Chapter Seventeen
1. In 1993, the Government set up a committee under the chairmanship of R. N. Malhotra, former Governor of the RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector be permitted to enter the insurance industry.
2. IRDA notification dated 16.10.2002 and amendments can be accessed at http//www.irda.gov.in
3. IRDA annual report 2008–2009 provides information on major types of grievances/complaints against insurance companies, and the most prevalent complaint relates to ‘wrong plan and term allotted’.(page 50, Table 53), accessed ...
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