BANKING AFFAIRS

Detailed explanation-1: -g Issuance of life insurance policy, general insurance policy including health insurance policy which is not in conformity with the proposal form submitted by the proposer. . The Insurer shall comply with the award within 30 days of the receipt of award and intimate the compliance of the same to the Ombudsman.

Detailed explanation-2: -Once the award is passed, the insurance company has to comply with the award within 30 days of the receipt of the award and intimate the compliance of the same to the insurance Ombudsman.

Detailed explanation-3: -Customer is to send acceptance of the award within 30 days of date of receipt of the award. Bank is to implement the award within one month from the date of receipt of the acceptance from the complainant and intimate compliance to the Banking Ombudsman.

Detailed explanation-4: -On receipt of such a communication, a general insurer shall respond immediately and give clear indication to the insured on the procedures that he should follow. In cases where a surveyor has to be appointed for assessing a loss/ claim, it shall be so done within 72 hours of the receipt of intimation from the insured.

Detailed explanation-5: -Is there any time limit to approach the Ombudsman? Yes. Within one year of the rejection by the insurer of the?? representation of the complainant or the Insurer’s final reply to the representation.