(1)Where the complaint is not settled by way of mediation under rule 16, the Ombudsman shall pass an award, based on the pleadings and evidence brought on record.(2)The award shall be in writing and shall state the reasons upon which the award is based.(3)Where the award is in favour of the complainant, it shall state the amount of compensation granted to the complainant after deducting the amount already paid, if any, from the award :Provided that the Ombudsman shall,-(i) not award any compensation in excess of the loss suffered by the complainant as a direct consequence of the cause of action; or (ii) not award compensation exceeding rupees thirty lakhs (including relevant expenses, if any).(4)The Ombudsman shall finalise its findings and pass an award within a period of three months of the receipt of all requirements from the complainant.(5)A copy of the award shall be sent to the complainant and the insurer named in the complaint.(6)The insurer shall comply with the award within thirty days of the receipt of the award and intimate compliance of the same to the Ombudsman.(7)The complainant shall be entitled to such interest at a rate per annum as specified in the regulations, framed under the Insurance Regulatory and Development Authority of India Act, 1999, from the date the claim ought to have been settled under the regulations, till the date of payment of the amount awarded by the Ombudsman.(8)The award of Insurance Ombudsman shall be binding on the insurers.
