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The Insurance Regulatory and Development Authority has warned Future Generali Life Insurance Company on non-compliance with norms.
After receiving repeated complaints against the company on the non-receipt of policy bonds, and delays in cancellation of policies, the regulator inspected Future Generali's office in Mumbai.
“The inspection revealed that the company is not making free-look cancellation refunds to the policyholders as prescribed,” Mr J. Hari Narayan, Chairman, IRDA, said in an order issued on Wednesday.
It was also found that the company delayed processing the proposal forms and did not communicate the decision on the proposal to the policyholders.
The regulator has also found that the majority of the complaints against Future Generali were on delays/irregularities in proposal processing.
After conducting a hearing on the complaints, the regulator has advised the insurer to strictly adhere to the regulatory guidelines on speedy completion of the proposal and on free-look cancellation.
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