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Government brings insurance brokers under the purview of Lokpal

The revised rules have extended the scope of complaint to ombudsmen only from deficiencies in the service of insurers, agents, brokers and other arbitrators before disputes.

On March 3, the Finance Ministry said that the government has amended the rules for insurance brokers.

The amended rules broadened the scope of complaints for insurers only by deficiencies in service to insurers, agents, brokers and other middlemen prior to disputes. The Government on 2 March notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, to facilitate the redressal of complaints about deficiencies in insurance services in a timely, cost-effective and fair manner with improvement in the functioning of the Insurance Ombudsman system. is.

Under the revised rules, the timeliness and cost effectiveness of the mechanism have been substantially strengthened. Policyholders will now be enabled to make complaints to the Ombudsman electronically and a complaint management system will be created for policyholders to track the status of their complaints online. In addition, the Ombudsman may use videoconferencing for the hearing.

“Further, insurance brokers have been brought under the purview of the Lokpal system, with the Lokpal empowering them to award against insurance brokers,” the ministry said. The ministry said, “Several amendments have been made to preserve the independence and integrity of the Lokpal’s selection process, while also creating safeguards to secure the independence and impartiality of the persons appointed while serving as the Lokpal.” Is, ”the ministry said. In addition, the selection committee will now involve a person with a track record of promoting consumer rights or advancing the cause of consumer in the insurance sector.

The ombudsman system was administered by the Executive Council of Insurance Companies, which was renamed the Insurance Ombudsman Council.

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