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Report No. 190 The protection of policyholders interests Regulations 8.7.5 The IRDA has, in exercise of its powers under section 114A (2) (zc) made the IRDA (Protection of Policyholders' Interest) Regulations, 2002. Regulation 5 mandates that every insurer "shall have in place proper procedures and effective mechanism address complaints and grievances of policyholders efficiently and with speed and the same along with the information in respect of Insurance Ombudsman shall be communicated to the policyholder along with the policy document and as may be found necessary." Under Regulation 8 the procedure for maintaining and processing a claim in regard to a life insurance policy has been set out. Regulation 9 lays down a similar procedure in respect of a general insurance policy.    |
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