Will consider grievances of policy holders against insurance firms on Covid-19 claims: IRDA to Bombay HC

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The Bombay High Court on Monday disposed of a PIL that sought a probe into alleged irregularities and violations by insurance companies while processing Covid-19 claims. The PIL also raised concerns over alleged inaction on part of Insurance Regulatory and Development Authority (IRDA) to curb such irregularities.
After IRDA assured the bench that it will treat the PIL as a representation and look into the grievances raised by the petitioner NGO, the bench accepted the same and disposed of the plea.
A division bench led by Justice Anil K Menon was hearing PIL filed by NGO Manav Seva Dham through advocate Yusuf Iqbal Yusuf claiming blatant violations of IRDA Act and Reserve Bank of India (RBI) guidelines by insurance companies.
The petition alleged that such companies were indulging in money laundering and misuse of police holders’ money, and were paying excessive commissions to the banks and their agents.
The plea further contended that the insurance companies arbitrarily refused claims during the pandemic which led to policyholders who had lost their jobs during Covid-19 lockdown period into difficulties and inconvenience.
The petitioner sought an inquiry against IRDA officials and proper investigation against insurance companies for alleged irregularities by calling on records of claims received and settled by them during pandemic.
After IRDA counsel assured the court that it would treat the plea as representation and consider the grievances, the bench disposed of the PIL.

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