The PFRDA increased the ombudsman’s age limit from 65 to 70.

The government raised the ombudsman for the Pension Fund Regulatory and Development Authority (PFRDA)’s (65 to 70 years old) maximum age limit.

The maximum age for the ombudsman of the Pension Fund Regulatory and Development Authority (PFRDA) was raised by the government from 65 to 70 years old. The PFRDA ombudsman is in charge of receiving, assessing, and assisting in the resolution of complaints or grievances.

For more information on raising the ombudsman age limit to 70 years old:

According to PFRDA regulations, a complainant whose grievance has not been resolved within thirty days of being escalated to the National Pension System Trust, or a complainant who has made a complaint directly against the National Pension System Trust and no other intermediary and the same remains unresolved within thirty days, may file an appeal with the ombudsman.

Read Also:- India’s Defence Exports to Reach Rs 40,000 Crore by 2026: Rajnath Singh.

The regulations require that the appeal be made in writing, be signed by the complainant or their authorised representative (other than attorneys), and be supported by the pertinent paperwork. However, if the appeal is deemed frivolous or does not adhere to the requirements of the regulations, the ombudsman has the authority to reject it.

The removal of segmental commission caps was announced by IRDAI.

The removal of segmental limits on commissions for life, general, and health insurers has been announced by IRDAI in a separate development.The new regulations require that the total commission paid by insurers fall within the Expense of Management (EoM) limits, which include the insurers’ overall commission payments as well as their fixed expenses.

As a result of this change, insurers and web aggregators should be able to better allocate their resources and optimise their commission structures. The way insurance companies conduct business and compete in the market is also anticipated to be significantly impacted by this action.