Insurance Act, 1938 (4 of 1938) Section 47A - Bare Act

Act Info:

¹ [47A. Claims on small life insurance policies

(1) In the event of any dispute relating to the settlement of a claim on a policy of life insurance assuring a sum not exceeding two thousand rupees (exclusive of any profit or bonus not being a guaranteed profit or bonus) issued by an insurer in respect of insurance business transacted in India, arising between a claimant under the policy and the insurer who issued the policy or has otherwise assumed liability in respect thereof, the dispute may at the option of the claimant be referred to the ² [Authority] for decision, and the ² [Authority] may after giving an opportunity to the parties to be heard and after making such further inquiries as ³ [it] may think fit, decide the matter.

(2) The decision of the ² [Authority] under this sub-section shall be final and shall not be called in question in any Court, and may be executed by the Court which would have been competent to decide the dispute if it had not been referred to the ² [Authority] as if it were a decree passed by that Court.

(3) There shall be charged and collected in respect of the duties of the ² [Authority] under this section such fees whether by way of percentage or otherwise as may be prescribed.]

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1. Inserted by Act 47 of 1950, section 37 (w.e.f. 1-9-1950).

2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000).