CURRENT AFFAIRS

Detailed explanation-1: -The Ombudsman mechanism was administered by the Executive Council of Insurers, which has been renamed as the Council for Insurance Ombudsmen.

Detailed explanation-2: -The Insurance Ombudsman scheme was created by the government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient, and impartial way. The Insurance Ombudsman offices are presently widespread across 17 different locations in the country.

Detailed explanation-3: -You can approach the Ombudsman with complaint if: a Delay in settlement of claims, beyond the time specified in the regulations, framed under the IRDAI Act, 1999. bAny partial or total repudiation of claims by the Life insurer, General insurer or the Health insurer.

Detailed explanation-4: -The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017).