Question

Q> Discuss the eligibility, powers and removal
of Insurance ombudsman ?​

Answer 1

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Discuss the eligibility, powers and removal

of Insurance ombudsman ?

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

What is the role of insurance ombudsman?

Insurance ombudsman is responsible for protecting the interests and settling grievances of policy holders. The main objective behind appointing ombudsman is to settle the grievances and complaints of policy holders outside court system in a cost-effective, efficient and impartial manner.

What is the limit for approaching an insurance ombudsman?

The maximum limit for the amount under dispute for which the Ombudsman can entertain a complaint is up to Rs. 20 lakhs.

How does insurance ombudsman procedure work?

There are at present 17 Insurance Ombudsman in different locations and any person who has a grievance against an insurer, may himself or through his legal heirs, nominee or assignee, make a complaint in writing to the Insurance ombudsman within whose territorial jurisdiction the branch or office of the insurer .

What is the main function of ombudsman?

To receive and investigate complaints from aggrieved persons against government agencies and statutory corporations and /or officials and employees of such agencies and organizations.

Hope it helps you dear