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The correct answer is 1.

Key Points

• The Complaint to the Insurance Ombudsman must be registered within 1 year.
• A complaint must not be in pending in any court or consumer forum or under any arbitration.
• The Government of India under powers of Insurance Act, 1938 issued a notification named Redressal of Public Grievances Rules 1998, which led to the appointment of Insurance Ombudsman.
• Insurance Ombudsman is appointed to resolve all disputes in a cost-efficient and effective and impartial manner.
• The decision to whether to accept a complaint or not is decided by the ombudsman and his decision will be final.

Important Points 

• An Insurance Ombudsman shall be selected from amongst persons having experience of the insurance industry, civil service, administrative service or judicial service.
• An Insurance  Ombudsman shall be appointed for a term of three years and shall be eligible for reappointment.
• No person shall hold office as an Ombudsman after he has attained the age of seventy years.
• An Ombudsman may be removed from office on the ground of gross misconduct during his term of office.

The correct answer is Third Party Administrator.

Key Points

• With respect to the insurance sector in India, TPA stands for Third Party Administrator.
• Third-Party Administrator (TPA) is a company/agency/organization holding a license from the Insurance Regulatory Development Authority (IRDA) to process claims - corporate and retail policies in addition to providing cashless facilities as an outsourcing entity of an insurance company.
• When a health insurance claim occurs, the TPA acts as an intermediary between the insurer and the insured

The correct answer is 50** lakh.**

Key Points

• The maximum claim amount for an Insurance Ombudsman complaint should not be more than 50 lakhs (Including ex-gratia payment and other expenses).
• The award should be made within a period of 3 months from the date of receipt of a complaint and the insured must acknowledge the award in full as a final settlement within one month after receiving the award.
• The Insurance Ombudsman is appointed to resolve all disputes in a cost-efficient, effective, and impartial manner.
• The decision to whether to accept a complaint or not is decided by the ombudsman and his decision is final.
• The Government of India under powers of the Insurance Act, 1938 issued a notification named Redressal of Public Grievances Rules 1998 which led to the appointment of the Insurance Ombudsman.

Important Points

• An Insurance Ombudsman shall be selected from amongst persons having experience in the insurance industry, civil service, administrative service or judicial service.
• An Insurance  Ombudsman shall be appointed for a term of three years and shall be eligible for reappointment.
• No person shall hold office as an Ombudsman after he has attained the age of seventy years.
• An Ombudsman may be removed from office on the grounds of gross misconduct during his term of office.

The correct answer is Debasish Panda.

Key Points

• The union government has appointed former Financial Services Secretary Debasish Panda as Chairman of IRDAI (Insurance Regulatory Development Authority of India).
• His tenure as the chief of insurance regulator will be for three years.
• Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre, retired as Financial Services Secretary in January 2022 after a two-year stint.

Additional Information

• ​Important Current Affairs Related to Appointments in 2022:
• The government has appointed former Finance Secretary Ajay Bhushan Pandey as Chairman of the National Financial Reporting Authority (NFRA) for a period of three years.
• The Centre on 9 March 2022 filled the five-month vacant post of the whole-time member at SEBI by appointing banker Ashwani Bhatia.
• LIC Mutual Fund has announced the appointment of Mr T S Ramakrishnan as its Managing Director and CEO, effective March 1, 2022.
• The board of directors of L&T Finance Holdings Ltd (LTFH) has approved the appointment of S N Subrahmanyan as its Director and Chairperson.
• IDFC FIRST Bank has approved the appointment of former economist and IFS officer Jaimini Bhagwati as an Additional Director on its board for three years.
• Manoj Ahuja (As of Feb 2022) will take over as Agriculture Secretary, according to a decision by the Appointments Committee of the Cabinet (ACC) on 08 Feb, 22.
• He is currently serving as the Chairman of the Central Board of Secondary Education.
• Professor Dinesh Prasad Saklani (As of Feb 2022) has been appointed as the new Director of the National Council of Educational Research and Training (NCERT).
• He has been appointed for a period of five years or till he attains the age of 65 years, whichever is the earliest.
• Universal Acceptance Steering Group has appointed Paytm founder Vijay Shekhar Sharma as its ambassador.
• Justice Munishwar Nath Bhandari (As of Feb 2022) has been appointed Chief Justice of the Madras High Court, the Law Ministry said on Thursday.

In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.

• TN Manoharan had headed 6-member task force constituted on the secondary market for corporate loans and recently submitted its report to RBI.
• TN Manoharan is a  Chairman of Canara Bank.
• The task force has suggested a slew of measures, including participation by non-banks such as mutual funds, insurers, and pension funds, etc.
• The TN Manoharan committee has recommended the setting up of a self-regulatory body of participants and they would finalise details for the secondary market for corporate loans, including the standardisation of documents.
• They have also recommended amending the provisions for securitisation and assignment of loans, asset reconstruction, foreign portfolio investment, and external commercial borrowings.
• The Reserve Bank of India had asked to give review on Public comment till 30^th September

A Unit Link Insurance Plan is basically a combination of insurance as well as investment. A part of the premium paid is utilized to provide insurance cover to the policy holder while the remaining portion is invested in various equity and debt schemes. The money collected by the insurance provider is utilized to form a pool of fund that is used to invest in various markets instruments (debt and equity) in varying proportions just the way it is done for mutual funds.

The correct answer is ICICI Bank. 

Key Points

• ICICI Bank has launched two new products- Loan against Deposits (LAD) and Dollar Bonds for its NRI customers at its branch in GIFT City.
• ICICI Bank is the first bank to offer these products in GIFT City.
• Loan against Deposits is a loan in foreign currency against a deposit in India (including Rupee NRE FDs).
• Dollar Bonds are an alternate investment option for NRIs.

Additional Information

• ​Global Current Account: This is a non-interest bearing account which does not require any minimum balance.
• Global Savings Account: NRIs can deposit money for short term and earn interest in this savings account.
• Term Deposits: They are similar to Foreign Currency Non Resident (FCNR) deposits with minimum lock-in period of seven days compared to one year for FCNR in India.

The correct answer is R Gandhi.

Key Points

• Former RBI Deputy Governor R Gandhi has been appointed as part-time chairman of Yes Bank.
• RBI has approved his appointment as the Non-Executive (Parttime) Chairman of the Bank for a period of 3 years effective from September 20, 2022.
• Gandhi is currently a financial sector policy expert and adviser.
• He was a Deputy Governor of the RBI for three years from 2014 to 2017.

Additional Information

• The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for the regulation of the Indian banking system.
• It is under the ownership of the Ministry of Finance, Government of India.
• It is responsible for the control, issue, and maintaining the supply of the Indian rupee.
• Founded: 1 April 1935, Kolkata
• Ownership: Ministry of Finance, Government of India
• Governor: Shaktikanta Das

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