Insurance companies will have to start issuing the new, updated customer information sheet (CIS) from January 2024. Turnaround time for claim settlement, a guide for grievance redressal, and porting health insurance policies will form part of the document.
The insurance regulator has directed insurers to send updated customer information sheet (CIS) to policyholders in order to promote transparency. The revised format is meant to be implemented from Jan 1 onwards
Called the Common Information Sheet, the document is an abridged version of the policy document which gives basic information of the insurance policy purchased. This will standardise the information among all policies and help for better compression and easy understanding of what is covered and what is not.