Quick Summary
The Ministry of Finance has issued draft rules aimed at creating a structured mechanism for handling inquiries, adjudication proceedings, and appeals relating to violations under the General Insurance Business (Nationalisation) Act, 1972. The proposed framework, titled theIndian Insurance Companies (Inquiry, Adjudication and Appeal) Rules, 2026, has been published for public consultation. What Are the New Draft Rules About? The draft rules seek to establish a formal procedure for investigati
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FAQ :
The draft rules aim to establish a structured mechanism for handling inquiries, adjudication proceedings, and appeals concerning violations under the General Insurance Business (Nationalisation) Act, 1972.
An Indian insurance company may file a complaint regarding any alleged contravention under Section 29 of the Act.
Complaints can be submitted electronically, via speed post, or by hand to the adjudicating officer.
Adjudication proceedings are required to be completed within six months from the issuance of the notice.
Appeals must ordinarily be filed within 30 days from the date of the order, though delayed appeals may be considered if sufficient cause is shown.
Stakeholders are invited to submit objections and suggestions within 30 days from the date the draft rules are made available to the public.
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