The government on Tuesday raised the age limit for Pension Fund Regulatory and Development Authority's (PFRDA's) ombudsman to 70 years from the existing 65 years. Ombudsman’s role is to receive, consider and facilitate resolution of complaints or grievances which fall within the ambit of PFRDA regulations.
An appeal can be filed with the ombudsman under the regulations -
(a) by a complainant whose grievance has not been resolved within thirty days from the escalation of the grievance to National Pension System Trust
(b) by a complainant, where a complaint has been made directly against the National Pension System Trust and no other intermediary and the same remains unresolved within the specified period of thirty days
The appeal should be in writing, duly signed by the complainant or his authorised representative (not being a legal practitioner) in the form as specified the regulations and supported by documents, if any.
The ombudsman may dismiss an appeal when such appeal is frivolous in his opinion or if the appeal is not adhering to the conditions specified in the regulations, as per PFRDA norms.
In a separate development, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the removal of segmental limits on commissions for life, general, and health insurers. The move is expected to have a significant impact on the way insurance companies operate and compete in the market.
Under the new regulations, the total commission paid by life, general, and health insurers will have to be under the Expense of Management (EoM) limits. EoM is the sum total of commission and fixed expenses incurred by insurers. The move to remove segmental limits is expected to benefit insurers and web aggregators like Policybazaar, as it will allow them to allocate resources more effectively and optimize their commission structures.
(Edited by : Anshul)
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