Home » Banking & Insurance » INSURANCE: From Sept 1, 2-year third party insurance must for cars, 5-year for bikes: SC; Vehicle insurance not subject to disclosure of previous claim …
The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Shri Arun Jaitley releasing a brochure at the seminar on “Pradhan Mantri Fasal Bima Yojana (PMFBY) and Unified Package Insurance Scheme (UPIS)”, in Mumbai on March 22, 2016. The Secretary, Department of Financial Services, Smt. Anjuly Chib Duggal and other dignitaries are also seen.
The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Shri Arun Jaitley releasing a brochure at the seminar on “Pradhan Mantri Fasal Bima Yojana (PMFBY) and Unified Package Insurance Scheme (UPIS)”, in Mumbai on March 22, 2016. The Secretary, Department of Financial Services, Smt. Anjuly Chib Duggal and other dignitaries are also seen.

INSURANCE: From Sept 1, 2-year third party insurance must for cars, 5-year for bikes: SC; Vehicle insurance not subject to disclosure of previous claim …

INSURANCE NEWS

From Sept 1, two-year third party insurance must for cars, five-year for bikes: SC
Vehicle insurance not subject to disclosure of previous claim
Homemaker dies in road mishap, family gets Rs 32L
Insurance regulator, top co fined for ‘fraudulent’ policy
Insurer can’t deny claim on grounds of delayed filing, says Supreme Court
No insurance claim for theft committed without forcible entry, under the policy for burglary/house breaking

Go to NEWS.

From Sept 1, two-year third party insurance must for cars, five-year for bikes: SC

Moneycontrol.com21.07.2018
The Supreme Court has made a five-year third-party motor insurance mandatory for two-wheelers and a two-year policy for cars starting September 1. This has led to confusion among insurance companies since third party premium for FY19 has already been revised from April 1. …

Vehicle insurance not subject to disclosure of previous claim

Timesofindia.indiatimes.com
Dec 25, 2017
If a person lodges a claim for a vehicle, he is not eligible for a “no claim bonus” in the subsequent year. What happens when he does not disclose the previous claim and continues to enjoy the “no claim bonus”? Would this be a ground to reject a fresh claim? Anjani Gupta owned a car which was insured with Future Generali. The vehicle met with an accident and a claim was lodged. A surveyor assessed the loss at Rs 1,20,338. Yet the insurance firm refused to settle the claim on the ground that Gupta had wrongfully obtained a “no claim bonus”of 25%by suppressing the fact that he had made a claim the preceding year from the previous insurer. …

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(Representative Photo)

Homemaker dies in road mishap, family gets Rs 32L

Timesofindia.indiatimes.com
Nov 27, 2017
Mumbai: In a significant order that equates a woman’s contribution to household work with her financial contribution to the family, a Motor Accidents Claims Tribunal has observed that even if a man is not dependent on his wife financially, the fact that he was dependent on her for household work makes him entitled to compensation for her death in a car accident.
The tribunal has ordered insurance company Bajaj Allianz Gen Insurance Co Ltd and car owner Sunil Rane to pay a compensation of around Rs 32 lakh, inclusive of interest, to the husband and minor daughter of a 38-year-old Borivli woman who was killed in an accident on her way to Ganpatipule in 2010. …

Insurance regulator, top co fined for ‘fraudulent’ policy

Timesofindia.indiatimes.com
Oct 16, 2017
CHENNAI: A consumer redressal forum has, in a rare instance, pulled up the Insurance Regulatory Development Authority (IRDA), the autonomous statutory body that regulates India’s insurance industry, asking the regulator and an insurance firm to pay compensation to a senior citizen for not taking appropriate action on a complaint he had filed.
The District Consumer Disputes Redressal Forum, Chennai (South), summoned the IRDA chairman in person in the case pertaining to a `fraudulent’ insurance policy that a branch manager of Max Life Insurance Company Ltd, in collusion with an agent, issued to Guindy resident Jagannathan, a retired bank manager. …

Insurer can’t deny claim on grounds of delayed filing, says Supreme Court

Timesofindia.indiatimes.com 
Oct 8, 2017
NEW DELHI: The Supreme Court has ruled that insurance claims cannot be denied to a person merely on the grounds of delay in filing the claim, holding that “mechanical” denials on technical bases will cause people to lose confidence in the industry.
A bench of Justice R K Agrawal and Justice S Abdul Nazeer set aside the verdicts of various consumer courts, including the National Consumer Disputes Redressal Commission (NCDRC), which had ruled that insurance companies could deny the benefit of cover for delay in filing the claims …

BurglarNo insurance claim for theft committed without forcible entry, under the policy for burglary/house breaking

Aug 24, 2016 : Dtf.in 
NEW DELHI: The Supreme Court has ruled that a forcible entry is required for a claim to be  allowed  under  the  policy  for  burglary/house breaking.
Citing a 2004 SC judgment, Justice Rao said, “In the absence of violence or force, the insured cannot claim indemnification against the insurance company. The terms of the policy have to be construed as it is and we cannot add or subtract something. Howsoever liberally we may construe the policy, we cannot take liberalism to the extent of substituting the words which are not intended. “…in common parlance, the term ‘burglary’ would mean theft but it has to be preceded with force or violence. If the element of force or violence is not present, then the insured cannot claim compensation against theft from the insurance company.”
According  to  the counsel for the Appellant, forcible  and violent entry is not necessary for making a valid claim  under  the  policy.
The claim of the Appellant was repudiated by the insurance company on 31.03.1998 on the ground that the alleged loss did  not come within the purview of the insurance policy.
The PSU’s appeal has been dismissed by the Hon’ble Supreme Court.
More: SC Judgement dated 22.08.2016 – M/s. Industrial Promotion & Investment Corp. of Orissa Ltd. Vs. New India Assurance Company Ltd. & Anr. >>> Supreme Court Judgments

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