**Executive Summary:**
This document contains the Insurance Ombudsman Amendment Rules, 2018, which amend the Insurance Ombudsman Rules, 2017. These rules were published by the Ministry of Finance, Department of Financial Services. The rules came into force on August 20, 2018, the date of their publication in the Official Gazette.
**Key Points / Main Content:**
* **Amendment Rules:**
* The rules are called the Insurance Ombudsman Amendment Rules, 2018.
* They came into force on August 20, 2018.
* **Amendments to the Insurance Ombudsman Rules, 2017:**
* **Rule 5 (2)(vi) Amendment:** The clause is substituted to include the Chairman, Life Insurance Corporation of India (LIC of India) or the Chairman, General Insurers Public Sector Association of India (GIPSA), provided they are not acting as Chairperson of the Executive Council of Insurers.
* **Rule 10 (2) Amendment:** The effective date for the application of fixed pay will be determined by the Central Government. Other allowances and perquisites, including their effective dates, will be determined by the Executive Council of Insurers with prior approval from the Central Government.
**Impact Analysis**
* **Insurance Ombudsman:**
* *Impact:* The rules modify the process for determining allowances and perquisites.
* *Action Required:* No specific action is mentioned in this document.
* **Life Insurance Corporation of India (LIC of India) / General Insurers Public Sector Association of India (GIPSA):**
* *Impact:* The Chairman, if not acting as Chairperson of the Executive Council of Insurers, can be part of the selection process.
* *Action Required:* Ensure compliance with the new selection criteria.
* **Central Government:**
* *Impact:* The Central Government is responsible for determining the effective date for the application of fixed pay for the Ombudsman and providing prior approval for allowances and perquisites determined by the Executive Council of Insurers.
* *Action Required:* Determine the effective date for the fixed pay and review/approve allowance and perquisite proposals from the Executive Council of Insurers.
* **Executive Council of Insurers:**
* *Impact:* The Executive Council of Insurers is responsible for determining the allowances and perquisites payable to the Ombudsman, subject to the prior approval of the Central Government.
* *Action Required:* Determine allowances and perquisites and submit them to the Central Government for approval.
Key Entities Referenced
Insurance Ombudsman Amendment Rules, 2018: Rules amending the existing Insurance Ombudsman framework.
Insurance Regulatory and Development Authority Act, 1999: Act of the Parliament of India that established the Insurance Regulatory and Development Authority.
Central Government: The Union Government of India.
Insurance Ombudsman Rules, 2017: The principal rules being amended by the Insurance Ombudsman Amendment Rules, 2018.
Life Insurance Corporation of India: A state-owned insurance group and investment company.
Life Insurance Corporation Act, 1956: An act related to the establishment and functioning of the Life Insurance Corporation of India.
General Insurers Public Sector Association of India: An association of public sector insurance companies in India.
New Delhi, Delhi: The location where the notification was issued.
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EXTRAORDINARY
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No. 578] NEW DELHI, MONDAY, AUGUST 20, 2018/SHRAVANA 29, 1940
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((((ििििवववव(cid:3)(cid:3)(cid:3)(cid:3)ीीीीयययय ससससेवेवेवेवााााएएएएंं ंं ििििववववभभभभाााागगगग))))
((((बबबबीीीीममममाााा (cid:6)(cid:6)(cid:6)(cid:6)भभभभाााागगगग))))
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ली, 17 अग(cid:8) त, 2018
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या सझु ाव आमिं (cid:26)त (cid:1)कए गए थ े;
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4836 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
2. बीमा लोकपाल िनयम, 2017 म,"
(i) िनयम 5 के उप-िनयम (2) म "खंड (vi) के (cid:8)थान पर िन<िलिखत खंड रखा जाएगा, अथा(cid:18)त ्:—
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अवधाBरत क(cid:28) जाए:
परंतु यह (cid:1)क लोकपाल को दये अ4य भ(cid:24)े तथा पBरलि*धया,ं िजसके अ4तग(cid:18)त उनके लागू होने क(cid:28) (cid:20)भावी तारीख भी
ह,ै वह होगी, जो बीमाकता(cid:18)A क(cid:28) काय(cid:18)कारी पBरषद ्:ारा के48ीय सरकार के पूव(cid:18) अनमु ोदन से अवधाBरत क(cid:28) जाए ।"
[फा.स.ं 14019/22/2010-बीमा-II]
एन.Fीिनवास राव, आGथक सलाहकार
(cid:10)(cid:10)(cid:10)(cid:10)टटटट(cid:12)(cid:12)(cid:12)(cid:12)पपपपणणणण :::: मूल िनयम भारत के राजप(cid:26), असाधारण, भाग II, खंड 3, उप-खंड (i) म" अिधसूचना स(cid:30)ं याकं सा.का.िन. 413(अ),
तारीख 27 अ(cid:20)ैल, 2017 :ारा (cid:20)कािशत (cid:1)कए गए थे ।
MINISTRY OF FINANCE
(Department of Financial Services)
(INSURANCE DIVISION)
NOTIFICATION
New Delhi, the 17th August, 2018
G.S.R. 785(E).—Whereas, the draft of certain rules namely, the Insurance Ombudsman (Amendment) Rules,
2018, were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 26th April, 2018
under the notification of the Government of India in the Ministry of Finance (Department of Financial Services) number
G.S.R. 401(E), dated the 26th April, 2018 inviting objections or suggestions from all persons likely to be affected thereby
before the expiry of a period of forty-five days from the date on which the copies of the Official Gazette containing the
said notification were made available to the public;
And whereas, the copies of said Official Gazette were made available to the public on the 26th April, 2018;
And whereas, no objections and suggestions have been received from the public on the said draft.
Now, therefore, in exercise of the powers conferred by section 24 of the Insurance Regulatory and Development
Authority Act, 1999(41 of 1999), the Central Government hereby makes the following rules, namely:-
1. (1) These rules may be called the Insurance Ombudsman (Amendment) Rules, 2018.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Insurance Ombudsman Rules, 2017, —
(i) in rule 5, in sub-rule (2), for clause (vi), the following clause shall be substituted, namely: —¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
“(vi) the Chairman, Life Insurance Corporation of India (LIC of India) established under the Life Insurance
Corporation Act, 1956 (31 of 1956) or the Chairman, General Insurers’ (Public Sector) Association of India
(GIPSA) provided they are not acting as Chairperson of the Executive Council of Insurers.”;
(ii) in rule 10, for sub-rule (2), the following sub-rule shall be substituted, namely:—
“(2) The effective date for application of the fixed pay referred to in sub-rule (1) shall be such as may be
determined by the Central Government:
Provided that the other allowances and perquisites payable to the Ombudsman including the effective
date for their application shall be such as may be determined by the Executive Council of Insurers with
the prior approval of the Central Government.”
[F.No.14019/22/2010-Ins.II]
N. SRINIVASA RAO, Economic Advisor
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide
notification number G.S.R. 413(E), dated the 27th April, 2017.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.