Rajasthan High Court - Jodhpur
Nitin Balchandani & Anr vs Union Of India & Ors on 18 October, 2016
Equivalent citations: AIR 2018 (NOC) 61 (RAJ.)
Author: Govind Mathur
Bench: Govind Mathur
1
IN THE HIGH COURT OF JUDICATURE FOR
RAJASTHAN AT JODHPUR.
..
:: O R D E R ::
D.B. CIVIL WRIT PETITION NO. 11009/2016.
(PIL Matter)
PETITIONERS:
1. Nitin Balchandani S/o Raj Kumar Balchandani, Aged
34 years, R/o 109, M.M. Complex, toran Bawri,
Udiapole, Udaipur (Rajasthan).
2. Vikas Khandelwal S/o B.L. Khandelwal, Aged 35
years, R/o 95, J Block, Hiran Magri, Sector-4,
Udaipur (Raj.).
VERSUS
RESPONDENTS:
1. Union of India, through Secretary Finance, Delhi.
2. Insurance Regulatory and Development Authority of
India (IRDAI), 3rd Floor, Parisrama Bhavan, Basheer
Bagh, HYDERABAD - 500 004 Telangana (INDIA).
3. The Reserve Bank of India (RBI), Central Office
Building, Shahid Bhagat Singh Road, Fort, Mumbai,
Maharashtra - 400 001.
4. ICICI Prudential Life Insurance Company Limited,
ICICI Pru Life Towers, 1089, Appasaheb Marathe
Marg, Prabhadevi, Mumbai - 400 025.
2
5. ICICI Bank Limited, ICICI Bank Towers, Bandra-Kurla
Complex, Mumbai - 400 051.
..
Date of Order :: 18th October, 2016.
PRESENT
HON'BLE MR. JUSTICE GOVIND MATHUR
HON'BLE MR. JUSTICE DEEPAK MAHESHWARI
Mr. Vikas Khandelwal, petitioner No.2 present-in-person.
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BY THE COURT:
This petition for writ has been filed by the petitioners for issuing directions to the Insurance Regulatory and Development Authority of India (IRDAI). The relevant prayers made in this petition for writ is quoted hereinbelow for ready reference:-
"a. To direct Insurance Regulatory and Development Authority of India (IRDAI) to implement transparent complain login and resolution system. Such a system should be enhanced to provide each and every detail of the communication on a complaint between the regulator and the concerned company. In case of declining a particular complaint, the insurer must be directed to explain the ground of declining the complaint to the regulator as well as 3 to the complainant in detail instead of giving stereo type replies mentioning the 15 days free look period.
b. Data related to complaints should be published on a regular basis mentioning total number of complaints received against a particular company and the number of complaints which were decided in favour or against the customer, this data should be available on the websites of each and every insurance company and on the website of the regulator for reference of the prospective customer.
c. The consumer advocacy department of the Insurance companies as well as the regulator must be managed by consumer activist with past background and knowledge of insurance sector.
d. The regulator must ensure delivery of proposal form as well as the policy kit to the customers in English as well as in the native language as preferred by the customer.
e. If at all it is necessary to sell insurance policies through banks then Reserve Bank of India (RBI) must direct such banks to ensure that a separate counter clearly mentioning the purpose of the counter as 4 "sell of insurance policy" should be setup by the bank in its premises and should be staffed by the insurance company without any role or targets being assigned to the bank employees.
f. The regulator must ask and publish the data on a year to year basis on total number of policies foreclosed and the total amount forfeited by the insurance companies including the amount forfeited by the particular company since its inception.
g. The Honourable court must direct IRDAI, Reserve Bank of India and ICICI Prudential Life Insurance Company as well as ICICI Bank to provide a detailed action taken report on all the complaints filed through Insurance Angels ([email protected]) h. The Honourable court must direct ICICI Prudential Life Insurance Company as well as ICICI Bank to provide data of all the policies sourced through ICICI Bank and sold to farmers at the time of availing Kisan Credit Loan or any other such government sponsored schemes.
i. The Honourable court must direct Reserve Bank of India (RBI) to ensure proper 5 mechanism and follow up of all the complaints submitted to the bank or to the regulator regarding sell of insurance policy to the customers instead of a fixed deposit or one time investment plan as in all such cases the mis-investment plan as in all such cases the mis-sell has been done in the premises of the concerned bank and with the involvement of the banking staff."
From the perusal of the facts stated in this petition for writ, we do not find anything on record showing that before approaching this Court by way of filing this petition for writ, the petitioners have approached the concerned authorities, i.e., (1) Insurance Regulatory and Development Authority of India (IRDAI) and (2) Reserve Bank of India (RBI). It is also seen from the perusal of the facts that the Insurance Regulatory and Development Authority of India (IRDAI) has powers to protect the interest of and secure fair treatment to policy holders; to set, promote, monitor, and enforce high standards of integrity, financial soundness, fair dealing and competence to those who are regulating the insurance; to ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effect 6 grievance redressal machinery and to take action where such standards are inadequate or ineffectively enforced.
In our opinion, the Insurance Regulatory and Development Authority of India (IRDAI) has ample powers, as stated hereinabove thus, it shall be appropriate to dispose of this petition for writ, while keeping the petitioners at liberty to submit a detailed representation ventilating all their grievances agitated in this petition for writ to the Insurance Regulatory and Development Authority of India (IRDAI) and also to the Reserve Bank of India (RBI).
The petitioners, if submit any representation, as stated above, expeditious and effective disposal of the same is highly desirable.
This petition for writ is accordingly disposed of. (DEEPAK MAHESHWARI), J. (GOVIND MATHUR), J. /Mohan/ (45)