Describe the steps taken by the Indian insurance regulator to protect the interests of the policy-holders.

Indian insurance regulator namely, Insurance Regulatory and Development Authority of India (IRDAI) has put forth many measures to protect the policyholders' interests. Insurers have been told to strengthen their grievance redress procedures, consumer complaint resolving procedures where they are found weak. An important step taken by IRDA is that it has made it compulsory that each company forms a Policyholder Protection Committee in the Board of Directors. This is part of the Corporate Governance guidelines issued by IRDA and will have the effect of ensuring that insurers' internal systems are monitored effectively at the highest level of the company, that is, the Board. IRDAI has made a regulation for Protection of Policyholders' Interests Regulations, 2017. These regulations are aimed to protect the policyholders from undue inconvenience, fraud and similar matters. These Regulation cover: Board approved policy for protection of interests of policyholders Point of sale Products on offer/ products withdrawn Proposal for insurance Matters to be stated in life insurance policy