Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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The Consumer Protection Act, 2019 defines consumer as any person who bys goods for a consideration or avails any services for consideration.
Insurane Ombudsman also deal with any despute related with the legal construction of the insurance policies provided the dispute is related with claims under the policy.
As per the MWP Act, the policyholder, nominee, assignee, beneficiary are considered as Consumers of the insurance policy.
As per the Consumer Protection Act, 1986 the jurisdiction of a District Commission extends up to the value of services and compensation not exceeding Rs.20 lakhs.
An appeal must be filed before the State Commission against the order of the District Forum within a period of 30 days. The appeal is subject to a deposit of 50% of the amount awarded by the District Forum or Rs.25,000, whichever is less.
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