Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Consumer is a person who buys goods / services for a consideration.
The Consumer Protection Act, 2019 for the redressal of consumer complaints provides three-tier quasi-judicial machinery at the National, State and District levels.
Jurisdiction: District forum where the value of services and compensation claimed does not exceed Rs 20 lakhs. State commission above Rs 20 lakhs to Rs 1 crore. National commission: excess of Rs 1 crore.
The Redressal of Public Grievances Rules, 1998 have been formulated to resolve all complaints relating to the settlement of claims on the part of the insurance companies in a cost effective, efficient and impartial manner
The insurance Ombudsman has been established to quickly dispose the grievances of the insurance consumers and lesson the problems involved in redressing complaints.
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