At Parliamentary inquiry, Hall said some claims 'were not handled to the standard our industry strives to achieve,' but added that industry leaders were committed to improvements.
The IRDAI said Arbitration clause for all tariff-based contracts issued after 27 October 2023 were de-notified, changing a standard that has been in place since 2006.
The High Court of New Zealand has imposed penalties totalling NZ$7.88m (US$3.63m), on CBL Corporation and four former directors for breaches of continuous disclosure obligations.
Zurich cleared of any wrongdoing after OnePath Life, which Zurich's acquired in 2022, denied a claim due to non-disclosure of the claimant's past mental health hospitalisations.
The IRDAI is enforcing the removal of the arbitration clause for General Insurance retail lines, while prescribing the specific clause to be used for GI commercial lines.
