Insurance Ombudsman Amendment Rules, 2023

Last updated: 15 November 2023

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The Ministry of Finance has issued the Insurance Ombudsman (Amendment) Rules, 2023, bringing significant updates to the existing 2017 rules. These amendments, effective from their publication date, include changes to the bodies responsible for appointing ombudsmen, with the 'Bank Board Bureau' being replaced by the 'Financial Services Institutions Bureau'. The rules also introduce revised resignation procedures for Insurance Ombudsmen, requiring a minimum 90-day notice period and allowing the Council for Insurance Ombudsmen to waive this period. Furthermore, provisions regarding pension deductions have been removed, and the process for settling complaints through mediation has been clarified, along with modifications to the award procedures.

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 9th November, 2023 G.S.R. 828(E).In exercise of the powers conferred by section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Central Government hereby makes the following rules further to amend the Insurance Ombudsman Rules, 2017, namely: - 1. Short title and commencement: (1) These rules may be called the Insurance Ombudsman (Amendment) Rules, 2023. (2) They sh

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FAQ :

The Insurance Ombudsman (Amendment) Rules, 2023 come into force from the date of their publication in the Official Gazette.

The 'Bank Board Bureau' has been replaced by the 'Financial Services Institutions Bureau' in relation to the appointment and related processes for Insurance Ombudsmen.

An Insurance Ombudsman must now give at least ninety days' prior written notice to the Council for Insurance Ombudsmen to resign. The Council also reserves the right to waive this notice period.

Yes, the rules have been amended to omit the provision that stated any pension entitled from the Central or State Government would be deducted from an Ombudsman's salary.

The marginal heading for rule 16 has been updated to specifically state 'Complaint settled through mediation by Insurance Ombudsman'.

The award passed by the Insurance Ombudsman must now be in writing, signed in person or digitally by the Ombudsman, and include the reasons for the award. Additionally, in a specific proviso within sub-rule (3) of rule 17, the word 'thirty' has been substituted with 'fifty'.

Notification No : F. No. S-14014/12/2022-Ins.I
Source : https://egazette.gov.in/(S(qlalsy00vxa4lc4t1o1xss2h))/ViewPDF.aspx

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