Ministry Notification
MINISTRY OF FINANCE
(Insurance Division, Department of Economic Affairs) New Delhi.
NOTIFICATION
11th November 1998
G. S. R. 670(E) - In exercise of the powers conferred by sub-section (1) of Section 114 of the Insurance Act, 1938 (4 of 1938) the Central Government hereby frames the following Rules: -
1. Short title - These Rules may be called the Redressal of Public Grievances Rules, 1998.
2. Application - These Rules shall apply to all the insurance companies operating in general insurance business and in life insurance business.
The Central Government may exempt an insurance company from the provisions of these Rules, if it is satisfied that an insurance company already has grievance redressal machinery, which fulfills the requirements of these Rules.
3. The objectives of these Rules are to resolve all complaints relating to settlement of claim by insurance companies in a cost effective, efficient and impartial manner.
4. Definition - In these rules unless the context otherwise requires:-
(a) "Act" means, Insurance Act, 1938.
(b) "Committee" means, an advisory committee referred to in Rule 19.
(c) "Financial year" means, period of twelve months commencing from the 1st day of April of a year and ending on 31st day of March of the succeeding year.
(d) "General Insurance Corporation of India" means, a government company formed under sub-section (1) of section 9 of the General Insurance Business (Nationalisation) Act, 1972 and shall include a subsidiary company of such company.
(e) "Governing body" means, governing body of the Insurance Council constituted under sub-rule (1) of rule 5.
