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HOME IRDA Not Cross Verifying The AUM of ICICI Prudential Life Insurance- RTI  
  India RTI News Exclusive  
  1 Nov 2011  
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As many peoples invest  in Life Insurance Companies and assuming that their money is in safe hand must surprise by reading this RTI reply by IRDA. In an reply IRDA confirmed that they have never conducted any inspection to cross verify the AUM of ICICI Prudential Life. The status of other companies was not asked. By reading this any body can assume that if Life insurance company have no balance in AUM and every thing is right in accounts book then no body is their to cross verify it.  We have only option available that we have  to assume the statements  or press note of life insurance companies. The companies also do not allow customers to check their status  by visiting their balance sheets.  Customers have no right to cross examine the documents of Company.  It seems that we are waiting  for another Satyam type corporate scam with fake balance in account. IRDA should do proper audit of AUM since 2001 of all life insurance companies for the public interest.
It is surprised that insurance companies hide information from customers but there are ready to share information with credit rating companies. It means they are working only for ratings not for customer satisfaction.

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