Insurance Governing Bodies in India :-
II. General Insurance Council
III. Insurance Ombudsman
Lets Discuss all these Insurance Governing Bodies in Detail :-
Brokers Association of India (I.B.A.I.) was established as a Company under
Section 25 of the Companies Act, 1956 on 25th July 2001. IBAI is run by a Board
of Directors who are elected by the members. IBAI is a member of Bombay Chamber
of Commerce and Industry, Mumbai as well as of Federation of Indian Chambers of
Commerce and Industry. Only I.R.D.A. licensed insurance brokers are considered
for membership of I.B.A.I.
auxiliary education, training and research in all fields of insurance and
organizations. Insurance Brokers Association of India (I.B.A.I.) is the only
Insurance Regulatory and Development Authority (I.R.D.A.)-recognized body of
licensed Insurance Brokers.
outlined by the I.R.D.A., all licensed Brokers should be member of I.B.A.I.
Direct Insurance Brokers, Composite Insurance Brokers and Re-Insurance Brokers
are members of I. B. A. I.
of General Insurance Council
Government of India Notification dated 11th November, 1998 with the purpose of
quick disposal of the grievances of the insured customers and to mitigate their
problems involved in redresal of those grievances. This institution is of
great importance and relevance for the protection of interests of policy
holders and also in building their confidence in the system. The institution
has helped to generate and sustain the faith and confidence among the consumers
appointment of the insurance Ombudsman on the recommendations of the committee
comprising of Chairman, IRDA, Chairman, LIC, Chairman, GIC and a representative
of the Central Government. Insurance council comprises of members of the Life
Insurance council and general insurance council formed under Section 40 C of
the Insurance Act, 1938. The governing body of insurance council consists of representatives
of insurance companies.
and Judicial Services.
or till the incumbent attains the age of sixty-five years, whichever is
earlier. Re-appointment is not permitted.
Council (GBIC) and are empowered to entertain complaints on the following
aspects in respect of personal line insurance:
Partial or total repudiation of claims by an insurer
b. Delay in settlement of claims
c. Any disputes in regards to premiums paid or payable in terms of the policy
d. Any dispute on the legal construction of the policies in so far as such
disputes relate to claims.
e. Non-issue of Insurance document to Customers after receipt of premium.
Insurance Ombudsman as per jurisdiction, for value of the claim including
expenses not exceeding Rs 20 lacs, within 1 year from the date of
rejection/repudiation/partial settlement of claim by the Insurer.
the policyholder or claimant/ legal heirs.
any fees for filing the complaint.
other forum/court/arbitrator on the same subject matter of the claim.
of three months from the receipt of the complaint. The awards are binding upon
the insurance companies.
he can approach other venues like Consumer Forums and Courts of law for
redressal of his grievances.
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