Insurance Ombudsman Amendment Rules, 2023

 Notice Date : 09 November 2023

(Department of Financial Services)

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 shall come into force from the date of their publication in the Official Gazette.

2. In the Insurance Ombudsman Rules, 2017 (hereinafter referred to as the principal rules), in rule 7, in sub-rule 2, —

(i) in clauses (b) and clause (c), for the words „Bank Board Bureau‟, the words „Financial Services Institutions Bureau‟ shall be substituted;

(ii) for explanation, the following Explanation shall be substituted, namely: —„

Explanation. —In this sub-rule, the expression “Financial Services Institutions Bureau” means the body constituted by the Ministry of Finance, Department of Financial Services vide Resolution F. No. 14/1/2022-BO-I, dated the 1st July, 2022.‟.

3. In the principal rules, in rule 8, after the provisos, the following provisos shall be inserted, namely: —

“Provided further that the Insurance Ombudsman may resign by giving prior notice in writing of not less than ninety days in lieu of three months‟ salary, to the Council for Insurance Ombudsmen, informing his intention to resign; in case the last date of notice period falls on Saturday or Sunday or holiday, the Insurance Ombudsman shall be relieved on the next working day.

Provided also that the Council for Insurance Ombudsmen reserves the right to waive the notice in part or in full at its discretion.”.

4. In the principal rules, in rule 10, in sub-rule (1), the words “and any pension to which he is entitled from the Central Government or a State Government shall be deducted from his salary” shall be omitted.

5. In the principal rules, in rule 16, for the marginal heading, the following marginal heading shall be substituted, namely: —

“Complaint settled through mediation by Insurance Ombudsman.”.

6. In the principal rules, in rule 17, -

(i) for sub-rule (2), the following sub-rule shall be substituted, namely: —

“(2) The award passed under sub-rule (1) shall be in writing, duly signed in person or digitally by the Insurance Ombudsman with reasons for passing such award.”.

(ii) in sub-rule (3), in the proviso, in clause (ii), for the word „thirty‟, the word „fifty‟ shall be substituted.

[F. No. S-14014/12/2022-Ins.I]


on 15 November 2023
Notification No : F. No. S-14014/12/2022-Ins.I
Published in Others
Source :,

CAclubindia's WhatsApp Groups Link