(1) The Insurer shall pay the compensation in case any actions against the rights and interests of the Insurance Policy holders cause losses by the Insurer, employees of the Insurer, Insurance Agents or Surveyors.
(2) → The Insured may submit a complaint to the Board as prescribed, if the liability on the compensation for insurance claim is not assessed within the
prescribed period of time or if the liability is assessed to the disadvantage, or if the Insurer does not pay the compensation pursuant to Sub-section (1).
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→ Amended by 2 st Amendment
(3) The Board shall make necessary investigation into the complaint submitted pursuant to Sub-section (2) and shall provide a reasonable opportunity
to the concerned Insurer to submit clarification upon such complaint.
(4) If the clarification submitted by the Insurer pursuant to Sub-section (3) is reasonable, the Board may cancel such complaint by mentioning its ground. If
the clarification is not reasonable, the Board shall make a decision to pay the reasonable compensation to the complainant.
(5) If the Board decides to give compensation to the complainant pursuant to Sub-section (4), the Insurer shall pay such amount for the compensation to the
concerned Insured. ∆ ………
$ (6) If an appeal is made against a decision made by the Board to pay compensation to the complaint pursuant to Sub-section (4) and the decision of the
Board is upheld, the concerned Insurer shall promptly pay the compensation plus the interest on the amount of compensation to be set at the rate as prescribed, for
the period from the date of original decision to the date of final settlement of the case.