What is the primary role of the Ombudsman for Life and Health Insurance (OLHI)?

The primary role of the Ombudsman for Life and Health Insurance (OLHI) is to handle complaints and disputes objectively. This means that OLHI serves as an independent organization that reviews and resolves issues between consumers and insurance companies, ensuring that complaints are addressed fairly and impartially. It acts as a mediator in situations where policyholders may feel that they have been treated unfairly or incorrectly by their insurers.

In the context of the industry, OLHI plays a crucial role in maintaining trust and transparency, as it provides consumers with a resource for addressing their grievances without having to navigate complex legal or regulatory processes. By aiming to achieve fair outcomes, OLHI helps consumers understand their rights and responsibilities, and the resolutions it recommends can enhance the overall customer experience with life and health insurance products.

The other options involve aspects of the insurance industry but are not aligned with OLHI's primary function. Setting insurance premiums is a responsibility of insurance companies based on risk assessment and market conditions. Regulating insurance company profits falls under the purview of governmental regulatory bodies rather than OLHI, which focuses on consumer issues rather than industry profitability. Providing financial counseling to clients is typically performed by financial advisors or planners, not by the Ombudsman, whose mission centers around dispute resolution.