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Insurance Ombudsman gets wider powers under amended rules
04 March 2021
Government on Tuesday notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, with a view to improve the working of the Insurance Ombudsman mechanism and facilitate resolution of complaints regarding deficiencies in insurance services in a timely, cost-effective and impartial manner.
The amended rules have enlarged the scope of complaints to Ombudsmen from only disputes earlier to deficiencies in service on the part of insurers, agents, brokers and other intermediaries. Further, insurance brokers have been brought within the ambit of the Ombudsman mechanism, by empowering the Ombudsmen to pass awards against insurance brokers as well.
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In a statement the finance ministry noted that under the amended rules, the timeliness and cost-effectiveness of the redressal mechanism has been substantially strengthened.