The Insurance Regulatory and Development Authority (IRDA) has “warned” Max New York Life Insurance Company Ltd on non-payment of interest for claims settled and repudiation/investigation of claims beyond six months.
In a letter sent to Max New York Life Insurance, the IRDA Executive Director, Mr A Giridhar, said as the company admitted to “default” attributing it to “process infirmities and inadequate quality resources” the company should exercise preventive controls to avoid recurrence of the violation of norms.
FAKE CALLS
In another circular, Mr Giridhar advised all general and life insurers to initiate necessary steps to eliminate “spurious calls to individuals from miscreants identifying themselves as IRDA employees in a bid to sell insurance polices.
The Regulator had already filed a complaint with police at New Delhi and also cautioned general public regarding such callers, the Executive Director said.