2.1 Establishment

2.1.1. Pursuant to this Regulation, the Central Bank establishes an independent legal personality, which shall be known as the “Sanadak”, to perform the functions conferred on it by this Regulation. The principal mandate of the Ombudsman Unit shall be to receive, handle, review and resolve Complaints in a thorough, timely, transparent, fair and legally sound manner. The Ombudsman Unit shall be financially and administratively independent, insofar as provided by this Regulation.

2.1.2. The Ombudsman Unit shall be accountable to the Central Bank based on the provisions under Article 5 of this Regulation .

2.2 Mandate

2.2.1. The Ombudsman Unit shall abide by the principles of fairness, equity, objectivity, legality and integrity .

2.2.2. The Ombudsman Unit shall:

1. be accessible to the Consumers for filing Complaints and inquiries related to status of Complaints;
    
2. ensure that Complaints regarding the conduct of Licensed Financial Institutions and Insurance Companies are processed and dealt with in a fair, efficient, effective and legally sound manner ;
    
3. promote Consumer awareness and understanding of the role and functions of the Ombudsman Unit as well as the types of issues related to Complaints that are considered .

2.2.3. The Ombudsman Unit may:

1. assist Complainants with understanding the Complaint process but shall not advocate on their behalf;
    
2. make appropriate observations and recommendations for the improvement of the Complaint procedures / processes of the Licensed Financial Institutions and Insurance Companies.

2.3 Delegation of functions of Central Bank relating to Insurance Dispute Resolution Committee

2.3.1. All functions, powers and authorities vested with the Central Bank with respect to the Insurance Dispute Resolution Committee, are being delegated to the Ombudsman Unit by virtue of this Regulation .