Insurance ombudsmen may look into mis-selling of policies

At present, jurisdiction of ombudsman entails any partial or total repudiation of claims or any dispute in regard to premium paid or payable in terms of the policy

New Delhi: In order to promote investor protection, the government is considering expansion of the ambit of the insurance Ombudsmen scheme by bringing under its jurisdiction the mis-selling of insurance products, reports PTI.

There has been a proposal to enhance the jurisdiction of the office of insurance Ombudsman by bringing mis-selling of policies. The government is considering it, sources in the know said.

Mis-selling of insurance policy particularly Unit Linked Insurance Products (ULIPs) has been an area of concern for the regulator.

At present, jurisdiction of ombudsman entails any partial or total repudiation of claims or any dispute in regard to premium paid or payable in terms of the policy.

Besides, it has power to look into cases pertaining to delay in settlement of claims and non-issue of any insurance document to customers after receipt of premium.

During 2010-11, the 12 ombudsmen across India received a total of 21,065 complaints.

While 11,017 complaints (52%) pertained to life insurers, the remaining 10,048 related to non-life insurers.

This was in addition to 2,269 complaints pending with various offices of Ombudsmen as at the end of March 2010. The offices of Ombudsmen have handled a total of 23,334 cases during 2010-11.

During 2010-11, the ombudsmen disposed of 17,239 complaints. At the end of March 2011, 6,095 cases are still pending with Ombudsmen for adjudication.

A policyholder can approach insurance ombudsmen if the grievance has been rejected by the insurance company. In addition, the complaint should be filed within one year from the date of rejection by the company.

User

Printing of MICR, IFSC code must on passbook, account statement: RBI

“The MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook/statement of account of the account holders,” RBI said

Mumbai: The Reserve Bank of India (RBI) has made it mandatory for all banks to print the MICR and IFSC code on the passbook and statement of account of the customers, reports PTI.

“Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook/statement of account of the account holders,” the RBI said in a statement.

As per RBI guidelines, MICR code is necessary for all electronic clearing services (credit and debit) transactions.

IFSC code is a pre-requisite for national electronic funds transfer (NEFT) and real time gross settlement (RTGS) transactions.

User

COMMENTS

Hoshang Nekoo

5 years ago

More then MICR code, Complete address of the bank with telephone and fax nos. Important Direct Telephone no. of the Bank manager of the Branch. The same should alo be printed on Fixed deposit receipts as many do not have an account with bank but has F.D. My very recent experience was irrespective of telephoning direct on Bank Branch telephone no. the telephone after some repeated ring the call is answered by their call centre. On asking for correct telephone no. of the branch I was given the same no. which I was dialling correctly. Same thing happened again when my call was answered by call centre. On enquiring I was told that if my call is not picked up by the staff at the branch the call gets automatically diverted to call centre. So the call never gets answered by staff at the branch. On my being little forceful she took down my mobile no. and said that someone from branch will call you. After 15 min. I received a call . Therefore a direct Tel. No. of Bank Manager of the brnch should be mandatory printed on the pass book.

Tata Steel to commission Kalinga Nagar plant by March 2013

“We expect European steel demand to grow at around 2% to 3% this financial year, so it is unlikely that our plants would operate at full capacity,” Tata Steel managing director H M Nerurkar said

Tata Steel plans to commission the first phase of its upcoming steel plant at Kalinga Nagar in Odisha by March next year, reports PTI.

“It [the commissioning] will be somewhere between October and March [next year]. The first phase will have a capacity of 3.5 million tonne,” Tata Steel managing director H M Nerurkar said.

He added that the Tata group firm will invest about 400-500 million pounds this year and over the next three financial years on its European unit to continue to upgrade its facilities there.

Due to sluggish demand in Europe, the company expects to run its European units at 80%-85% capacity in current fiscal, he said.

“We expect European steel demand to grow at around 2% to 3% this financial year, so it is unlikely that our plants would operate at full capacity,” Mr Nerurkar said.

In the late afternoon session, Tata Steel was trading at around Rs469.50 per share on the Bombay Stock Exchange, 0.19% down from the previous close.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)