Section 10 in The Insurance Regulatory And Development Authority (Protection Of Policy-Holders' Interests) Regulations, 2002
10. Policy-holders' servicing
.-(1) An insurer carrying on life or general business, as the case may be, shall at all times, respond within 10 days of the receipt of any communication from its policy-holders in all matters, such as-(a)recording change of address;(b)noting a new nomination or change of nomination under a policy;(c)noting an assignment on the policy;(d)providing information on the current status of a policy indicating matters, such as, accrued bonus, surrender value and entitlement to a loan;(e)processing papers and disbursal of a loan on security of policy;(f)issuance of duplicate policy;(g)issuance of an endorsement under the policy; noting a change of interest or sum assured or perils insured, financial interest of a bank and other interests; and(h)guidance of the procedure for registering a claim and early settlement thereof.
