<h1>IRDA Allows Foreign Joint Ventures in Indian Insurance, Implements IGMS for Complaint Management, Reports on 2011-12 Insurer Complaints.</h1> The Insurance Regulatory and Development Authority (IRDA) of India allows foreign companies to form joint ventures with Indian firms in the insurance sector. A list of approved private life insurance companies and their foreign partners is provided, highlighting their registration details and locations. The IRDA has implemented the Integrated Grievance Management System (IGMS) to manage policyholder complaints. For the financial year 2011-12, a detailed account of complaints against private insurers is recorded, with actions such as penalties and warnings taken when necessary. This information was disclosed by the Minister of State for Finance in response to a parliamentary inquiry.