The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules, 2017, to set-up and facilitate the Institution of Insurance Ombudsman in India. The Executive Council of Insurers (ECOI) has been renamed as Council for Insurance Ombudsmen as per Insurance Ombudsman (Amendment) Rules, 2021 by way of Gazette Notification dated 2nd March 2021 issued by the Government of India, Ministry of Finance, New Delhi. The Council for Insurance Ombudsmen(formerly Executive Council of Insurers) consists of nine members including the Chairperson.
The Members of Council for Insurance Ombudsmen shall comprise of –
(i) two persons representing life insurers nominated by the Life Insurance Council ;
(ii) two persons representing General Insurers, other than stand-alone health insurers, to be nominated by the General Insurance Council ;
(iii) one person representing stand-alone health insurers nominated by the General Insurance Council ;
(iv) one representative of the IRDAI;
(v) one representative of the Central Government in the Ministry of Finance from the Department of the Financial Services not below the rank of Joint Secretary or equivalent;
(vi) the Chairman, Life Insurance Corporation of India (LIC of India) established under the Life Insurance Corporation Act, 1956( 31 of 1956) or the Chairman, General Insurers’ (Public Sector Association of India (GIPSA) provided they are not acting as Chairperson of the Council for Insurance Ombudsmen
Objective of Insurance Ombudsman Rules, 2017 & Insurance Ombudsman (Amendment) Rules, 2021 - The objective of these Rules are to resolve all complaints relating to settlement of claim on the part of insurance companies or insurance broker in cost effective, efficient and impartial manner.