BANKING/FINANCE: Avoid mis-selling of policies, insurance cos told.

from BUSINESS LINE, February 28, 2009 Hyderabad, Feb. 27 - The insurance companies should provide proper understanding of the product at the time of selling a policy to avoid mis- selling, according to Mr J. Hari Narayan, Chairman, Insurance Regulatory and Development Authority (IRDA).

"Mis-selling has been a major area of complaint from a consumer point of view. In many cases, there seems to be no clarity on how to interpret a policy and its implications," Mr Narayan said in his keynote address at a workshop on consumer grievance management in the insurance industry, organised by IRDA, here on Friday.

On an average, two-three lakh complaints are registered …