IOR Section 5 : Council for Insurance Ombudsmen

Explanation using Example

Example 1: Appointment of Council Members

Introduction: Imagine a scenario where the Life Insurance Council needs to nominate two representatives to the Council for Insurance Ombudsmen as per Section 5, Sub-rule (2)(i) of The Insurance Ombudsman Rules, 2017.

Application: The Life Insurance Council selects two senior executives from prominent life insurance companies to represent them. These nominations are crucial as they ensure that the interests of life insurers are adequately represented in the Council.

Outcome: The nominated representatives assume their roles for a term of three years as per Section 5, Sub-rule (4). If the Life Insurance Council fails to nominate representatives, it could lead to an imbalance in representation, potentially affecting the Council's decisions.

Conclusion: Timely and appropriate nominations are essential to maintain the Council's functionality and ensure fair representation of all stakeholders.

Example 2: Rotation of Chairperson

Introduction: Consider a situation where the current Chairperson of the Council for Insurance Ombudsmen, who is the Chairman of the LIC of India, is nearing the end of their three-year term as specified in Section 5, Sub-rule (3).

Application: As per the rules, the Chairperson role must rotate to the Chairman of the General Insurers’ (Public Sector) A...

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