According to the Insurance Regulatory Development Authority (IRDA), the total number of insurance policies – both public and private, that lapsed during FY 2010-11 stood at 1.40 crore.
![Lapsed Policies Rose to 1.4 Crore in FY 11 Lapsed Policies Rose to 1.4 Crore in FY 11](https://images.medindia.net/health-images/1200_1000/health-insurance10.jpg)
On measures taken by the insurance sector watchdog to ensure a healthy insurance market in the country, he said: "IRDA has mandated insurance companies to put in place an efficient system of grievance redressal and establishment of IRDA Grievance Call Centre (IGCC) and Integrated Grievance Management System (IGMS)".
The Authority on September 20, 2011, notified guidelines on persistency of policies where agents are required to maintain an average persistency rate of 50%. The licence of the agent is renewed only if this condition is met.
Source-Medindia