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The Authority refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 on the captioned subject. As per the said notification the Authority had to review the premium rates for motor third party liability only cover and adjust them annually using the formula:
Insurance Regulatory and Development Authority (IRDA) has reported that there is no proposal to shift the insurance sector to a paperless model. The insurance companies could continue to issue paper insurance policies. However, where an insurer issues e-insurance policies, the company shall do so at the option of the policyholder by utilising the services of an insurance repository licensed by the Authority.
The Competition Act is a modern legislation that incorporates all the broadly accepted principles of antitrust, such as provisions prohibiting anti-competitive agreements including cartels and bid rigging, and abuse of dominant position, and regulation of mergers. It has provisions relating to the interface of intellectual property and competition, the leniency tool for cartels, provisions for investigative and inquiry powers, as well as for a whole range of remedies. The objectives of the Act are sought to be achieved through the Competition Commission of India (CCI), which has been established by the Central Government.
CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.
Learned counsel for the parties are ad idem that the Arbitrator has not exercised any discretion in the matter pertaining to the interest for the post-award period. Obviously, in absence thereof, by virtue of Section 31(7)(b) of the Act, the award would carry interest @ 18% p.a. from the date of the award till 5the date of payment. Whether May 24, 2001 when the entire award amount was deposited by the appellants into the High Court is the date of payment ?
The issue which has been raised in this writ petition is whether an offence which is not compoundable under the provisions of the Criminal Procedure Code, 1973, hereinafter referred to as the Cr.P.C., can be quashed in the facts and circumstances of the case.
SC held that No one acquires title to the property if he or she was allowed to stay in the premises gratuitously. Even by long possession of years or decades such person would not acquire any right or interest in the said property. it further held that Caretaker, watchman or servant can never acquire interest in the property irrespective of his long possession. The caretaker or servant has to give (up) possession (of the property) forthwith on demand. Apex Court also laid fresh guidelines that caretakers, watchman or servants do not acquire any title to a property merely because of its possession by them for several years.
The impugned order also notes that in view of the arbitration agreement between the agent and the Government, all the alleged violations fell within the purview of Arbitration and Conciliation Act, 1996 and therefore, the respondent could not be held liable for any criminal offence. This observation is against the well settled principle of law that the existence of an arbitration agreement cannot take the criminal acts out of the jurisdiction of the courts of law.
The Government is in the process of consulting various stake holders and is yet to take a final decision on the proposal for amending the Minimum Wages Act, 1948 and fixing a statutory National Floor Level Minimum Wage.
The Authority has in terms of its Order IRDA/NL/ORD/MPL/277/12/2011, dated 23-12-2011 and IRDA/NL/ORD/MPL/003/01/2012, dated 3rd January, 2012 directed dismantling of the existing IMTPIP with effect from March 31, 2012 and has specified inter alia matters relating to pool reserves and account reserves. The Authority has since received representation from the General Insurance Council (Council) as to the unprecedented difficulty in giving effect to significant and exceptionally large liabilities arising following the dismantling of the IMTPIP in terms of aforesaid orders.
