEES / SUB-COMMITTEES OF IAIS• Executive Committee• Technical Committee• Implementation Committee• Implementation Activities Approval Subcommittee• Insurance Groups and Cross Sectoral IssuesSubcommittee• Governance and Compliance Subcommittee• Reinsurance & Other Forms of Risk Transfersubcommittee/Reinsurance Mutual RecognitionSub-group• Insurance Frauds Subcommittee• Solvency Subcommittee• Insurance Contracts Subcommittee• Pension Coordination Group• Market Conduct Subcommittee• Micro Insurance Joint Working Group (CGAP)II.4.6 In the aftermath of the global financial crisis,the various committees of the IAIS are particularlyfocussing on issues relating to developing andmaintaining a comprehensive and cohesive set ofsupervisory papers on group-wide supervision ofinsurance activities; and cross-sectoral issues andthese related to the supervision of financialconglomerates. The other area of considerableimportance is the disclosure and transparency ofinformation to policyholders, consumer protection andcoordination between supervisors or other bodiesdealing with various aspects of market conduct ofinsurers and intermediaries.5. PUBLIC GRIEVANCESII.5.1 LIFE INSURERSThe Grievances Cell of the Authority receivesgrievances from the policyholders against insurancecompanies. Such complaints are forwarded to thecompanies for resolution at their end. The insurancecompanies are required to keep the Grievances Cellof IRDA informed about the status of respectivegrievances and whether the same have been resolvedor otherwise. As on 31 st March, 2010, there were 395complaints pending with the Authority pendingresolution by life insurance companies. During the year2009-10, the Authority received 2,449 complaints(1,794 in 2008-09), out of which, 606 related to LIC(481 in 2008-09) and 1,843 to private sector insurers(1,313 in 2008-09).TABLE 65STATUS OF GRIEVANCES : LIFE INSURERSInsurer Outstanding Greivances Resolved Outstandingas at Reported during as at31-03-2009 during 2009-10 2009-10 31-03-2010LIC 186 606 642 150PRIVATE 272 1843 1870 245TOTAL 458 2449 2512 39567