The Insurance Regulatory and Development Authority (IRDA) has warned the public to watch out for unscrupulous persons selling insurance policies by claiming to be the regulator's representatives.
IRDA has asserted that it is a regulatory body not involved directly or indirectly in the sale of insurance and financial products. As such, it said complaints should be lodged against persons claiming to be its representative for the purpose of selling insurance policies.
"Any person making any kind of transaction with such individuals or agents will be doing the same at their own risk. If any member of the public notices such instances, he or she may lodge a police complaint in the local police station," IRDA said in a public notice.
It said it has observed that the general public are receiving calls from individuals claiming to be IRDA's representatives, who offer insurance policies of different insurance companies with various benefits. Meanwhile, in view of the large quantum of unclaimed insurance settlement amounts lying with the insurers, the IRDA has asked all insurers to reflect such sums in its balance sheet under the head, 'current liabilities'.
At present, such unclaimed amounts are not disclosed separately. These unclaimed amounts include claims settled but not paid to the policyholders or insured persons and excess premium or tax or any other charges that are refundable to the policyholders, among other things.