Adhering the timelines of award settlement as per rule 17(6) of the Insurance Ombudsman Rules, 2017

FCS Deepak Pratap Singh | Last updated: 01 June 2022

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This article highlights the IRDAI's concern regarding a significant number of pending Insurance Ombudsman awards, with many outstanding for over a year. Insurers are reminded of their obligation under Rule 17(6) of the Insurance Ombudsman Rules, 2017, to comply with awards within thirty days of receipt. The article also outlines the process for appeals and stresses the serious repercussions of non-compliance, including potential registration cancellation and penalties.

Reference: IRDAI/CAD/CIR/MISC/105/5/2022 Dated: 26th May,2022 The Authority undertook comprehensive review of pending cases of all offices of the Insurance Ombudsman. As per the data obtained from Council for Insurance Ombudsmen, there are total of 711 Insurance Ombudsman awards that are pending

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About the Author

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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