Adhering the timelines of award settlement as per Rule 17(6) of the Insurance Ombudsman R

IRDAI vide reference no. IRDAI/CAD/CIR/MISC/105/5/2022 has issued a Circular on ‘Adhering the timelines of award settlement as per Rule 17(6) of the Insurance Ombudsman Rules, 2017’ dated May 27, 2022 (Circular).

Background

The Circular draws reference to Rule 17(6) of the Insurance Ombudsman Rules, 2017 which casts responsibility on the insurers to comply with the award passed by the Ombudsman within thirty days of the award and intimate compliance of the same to the Ombudsman.

Summary of the Directions issued by IRDAI:

• Insurers to adhere to the timelines of award settlement as per Rule 17(6) of the Insurance Ombudsman Rules, 2017
• In case an appeal is preferred against the award issued by the Ombudsman, the complainant and respective Insurance Ombudsman should be duly informed

IRDAI has also clarified that non-compliance of awards passed by Insurance Ombudsman within the prescribed timelines would be viewed very seriously.

Source category: IRDAI

Attachments

• /2022/44_Adhering_the_timelines_of_award_settlement.pdf