n NISM Certifications
NSM General NISM
Medium

What is the responsibility of the insurer upon receiving the award from the Ombudsman?

Practice question from IC 38 Mock Test 13 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    The insurer has to inform the Ombudsman that they will not comply with the award.

  2. The insurer has to comply with the award and inform the Ombudsman about the same within 30 days.

    Correct answer

  3. C

    The insurer can challenge the award passed by the Ombudsman in the court of law.

  4. D

    The insurer can delay the compliance of the award until the insured files a legal case.

A full explanation for this question is being written. In the meantime, the correct answer is highlighted above.

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