The Ministry of Finance on 18th May 2021 has published the Insurance Ombudsman (Second Amendment) Rules, 2021 to further amend the Insurance Ombudsman Rules, 2017.
The object of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and intermediaries in a cost effective and impartial manner.
The Amendment is brought under rule 7 which deals with the selection committee for appointment of insurance ombudsman in which the Insurance Ombudsman shall be appointed by the Council for Insurance Ombudsmen on the recommendations of the Selection Committee consisting of, a Chairperson of the Authority, or such other whole-time member of the Authority entrusted with matters relating to the general or life insurance business as the Chairperson and in case there is a vacancy in the office of the Chairperson of the Authority, the senior-most whole-time member of the Authority.
