IRDAI vide Circular bearing no. IRDAI\HLT\CIR\MISC\190\10\2023 dated October 30, 2023 has notified all Insurers (except AIC and ECGC) regarding the revision of Customer Information sheet (CIS). The IRDAI emphasizes on the significance of comprehending the policy, as it may contain complex legal phrases and sentences.
In light of the above, CIS has been devised. However, there are still complaints pertaining to asymmetry of information between the Insurer and Policyholder. Therefore, the existing CIS is improved, which conveys the basic information about the policy purchased. The revised format shall be implemented from January 01, 2024 and is attached as “ Annexure A ”.
Compliance of the following shall be ensured:
- Insurers, Intermediaries and agents shall forward the CIS to Policyholders, and acknowledgement of the same shall be taken.
- CIS shall also be available in the local language.
- The font shall be minimum Arial 12.
- All details shall be duly filled.
- Policy document shall contain a cross reference to the CIS.
Source category: IRDAI
Attachments
- /2023/297_Annexure_A.pdf
- /2023/297_Circular_on_revision_of_Customer_Information_sheet.pdf
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