All policy bonds shall invariably contain addresses of the
Grievance Redressal Officer of the life insurance company as well as the
address of the Insurance Ombudsman. These are as per regulations of the IRDA.
The insurer tells the customer ‘in case you have any complaint / grievance, you
may approach the Grievance Redressal Officer / Ombudsman, whose address is as
under’. The IRDA (Protection of Policyholder’s Interests) Regulations, 2002
stipulates (as per Reg.5) that every insurer shall have in place proper
grievance redressal machinery. Insurance Ombudsman is a public official
entrusted with the duty of hearing complaints and deciding on them. A
Government of India notification of 1998 gives powers to the Insurance
Ombudsman to hear and decide on disputes pertaining to six items given there.
Insurance Ombudsman is appointed by the governing body of the Insurance
Council. Since the I.O. is appointed by the industry insurers are bound by
I.O’s decision and do not go against his decision on appeal. Generally every
State has an I.O.
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