Corporate Law - As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained from IRDAI....
Read MoreCorporate Law - Group Health insurance policy is usually taken by employer of an organization to cover their employees which can be extended to family of employees...
Read MoreCorporate Law - Insurance is a contract of indemnity in which an individual or entity receives to hedge against the risk of financial losses from an insurance company from damage to the insured property, or from liability for damage or injury caused to a third party. How does Insurance Policy Work in India? Insurance is a way of […]...
Read MoreCorporate Law - Getting in a car accident is an unfortunate situation, even if the accident is not your fault. There’s a risk of damaging your car severely, or worse, totaling it....
Read MoreCorporate Law - As you are aware the importance of insurance in our life. Every person to some extent requires insurance to protect him and his family from financial loss in case injury, damage or destruction. Life insurance Policies /Term Insurance Policies are long term policies and benefit-based policies. Generally, we choose life insurance polices ...
Read MoreCorporate Law - All the four PSU insurers incurred losses in the health insurance portfolio in all the five years from 2016-17 to 2020-21. Aggregate loss of the four PSU insurers was ₹26,364 crore during 2016-17 to 2020-21....
Read MoreCorporate Law - IRDAI has clarified that they have not taken any decision with regard to disclosure of commission on Insurance policy document....
Read MoreCorporate Law - It has come to the notice of IRDAI that an entity by the name ‘Even Healthcare Pvt Ltd’ having their corporate office at ‘No.311,6th Main Road, HAL 2nd Stage, Indira nagar, Bengaluru, Karnataka- 560038’ and having website www.even.in is offering health plans. It is to inform the public that the plans offered by Even Health...
Read MoreCorporate Law - In order to participate in any such public offering by LIC, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account —accordingly, policyholders should ensure that they have an active DEMAT ac...
Read MoreCorporate Law - Given below is format of Draft Request Letter for Foreclosure of Insurance Policy and user can change it as per his requirements. FORECLOSURE REQUEST LETTER Dated:________________________ To, The Branch Head ______________________ Insurance Company Name and Address (include department or contact name, if known) Re: Cancellation Policy Ins...
Read MoreTexco Marketing Pvt. Ltd. Vs TATA AIG General Insurance Company Ltd. & Ors. (Supreme Court of India) - Whether an exclusion clause destroying the very contract knowingly entered, can be permitted to be used by a party who introduced it, becomes a beneficiary and then to avoid its liability?...
Read MoreCommissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court of India) - Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court) The question before the learned Customs, Excise & Service Tax Appellate Tribunal [for short ‘the Tribunal’] was whether the service tax was payable on a premium in terms of the insurance po...
Read MoreRenuka Multipack Pvt. Ltd. Vs Oriental Insurance Co. Ltd. (National Consumer Disputes Redressal Commission) - In present facts of the case, the National Consumer Disputes Redressal Commission have observed that contract of insurance is a contract of indemnity and, therefore, there is no question of commercial purpose in obtaining insurance coverage. Therefore, the complaint against Insurance Company is main...
Read MoreDr. Supratik Sanatani Vs National Insurance Company Limited (Competition Commission of India) - Apparently, the purpose of the PPN tariff rates is to have standard packages and charges for certain medical procedures to save the insured from being charged more and for better utilisation of the insured amount....
Read MoreNational Insurance Company Limited Vs Mushtaq Ahmad Kutary (Jammu and Kashmir High Court) - Held that absence, fake or invalid driving licence or disqualification of driver to drive, are not in themselves defences available to the insurer against either insured/ third parties, to avoid liability towards insured. Insurer has to prove that insured was guilty of negligence and failed to exerc...
Read MoreRef. No: IRDA/F&I/CIR/INV/226/10/2022 - (27/10/2022) - The Insurer has to adhere to the Client level and Participant level position limits prescribed by SEBI and stock exchange while undertaking SLB. Insurer can only lend securities to the extent of not more than 10% quantity of those “scrips” of that particular fund(s). These prescribed limits shal...
Read MoreOrder No. IRDAI/HLT/ORD/Gen/221/10/2022 - (21/10/2022) - Health Insurance needs to constantly evolve to keep pace with the changing canvas of healthcare. It should be able to comprehensively cater to the needs of those seeking to purchase insurance as a protection mechanism for health expenses....
Read MoreIRDA/F&A/ORD/FA/215/10/2022 - (14/10/2022) - Charge of Not complying with the directions issued by the IRDAI against Axis Bank Limited. Decision: The corporate agent Axis Bank Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore ...
Read MoreRef.: IRDA/F&A/ORD/FA/214/10/2022 - (13/10/2022) - Charge: Not complying with directions issued by Insurance Regulatory And Development Authority of India. Decision: The Insurer Max Life Insurance Co. Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a pen...
Read MoreOrder No: IRDAI/LIFE/ORD/MISC/209 /10/2022 - (12/10/2022) - Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background 1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report w...
Read MoreTexco Marketing Pvt. Ltd. Vs TATA AIG General Insurance Company Ltd. & Ors. (Supreme Court of India) -
Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court of India) -
Ref. No: IRDA/F&I/CIR/INV/226/10/2022 - 27/10/2022
Order No. IRDAI/HLT/ORD/Gen/221/10/2022 - 21/10/2022
Renuka Multipack Pvt. Ltd. Vs Oriental Insurance Co. Ltd. (National Consumer Disputes Redressal Commission) -
IRDA/F&A/ORD/FA/215/10/2022 - 14/10/2022
Ref.: IRDA/F&A/ORD/FA/214/10/2022 - 13/10/2022
Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 - 12/10/2022
Order No: IRDAI/LIFE/ORD/MISC/210 /10/2022 - 12/10/2022
Circular No. IRDAI/ACTL/CIR/PRO/207/10/2022 - 04/10/2022