Mumbai:After 16 Years of IRDAI formation Insurance regulator failed to conduct Government Special audit of private life and non life insurance companies. In an RTI reply there is no rules to conduct govt. audit of private life insurance companies. There are many scam occurring due to ICAI auditors . The private auditor do audit only as per documents supplied. They do not question due to heavy fees paid by clients and they do not want to trouble their clients. Satyam is example and these auditors are never punished .
There are huge public fund in private life insurance companies and the policies are also not as per IRDA guidelines. Huge charges are deducted from customers polices but IRDA do not ensure safety of consumer interest by doing government audit
CAG conduct audit of govt Life and non life Insurance companies so the investment is much secure than private life insurance. In the brand name public are getting cheated. For LIC agents this RTI reply will boom their sales.