Mumbai:IRDA Filed the affidavit in court that all the insurance policies are approved by IRDAI. In a PIL at Bombay high court the IRDAI filed such affidavit. But issue is that IRDAI donot ready to issue approval certificate for customer satisfaction. Will they provide copy of such affidavit in all policies issued by insurance companies? First time in history IRDAI gave written statement that the insurance policies are approved by IRDAI.
In past they say that UIN means approval of policies. But in UIN guidelines no "approval" word is mentioned. They have used word "Cleared By IRDAI". Other government regulator like FDA, ROC,RTO,ARAI , Pollution clearance issuing certificate to each product but IRDAI deny to issue approval certificate because it can be challenged in future due to illegal terms and condition. The affidavit is filed by law department instead of actuary head means actuary department may do not want to file false affidavit. The PIL is active and Bombay High Court bench asked IRDAI to file proper application to change the order. In past IRDAI officers gave false statement in court and disposed the PIL by saying approval certificate is available in website. After police action (Under IPC 191)they came to amend order and delete the word "certificate" from order. Now court does not want more contention and hint IRDAI indirectly to commence proper hearing and argument.