The Ministry of Finance on Tuesday has published the Insurance Ombudsman (Second Amendment) Rules, 2021 to further amend the Insurance Ombudsman Rules, 2017.
The Amendment is brought under rule 7 which deals with the selection committee for appointment of insurance ombudsman.
“In rule 7 of the Insurance Ombudsman Rules, 2017, in sub-rule (2), in clause (a), after the words “may authorise”, the words, “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” shall be inserted.” as per notification.
These Rules aim at resolving complaints relating to the settlement of disputes with Insurance Companies on personal lines of insurance, in a cost effective, efficient and impartial manner. These Rules apply to all the Insurance Companies operating in General Insurance business and Life Insurance business, in Public and Private Sectors.