(1)In these rules, unless the context otherwise requires,-(a)"award" means an award passed by the Insurance Ombudsman under rule 17;(b)"financial year" means a period of twelve months commencing on the 1st day of April and ending on the 31st day of March;(c)"Insurance Council" means the Life Insurance Council and the General Insurance Council constituted under section 64C of the Insurance Act, 1938 (4 of 1938);(d)"Executive Council of Insurers" means the Executive Council of Insurers constituted under rule 5;(e)"Insurance Ombudsman" means the Insurance Ombudsman established under rule 7;(f)"IRDAI" means the Insurance Regulatory and Development Authority of India established under section 3 of the Insurance Regulatory and Development Authority Act, 1999;(g)"Ombudsman" means a person appointed as an Insurance Ombudsman under these rules;(h)"personal lines" means an insurance policy taken or given in an individual capacity;(i)"Group insurance" means insurance cover obtained by a group of individuals, either through an employer or otherwise, under a single contract;(j)"sole proprietorship" means a business that legally has no separate existence from its owner and the income and losses are taxed on the individual's personal income tax return;(k)"micro enterprise" means the micro enterprises as defined in clause (h) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 0f 2006).(2)All other words and expressions used in these rules but not defined shall have the meanings respectively assigned to them in the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999.
