The correct answer is B. IRDA (Protection of Policyholders’ Interests) Regulations, 2002.
The IRDA (Protection of Policyholders’ Interests) Regulations, 2002 are a set of regulations issued by the Insurance Regulatory and Development Authority of India (IRDA) to protect the interests of policyholders. The regulations cover a wide range of topics, including claim procedure, disclosure requirements, and grievance redressal.
The regulations require insurers to follow a fair and transparent claim settlement process. They also require insurers to provide policyholders with clear and concise information about their policies, including the terms and conditions of coverage, the process for filing claims, and the time limits for settling claims.
The regulations also establish a grievance redressal mechanism for policyholders who have complaints about their insurers. Policyholders can file complaints with the IRDA, which will investigate the complaint and take appropriate action.
The IRDA (Protection of Policyholders’ Interests) Regulations, 2002 are an important step in protecting the interests of policyholders in India. The regulations provide a clear and concise framework for insurers to follow when settling claims, and they give policyholders a clear and concise way to file complaints about their insurers.
The other options are incorrect because they do not deal with claim procedure.
A. IRDA (Licencing of Agents) Regulations, 2000 deals with the licensing of insurance agents.
C. Insurance Act, 1938 deals with the regulation of the insurance industry in India.
D. Government of India directives are issued by the Government of India on a variety of topics, including insurance.