Court : Kerala
Reported in : IV(2005)ACC469; 2005(4)KLT391
..... insurance act, 1938 as amended by act 42 of 2002 and 11 of 2003 is an act to consolidate and amend the law relating to the business of insurance ..... be in writing duly signed by the complainant or through his legal heirs and shall state clearly the name and address of the complainant, the name of the branch or office of the insurer against which the complaint is made, the fact giving rise to complaint supported by documents, if any, relied on by the complainant, the nature and extent of the loss caused to the ..... sub-section (1) of section 114 of the insurance act, central government framed redressal of public grievances ..... and the cause title of the complaint, i find that the insured is a company registered under the indian companies act, 1956 and hence the insurance policy cannot be said to have been taken on 'personal lines' or in other words, in an 'individual capacity' as defined in rule 4 (i) and in rule 4(k) of the redressal of public grievances rules, 1998 and as such, the insurance ombudsman, kochi has no jurisdiction to entertain the above complaint and ..... either in the insurance act or in the ..... registered under the companies act, contended before the learned single judge that the ombudsman was not justified in rejecting the complaints filed under rule 13 of the rules stating that the insurance policy was not ..... act as counsellor and mediator in matters which are within his terms of reference and, if requested to do so in writing by mutual agreement by the insured person and insurance .....
Tag this Judgment!Court : Gujarat
Reported in : 2004ACJ1657
..... this act also introduced amendments to act of 1972 and the insurance act of 1938. ..... under section 26, the authority is empowered to make regulations consistent with the act and the rules made thereunder to carry out the purposes of the act.17.2 in the exercise of its powers under section 114a(2)(zc) of the insurance act, 1938 read with sections 14 and 26 of the irda act, 1999, the authority, in consultation with the insurance advisory committee, has made the regulations known as 'insurance regulatory and development authority (protection of policy holders' interests) regulations, 2002. ..... , which required that in case of renewal without a break in the period, the policy was to be renewed by including the diseases contracted during the period of expiring policy.6.3 in the affidavit-in-reply dated 25th november 2002 filed on behalf of the respondent no.1 insurer, a stand similar to the one taken in the affidavit-in-reply filed in the other petitions, which are referred to hereinabove, has been taken, and it was contended that the policy decision was taken .....
Tag this Judgment!Court : Delhi
..... the insurance act, 1938 was amended in 1999 and the insurance regulatory development authority (irda) was created. ..... be taken to be the balance of the profits disclosed by the annual accounts, copies of which are required under the insurance act, 1938 (4 of 1938) to be furnished to the controller of insurance, subject to the following adjustments:-"(a) subject to the other provisions of this rule, any expenditure or allowance which is not admissible under the provisions of sections 30 to 43b in computing the profits and gains of a business shall be added back; (b) (i) ..... as per rule 5, profits and gains of non-life insurance business is taken to be profits disclosed in the annual account, copies of which are required under the insurance act, 1938 (4 of 1938), to be furnished to the controller of insurance, subject to adjustments for unexpired risk and disallowances under section 30 to section 43b. ..... even the cbdt, in its circular no.5/2010 dated 3rd june 2010, acknowledged that, after the introduction of the irda regulations in 2002, non-life insurance companies are required to credit income from the sale of investments directly to the p&l account. ..... in the financial year 2001-02, irda introduced irda (preparation of financial statements and auditor s report of insurance companies) regulations, 2002 . ..... prior to 2002-03, the assessee credited the profits on the sale of shares to the general reserve instead of to the p&l account. .....
Tag this Judgment!Court : Delhi
..... the insurance act, 1938 was amended in 1999 and the insurance regulatory development authority (irda) was created. ..... be taken to be the balance of the profits disclosed by the annual accounts, copies of which are required under the insurance act, 1938 (4 of 1938) to be furnished to the controller of insurance, subject to the following adjustments:-"(a) subject to the other provisions of this rule, any expenditure or allowance which is not admissible under the provisions of sections 30 to 43b in computing the profits and gains of a business shall be added back; (b) (i) ..... as per rule 5, profits and gains of non-life insurance business is taken to be profits disclosed in the annual account, copies of which are required under the insurance act, 1938 (4 of 1938), to be furnished to the controller of insurance, subject to adjustments for unexpired risk and disallowances under section 30 to section 43b. ..... even the cbdt, in its circular no.5/2010 dated 3rd june 2010, acknowledged that, after the introduction of the irda regulations in 2002, non-life insurance companies are required to credit income from the sale of investments directly to the p&l account. ..... in the financial year 2001-02, irda introduced irda (preparation of financial statements and auditor s report of insurance companies) regulations, 2002 . ..... prior to 2002-03, the assessee credited the profits on the sale of shares to the general reserve instead of to the p&l account. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)1GLR637; [2004]53SCL330(Guj)
..... act also introduced amendments to act of 1972 and the insurance act of 1938 ..... 24a, with effect from 7th august, 2002, the general insurance corporation, on and from the commencement of the general insurance business (nationalisation) amendment act, 2002 ceased to carry on general insurance business, as noted above.14.3 in this context, it was urged before us on behalf of the insurance companies by their learned counsel that these insurance companies should now be treated on the same footing as the private companies, in the realm of the general insurance business, including health insurance contracts, with a freedom to decide ..... in sub-section (1) of section 18 by the amendment act, 2002, with effect from 7th august, 2002, it was provided that all the functions specified in sub-section (1) of section 18, on and from the date of commencement of the said amendment act, 2002, shall be performed by the central government.14.2 under section 24(1) of the act of 1972, except to the extent expressly provided in this act, on and from the appointed day, the g.i.c ..... he should not address further letters to the company which will not be replied.4.1 in the affidavit-in-reply dated 7th july, 2003 filed on behalf of the insurer, the insurer contended that it had fulfilled its obligations under the existing policy, which ended 14-12-2002, and that each mediclaim policy provides that policy can be renewed by mutual consent of all the parties, it was contended that one cannot insist for underwriting .....
Tag this Judgment!Court : Delhi
..... further the failure on the part of apil to make payment of the differential premium was a violation of section 64vb of the insurance act, 1938 (as amended).8. ..... further demanded that the differential premium amount should be paid at the earliest to enable oicl settle the cag query and that failure to do so would amount to violation of section 64vb of the insurance act, 1938 and the claims of apil would not be admissible under the eari policy as per the regulations of the insurance regulatory and development authority (irda). ..... is in this context that the provision of section 64vb of the insurance act, 1938 is relevant.17. ..... rajiv nayar, learned senior counsel appearing for the petitioners submitted that once the insurance policy was issued, it constituted a complete contract incorporating the terms and conditions including the premium ..... x of the eari policy reads as under: " .this insurance may also at any time beterminated at the option of the insurer by 15 days notice to that effect being given to the insured in which case the insurers shall be liable to repay on demand a rateable proportion of the premium for the unexpired term from the date of cancellation ..... thirdly it is submitted by oicl that aon global was fully conversant with the provisions of the insurance regulatory development authority (brokers regulations) 2002. ..... delhi development authority 98 (2002) dlt 800 and dr. ..... shroff's charity eye hospital 2002 (4) slr788. ..... to regulation 3 of the irda (brokers regulations) 2002, mr. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2013)1SCC1
..... or scrips or any such instrument or unit, by whatever name called, which provides a combined benefit risk on the life of the persons and investment by such persons and issued by an insurer referred to in clause (9) of section 2 of the insurance act, 1938 (4 of 1938);(ie) any certificate or instrument (by whatever name called), issued to an investor by any issuer being a special purpose distinct entity which possesses any debt or receivable, including mortgage debt, assigned to such ..... pointed out that sections 11(2a), 11(4) and 11a of sebi act were enacted (or amended) in 2002 and those provisions did not limit sebi's powers to only ..... securities and exchange board of india (amendment) ordinance, 2002 (6 of 2002) was promulgated on the 29th october, 2002 to amend the securities and exchange board of india act, 1992.5. ..... in fact, 2002 amendment of the sebi act further re-emphasize the fact that some of the provisions of the act will continue to operate without prejudice to the provisions of the companies act, qua few provisions say that notwithstanding the regulation and order made by sebi, the provisions of the companies act dealing with ..... securities;(h) allow the existing stock exchanges to establish additional trading floors outside their area of operation;(i) make violation of the listing agreement as an offence.xxx xxxx xxxx.the sebi act was again amended in 1999, but in so far as the present controversy is concerned, the amendment of the sebi act in 2002 is of utmost relevance. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2008ACJ2399; 2008(5)ALLMR(SC)928; (2008)3CALLT1(SC); (2008)3GLR2356(SC); (2008)5MLJ1006(SC); (2008)151PLR644; 2008(7)SCALE377; (2008)10SCC404; 2008AIRSCW7532; AIR2009SC446; 2008AIRSCW7532
..... the business activities of the insurance companies are governed by the insurance act, 1938 (for short the 1938 act). ..... - all the shares in the capital of the acquiring companies, being--(a) the national insurance company limited;(b) the new india assurance company limited;(c) the oriental insurance company limited;(d) the united india insurance company limited,and vested in the corporation before the commencement of the general insurance business (nationalisation) amendment act, 2002 shall, on such commencement, stand transferred to the central government.section 19 - functions of acquiring companies(1) ... ..... in exercise of the powers conferred by clause 2(c) of sub-section (2) of section 114a of the 1938 act read with sections 14 and 26 of the 1999 act, the authority made regulations known as insurance regulatory and development authority (protection of policyholders' interest) regulations, 2002 (for short the 2002 regulations).factual matrix6. ..... sawhney, learned counsel, appearing on behalf of the respondents, on the other hand, contends:1) the insurance companies having regard to their obligations not only in terms of the constitutional provisions but also the provisions of the 1938 act, 1972 act and 1999 act; the regulations framed thereunder and the guidelines issued, are bound to renew mediclaim policies from time to time on the same terms and conditions.2) appellants, in view of the decision of this court, in biman k. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu
Reported in : (2007)8STR513
..... the commissioner classified the appellants as "reinsurance brokers" within the meaning of regulation 2(m) of the irda (insurance brokers) regulations, 2002 and adopted certain other definitions from the insurance act, 1938, as permitted under the finance act, 1994. ..... the appellants were functioning as reinsurance brokers between general insurance companies in india and the reinsurers abroad.there is no dispute regarding the nature of the service rendered by the appellants to the ..... counsel has pointed out a subsequent amendment to the charging section under the finance act, 1994, which was brought about with effect from 1.5.06 ..... question which now arises for consideration is whether the service, designated as "insurance auxiliary service", was exported by them. ..... he has conceded that, by virtue of such amendment, the service rendered by the appellants could be subjected to levy of service tax from 1.5.2006 if it was shown by the revenue that the transaction involved export of ..... 65 (56) of the act lists out the persons coming within the definition of "intermediary or insurance intermediary". ..... accept it to be coming within the ambit of "insurance auxiliary service" defined under section 65 (55) of the finance act, 1994. ..... 6/99-st, export of service, otherwise taxable under the finance act would be exempt from such tax.after a perusal of the board's circular and the relevant notifications ..... brokers also have come to be listed under section 65 (56) as "intermediary or insurance intermediary". .....
Tag this Judgment!Court : Kerala
Reported in : II(2003)ACC506; 2003(1)KLT754
..... the nature of declaration that the insurance companies doing insurance in general business are entitled to collect insurance premium only in accordance with the tariff order issued in that behalf by the tariff advisory committee, notified under section 64uc of the insurance act, 1938; ii. ..... this is because under section 64uc of the insurance act, the advisory committee, statutorily recognised, has been vested with power for fixing, amending or modifying any rates, advantages, terms or conditions, relating to any risk and the ..... narasimhan, counsel appearing for the second respondent, led me though the orders dated 17.5.2002 and 28.5.2002, referred to earlier, and thereafter to the letter of the first respondent to insurance companies, dated 1.8.2002, which ran as following: 'the authority has been repeatedly getting complaints from various quarters that the underwriting officers of the company have been turning down exclusive third party proposalsto ..... dated 25.4.2002 and on 17.5.2002, the chairman, tac clarified the methodology for 'loading' (added increase of the rates) as following: 'it is now clarified that insurers may load the third party tariff motor premium by 100% if the claim experience of any individual owner is adverse as per the insurers assessment. ..... the tac had therefore issued further instructions, by circular dated 28.5.2002 positively holding that loading was to be done only within permissible limits, on the claim experience of particular individual/fleet owner and .....
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