IRDA Neglected But Bombay High Court Acted For Insurance Customer Protection

IRDA not acted on complaint of national interest that ICICI Prudential Life Selling Policies without IRDA approval certificate

Thanks to honorable chief Justice Shri Mohit Shah of Bombay High Court who acted on public interest in spite of over burden. A customer of ICICI Prudential Life Sapan Shrivastava demanded company to provide IRDA approval certificate of the polices which he has purchased. Company denied to show approval certificate of IRDA in writing and IRDA chairman neglected the complaint of customer which is also of national interest. Around 15cr customers purchased life insurance policies but non of the insurers provided Govt. approval certificate of that plan. This may cause collapse of any scheme any time  due to violation of IRDA guidelines. Total AUM of Life Insurance is Rs15Lac cr.
    Customer approached Chief Justice to take sumotto action for the benefit of 15 cr insurance customer protection, as IRDA failed to perform his primary duty. Chief Justice Shri Mohit Shah initiated action via PG cell and issued a letter to IRDA , to give reply  on customer complaint that ICICI Prudential Life is selling Policies without IRDA approval certificate. This is a failure of IRDA to protect customer interest .

When company failed to keep customer silent they took the help of Cyber Crime Cell , Mumbai Police Head office.  Senior Inspector Mukund Pawar called customer at Police station and Threatened him to get away from ICICI prudential matter or he will be taken behind bar. Later Company harassed customer via police by registering FIR under section IT act 66a and seized his hard disk of computer , 2 cell phones ,3 sim card and data cable on 4th March 2013. We are surprised that the customer shouted “CHOR CHOR” and he is booked by Mumbai Police  for offensive language!  Now Matter is Under Bombay High Court for Justice as PIL.

Copy Of Bombay high Court Letter