IRDAI moots internal insurance ombudsman mechanism for complaints in upto ₹50 lakh claims

Insurers may appoint more than one internal insurance ombudsman, with well-defined jurisdiction, to ensure effective coverage and responsiveness. The draft guidelines stipulates eligibility criteria, tenure, independence, role and responsibilities and remuneration structure along with general principles to be followed by the internal ombudsman. Towards strong governance and oversight, it is proposed that the internal insurance ombudsman will functionally report to the Board or its Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, with administrative reporting to the MD/CEO.