The insurance regulations and development authority of India has issued a warning and advice to Shriram Life Insurance for violations of regulatory standards. | Photocredit:
The Insurance Regulation and Development Authority of India (IRDAI) has given a warning and advice to Shriram Life Insurance Company about violations of different standards.
According to an order from the insurance policy, the company has been commissioned to implement adequate processes and systems to guarantee compliance with regulations with regard to the facellative facility of the free look and other important aspects, including the shipment of policy bonds and complaint processing for non-reception of policy enforcement.
Focus on free look cancellation and premium restitutions
The insurer was also dedicated to guarantee a fast and effective story of consumer grogen, among other things. “There is no unnecessary delay in the processing of Free Look -Sancing Requests and the resulting reimbursement of premiums,” said the order.
“The order must be placed for the insurer’s board in the coming board meeting, and the insurer will provide a copy of the minutes of the discussion, Irdai said.
The insurer submits a reported report to the authority that will be given within 90 days from today, it added.
Published on September 22, 2025
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