Seeking a refund for cancellation of a flight for personal travel? The Delhi High Court says that commercial courts are not the right forum.

Following the Union Cabinet’s approval on 12 December 2025, the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill 2025 has now been passed by both Houses of Parliament and is pending the President’s assent and notification in the Official Gazette

The Osmanabad District Collector in Maharashtra sought to recover 374.6 crores (~USD 45M) from Bajaj Allianz (BAGIC) under the Maharashtra Land Revenue Code...

In life insurance, nomination serves a procedural function as it identifies the person to whom the Life Insurance Company is to discharge its liability upon the death of the life assured…

The Delhi High Court has held that pre-institution mediation under §12A of the Commercial Courts Act 2015 is mandatory for counterclaims, just as it is for an original suit…

Directorate General of Civil Aviation (DGCA”) has revised the Civil Aviation Requirements (“CAR) for wet/damp leasing of an aircraft by an Indian operator on 24 December 2024.

The Osmanabad District Collector in Maharashtra sought to recover ₹374.6 crores (~USD 45M) from Bajaj Allianz (BAGIC) under the Maharashtra Land Revenue Code...

In life insurance, nomination serves a procedural function as it identifies the person to whom the Life Insurance Company is to discharge its liability upon the death of the life assured…

The Delhi High Court has held that pre-institution mediation under §12A of the Commercial Courts Act 2015 is mandatory for counterclaims, just as it is for an original suit…

A Division Bench of the Bombay High Court reaffirmed the significance and persuasive value of an emergency arbitration award by upholding the interim relief granted by a single Judge and reiterating that appellate courts should only interfere when such orders are arbitrary, perverse or capricious…

The International Financial Services Centre (IFSC) in GIFT-City, Gujarat, is quickly emerging as a global hub for financial and insurance services. As more International Insurance Offices (IIOs) set up operations...

Various press reports have highlighted the exponential growth within India's aviation sector…

The Digital Personal Data Protection Act 2023 ("DPDP Act") read with the Draft Digital Personal Data Protection Rules 2025 ("Draft Rules") is expected to set out a comprehensive framework for the processing of personal data in India.

For some time now, there has been a growing impetus towards establishing a clear regulatory approach and governance mechanism for artificial intelligence in India (AI). Early groundwork was laid by the NITI Aayog's discussion papers on "National Strategy for AI" in 2018 and "Principles of Responsible AI" in 2021.

The Delhi High Court has recently ruled that the Court's role in appointing an arbitrator under §11 of the Arbitration Act 1996 is confined to determining the existence of an arbitration agreement.

The Delhi High Court has recently ruled that a 4.5-month delay in filing a petition to extend the arbitrator's mandate under §29A of the Arbitration Act 1996, is not inordinate provided sufficient cause is shown.

Tuli & Co has authored the Insurance Comparative Guide: India.

Insurance and reinsurance companies and insurance intermediaries in India are regulated by the Insurance Regulatory and Development Authority of India (IRDAI).

Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

Preliminary and jurisdictional considerations in insurance litigation

Insurance policies are structured to incorporate comprehensive mechanisms for dispute resolution in respect of coverage and quantum disputes.

With the IRDAI consolidating regulations and shifting towards a principle-based regime, 2024 has been a busy year for the insurance sector, especially for Insurers.

The Insurance Laws (Amendment) Bill 2024 proposes significant reforms, such as 100% FDI in Indian insurance companies, expanded scope of business for insurance companies, and perpetual intermediary licenses.

Following the DPDP Act published in 2023, our latest article provides an overview of the recently published Draft Rules. The article highlights the key aspects of these Draft Rules, such as capturing consent, managing breaches, data security protocols, and cross-border transfer.

Directorate General of Civil Aviation (“DGCA”) has revised the Civil Aviation Requirements (“CAR”) for wet/damp leasing of an aircraft by an Indian operator on 24 December 2024.

The Bhartiya Vayuyan Adhiniyam 2024 (“BVA”) has come into effect from 1 January 2025, as per Indian government’s notification dated 31 December 2024. The BVA had received the President’s assent after it was passed by the Indian Parliament during the winter session on 5 December 2024.

The article discusses a significant ruling by the Delhi High Court in the case of Aptec Advanced Protective Technologies AG v. Union of India. The court held that an order determining substantive rights of the parties can be challenged under Section 34 of the Arbitration and Conciliation Act, 1996. This decision clarifies that an interim award, which conclusively determines any substantive issue between the parties, is subject to challenge under Section 34.

The WTO Panel ruled in April 2023 that India's customs duties on ICT products violated its commitments, requiring the reduction or removal of these duties. However, due to the non-functionality of the Appellate Body, India's appeal has left the dispute unresolved, potentially escalating trade tensions with the EU.

A constitutional bench of the Supreme Court recently examined the validity of unilateral arbitrator appointment clauses in public-private contracts. The Court considered whether an arbitrator appointed from a panel curated unilaterally by a government agency is valid if the non-government party can choose two out of three arbitrators. The Court ruled such appointments are invalid. The Court followed decisions TRF Ltd v Energo Engineering Projects Ltd and Perkins Eastman Architects DPC v HSCC India Ltd, which held that an ineligible person cannot appoint an arbitrator, nor can they serve as one.

The article analyses the Supreme Court’s judgment in Pawan Agarwal v State of Uttar Pradesh Crl A No 001307 of 2024, which held that there cannot be an automatic vacation of a stay order if the trial has not concluded.

The International Financial Services Centre Authority (“IFSCA”) issued a circular dated 30 October 2024 (Circular”) amending the Framework for Aircraft Lease which governs all operating, financial and hybrid leases of aircraft, engines, helicopters, and aircraft ground support equipment (Aircraft Lease Framework”).

French Lessors, Team France 01 SAS and Sunbird France 02 SAS filed suits before the Delhi High Court for the repossession and redelivery of 3 engines leased to SpiceJet under lease agreements which had been terminated.

An International Financial Service Centre (IFSC) is a specialized financial zone set up under the Special Economic Zones (SEZ) Act, 2005. It grants Indian entities access to global financial markets while offering overseas entities an entry point into the Indian market.

At its 54th meeting on 9 September 2024, the Goods and Services Tax (GST) Council decided to exempt GST on the import of services by an Indian establishment of a foreign airline company. In addition to the exemption, the GST Council also recommended to regularise the past period on an “as is where is basis.

A leading Irish engine lessor filed a suit before the Delhi High Court seeking specific performance of SpiceJet’s redelivery obligations following the termination of an engine lease agreement.

In a move to promote aircraft leasing in India, the Directorate General of Civil Aviation (DGCA) amended the Civil Aviation Requirements (CAR) on 12 April 2024 with a primary focus of incentivising lessors to set up leasing business in India through the Gujarat International Finance Tec-City (GIFT City).

Our latest article reviews the key changes in timelines to which Indian Insurers must adhere, including the new timelines governing policy purchase, servicing, claim settlement and resolving complaints.

Our latest article reviews the key changes recently introduced under the new principle-based framework governing advertisements issued by Insurance Companies and their distribution channels. The updated regulations aim to enhance compliance, accountability, and address the evolving advertising landscape, including the rise of social media platforms.

Tuli & Co has authored the India Chapter of the 2024 edition of the Lexology In Depth – Insurance Disputes.

The Insurance Regulatory and Development Authority of India ("IRDAI") has introduced a new framework governing the outsourcing activities of Indian Insurance Companies, replacing the 2017 regulations, and representing a shift towards a more principal-based approach.

The Delhi High Court has affirmed that courts possess authority to appoint a sole arbitrator even if the arbitration clause provides for a three-member tribunal.

The Insurance Regulatory and Development Authority of India (“IRDAI”) has introduced a new framework for corporate governance for Insurance Companies.

The IRDAI has recently introduced new regulations that significantly impact the way insurance companies operate in India.

The IRDAI had issued an exposure draft on "Guidelines on Collateralized reinsurance transactions for placement of reinsurance business with CBR" on 20 February 2024 ("Draft Guidelines")

The Indian insurance sector has seen significant changes in recent years, driven by a number of varied regulatory reforms aimed at enhancing business ease as well as increasing insurance penetration in India.

On 11 August 2023, India's Central Government announced the country's first comprehensive data protection and privacy legislation, known as the Digital Personal Data Protection Act 2023 ("DPDP Act").

Tuli & Co has published the India Chapter of Insurance Litigation 2024.

The Supreme Court has recently held that once an application for the appointment of an arbitrator is unconditionally withdrawn, without liberty to refile, a subsequent application for the same appointment is barred.

The Delhi High Court appointed an arbitrator under the arbitration clause in a Master Services Agreement (MSA), even though the dispute arose from a subsequent agreement that did not contain an arbitration clause.

The article analyses the Delhi High Court judgment of Telecommunication Consultants India Ltd v Shivaa Trading 2024 SCC OnLine Del 2937 which held that since an ineligible arbitrator inherently lacks jurisdiction, the appointment and proceedings are void and the resultant award ought to be set aside.

This article highlights the major additions and alterations introduced through Bharatiya Nagrik Suraksha Sanhita 2023, Bharatiya Sakshya Adhiniyam 2023, and Bharatiya Nyaya Sanhita 2023 vis-à-vis the Code of Criminal Procedure 1973, the Indian Evidence Act 1872, and the Indian Penal Code 1860 respectively.

The Calcutta High Court held that the Court is empowered to extend an arbitrator’s mandate even if the application for an extension under §29A of the Arbitration Act 1996 is filed after the arbitrator’s mandate has expired

The article analyses the Calcutta High Court judgment of Ashok Kumar Gupta v M.D. Creations and Ors 2024 SCC OnLine Cal 6909 (attached) which held that a Court is empowered to extend an arbitrator’s mandate even if the application for extension under §29A of the Arbitration Act 1996 is filed after the arbitrator’s mandate has expired.

This article reviews the findings of the Delhi High Court in the recent judgment of Maruti Traders v Intron India Pvt Ltd. 2024 SCC OnLine Del 4897 relating to the application of principles of equity to contracts.

The article analyses the Supreme Court judgment of SBI General Insurance Co Ltd v Krish Spinning 2024 SCC OnLine SC 1754 which held that accord and satisfaction does not affect an arbitration agreement and therefore is beyond the scope of judicial intervention under Section 11(6) of the Arbitration and Conciliation Act 1996.

The Supreme Court of India has recently reiterated that there should be minimal judicial interference in the execution of foreign awards under §48(2) of the Arbitration & Conciliation Act 1996.

A constitutional bench of the Supreme Court of India ("SC") has held that there shall be no automatic vacation of stay orders granted by a High Court ("HC"), reversing the earlier position expressed in a 3-judge SC decision in Asian Resurfacing of Road Agency Private Limited & Anr v Central Bureau of Investigation1 ("Asian Resurfacing")

The Bombay High Court has held that the mere institution of criminal proceedings will not render a dispute non-arbitrable.

A 7 – judge bench of the Supreme Court held that deficiency in stamping is a curable defect, and an arbitral tribunal is empowered to adjudicate on such objections. Tuli & Co has summarised the Supreme Courts judgment on “Re Interplay Between Arbitration Agreements Under The Arbitration And Conciliation Act 1996 And The Indian Stamp Act 1899”.

Tuli & Co has published an article on the IRDAI (Re-insurance) (Amendment)Regulations 2023 (Amendment Regulations), which was notified on 23 August 2023

The article summarises the key developments in GIFT City at Gujrat, which various industry stakeholders believe, offers a potential for global insurers and reinsurers to open their operations.

Tuli & Co has published Insurance Comparative Guide: India.

Tuli & Co has authored The Eleventh Edition of the Insurance and Reinsurance Law Review. The Review provides a practical overview of the legal and regulatory framework governing the insurance and reinsurance industry across major jurisdictions worldwide and has been authored by leading insurance lawyers around the world.

The IRDAI has issued its Guidelines on the Remuneration of Non-Executive Directors and Key Managerial Persons of private sector Insurers, which supersedes its previous guidance of 5 August 2016.

Tuli & Co has provided its analysis on the Information And Cybersecurity Guidelines 2023.…

Tuli & Co has authored the India Chapter of Lexology GTDT Insurance & Reinsurance Guide 2023.…

Tuli & Co has authored the India Chapter of the Legal 500 Insurance & Reinsurance Comparative Guide 2023.…

The article summarizes the key provisions in the IRDAI (Payment of Commission) Regulations 2023 (the Commission Regulations), IRDAI (Expenses of Management of Insurers Transacting Life Insurance Business) Regulations 2023 (the EOM Life Regulations) and IRDAI (Expenses of Management of Insurers Transacting General & Health Insurance Business) Regulations 2023.

Tuli & Co has authored the Insurance Comparative Guide: India.

Our article on the IRDAI’s “Guidelines on Issuance of File Reference Numbers to Cross Border Re-insurers” has been published by International Law Office.…

Our article has been published on Mondaq on our analysis of the IRDAI’s Guidelines on Issuance of File Reference Numbers to Cross Border Re-insurers”.…

We have authored the India Chapter of the International Comparative Legal Guide – Insurance & Reinsurance 2023. The pdf version of the Chapter is attached.…

We have authored the India Chapter of Lexology GTDT Insurance Litigation 2023. The pdf of the Chapter is attached.…

On 29 November 2022, following a comprehensive review of the insurance legislative framework in India by the Finance Ministry, the government of India issued a draft bill titled the Insurance Laws (Amendment) Bill 2022.

Our article on the IRDAI’s “Exposure Draft for Reinsurance 2022 been published on Insurance Newsletter.…

Our article on the IRDAI (Registration Of Indian Insurance Companies) Regulations 2022 has been published on Insurance Newsletter.…

Our analysis of the draft Bill titled "The Insurance Laws (Amendment) Bill, 2022" ("Draft Bill") released by the Government of India on 29 November 2022.…

The Supreme Court has held that §238 of the Insolvency Act overrides the Electricity Act, and that government and operational debts rank lower in priority than sums owed to unsecured financial creditors.

The Delhi High Court has held that the jurisdiction of a Court hearing a challenge under §34 of the Arbitration Act is limited.

The High Court of Delhi has held that the writ petition remedy under Articles 226 and 227 of the Constitution of India is only available against orders passed by an Arbitral Tribunal in exceptional circumstances.

The Delhi High Court has recently invoked the "group of companies" doctrine and referred the disputes between a lender and borrower (as well as the borrower's sister concerns) to arbitration.

The Bombay High Court has held that a clause which contains the words “may be referred to arbitration” takes away from the mandatory and binding nature of an arbitration agreement.

The Bombay High Court has passed a judgment holding that the communications between a lawyer and client are privileged and cannot be disclosed to a third party without their express consent.…

The Bombay High Court has ruled that an award that relies on documents produced after the conclusion of arguments is patently illegal.…

The Delhi High Court has held that an arbitration clause in an earlier agreement remains binding on the parties even after they enter into subsequent agreements which do not contain an arbitration clause.

The Calcutta High Court has held that an arbitration clause must be invoked before approaching the Court for the appointment of an arbitrator.…

The Supreme Court has held that the procedural rigours of Order 38 Rule 5 (attachment prior to judgment) of the Code of Civil Procedure 1908 are not strictly applicable while deciding a pre-arbitration 9 Petition to secure the amount in dispute.…

The Calcutta High Court has held that a contractual clause stipulating that parties should make "every effort" to arbitrate constitutes a valid arbitration clause…

The Bombay High Court has recently held that if a place is designated as the venue” at which the arbitration proceeding shall be held in its entirety, then that venue is implicitly also the seat” of the arbitration proceedings

The Supreme Court has recently held that if challenges under §34 §37 of the Arbitration and Conciliation Act 1996 and are successful, then the Court cannot modify the award but only set aside the award and remand the matter back to the Tribunal

A three-judge Bench of the Supreme Court has set aside an arbitral tribunal's 16 order on the ground that it failed to consider the applicability of the "group of companies" doctrine…

The Delhi High Court has held that an order passed by an arbitral tribunal pursuant to the matter being remitted back to it cannot be treated as a fresh arbitral award

The Delhi High Court has held that an order passed by an arbitral tribunal pursuant to the matter being remitted back to it cannot be treated as a fresh arbitral awardhe Supreme Court has dismissed a writ petition seeking the equal treatment of a “decree holder” with a “financial creditor”.

The Telangana High Court has held that the enforcement of an arbitral award should be as per §42 of the Arbitration and Conciliation Act 1996.…

The Gujrat High Court has held that the insured cannot invoke arbitration after the execution of the discharge voucher without protest.

The Karnataka High Court has held that contractually agreed upon dispute resolution steps by the parties must be followed prior to invocation of arbitration.…

The Karnataka High Court has recently held that the challenge to an international commercial arbitration award in a High Court not having ordinary original civil jurisdiction is to be considered by the Commercial Division of that High Court, and has directed that a Commercial Division be setup for this purpose.

A three-judge Bench of the Supreme Court examining the 'group of companies' doctrine has referred the question of its correctness and application to a larger Bench.…

The Supreme Court had refused to interfere with an NCLAT decision holding that the NCLT has jurisdiction to entertain insolvency proceedings against a personal guarantor even if the company on behalf of whom the guarantee was issued is not undergoing CIRP or liquidation.…

The Division Bench of the of Kerala High Court has held that the cause of action to initiate arbitration upon a clear and unequivocal denial of a right asserted by one party.

The Delhi High Court has held that arbitral tribunal can interpret the terms of a contract, but it cannot re-work the contractual bargain struck between parties.

The Supreme Court has held that appeals against the NCDRC’s appellate orders are maintainable in High Courts through a Writ Petition.…

The Chhattisgarh High Court has held that a claimant must exhaust any contractually specified dispute resolution mechanism leading up to arbitration before seeking a reference to arbitration…

Insolvency Proceedings Cannot Be Commenced Against The Legal Heirs Of A Personal Guarantor Under The Insolvency And Bankruptcy Code 2016: Bank Of Baroda, Stressed Asset Management Branch (Samb) V Ms Divya Jalan, Legal Heir Of Personal Guarantor Late Sandeep Kumar Jalan1

In exercise of its powers under §94 and §101(2)(zg) the Consumer Protection Act 2019 (Act), the Central Government notified the Consumer Protection (Direct Selling) Rules 2021 (Rules) on 28 December 2021…

§34(4) of the Arbitration and Conciliation Act 1996 gives the Court discretion, and if requested by a party, to refer an award back to the Tribunal because of, inter alia, a lack of reasoning or gaps in the reasoning. The Supreme Court of India has held that the Court cannot exercise the §34(4) discretion where there is an absence of a finding on an issue before the Tribunal…

Our comments on the exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022 ("Draft Regulations") issued on 13 October 2022 by the Insurance Regulatory and Development Authority of India ("IRDAI").

IRDAI has recently released further exposure drafts of 23 November 2022 on (i) the IRDAI (Payment of Commission) Regulations 2022 (ii) the IRDAI (Expenses of Management of Insurers Transacting Life Insurance Business) Regulations 2022 and (iii) the IRDAI (Expenses of Management of Insurers Transacting General & health Insurance Business) Regulations 2022.

Tuli & Co has contributed to the India Chapter of the Insurance Disputes Law Review.…

The IRDAI has released an exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022. The article analyses the proposed amendments in the Regulations.…

The primary legislation regulating the Indian insurance sector is the Insurance Act 1938 and the InsuranceRegulatory and Development Authority Act 1999.

The IRDAI has issued an exposure draft on the IRDAI (Re-insurance) (Amendment) Regulations 2022 of 21 October 2022…

In exercise of its powers as a regulatory authority under the Prevention of Money Laundering Act 2002 and Prevention of Money- Laundering (Maintenance of records) Rules 2005, the IRDAI has notified Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT) 2022”.

The IRDAI on 23 August 2002 has issued a exposure draft of the IRDAI (Payment of Commission or Renumeration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022, which, amongst other things, proposes to lift the strict commission and regulation limits specified under the applicable Regulations and permit insurance companies to effectively self-regulate the amounts payable to insurance agents and insurance intermediaries through the policy approved by their board of directors.

In a recent landmark decision, the Bombay High Court has held that an Insurance Ombudsman's Award can be set aside in a writ petition on the ground of perversity…

The IRDAI has recently released an exposure draft on "IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2022" of 23 August 2022 to promote the "development of new business models, products, strategies and internal processes", and to provide flexibility to Insurance Companies "to manage their expenses" along with the long-standing objective of improving insurance penetration…

The IRDAI Issued a press release on 26 April 2022 wherein they stated that with the objective of ensuring ease of doing business in the insurance sector, for both global and domestic investors, they have taken a major step in setting out a new mechanism for processing the…

On 1 April 2022, the Insurance Regulatory and Development Authority (IRDAI) (Surety Insurance Contracts) Guidelines 2022 came into force. The 2022 Guidelines follow the issuance of the Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021 on 8 September 2021, which aimed to promote and regulate surety insurance businesses in India and invited comments from stakeholders (for further details please see "IRDAI drafts surety insurance guidelines")…

On 8 September 2021, the IRDAI had issued an “Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021 (Draft Guidelines) with the objective of promoting and regulating surety insurance business in India, and invited comments from all stakeholder…

The worldwide surge in financial activities over the past decade or so has led to increased popularity of instruments such as surety bond and other forms of guarantees as creditors/owners increasingly look to rely upon these kinds of risk management mechanisms for certainty in the performance and fulfilment of the other party’s contractual obligations

Following the finance ministers budget speech, the Insurance (Amendment) Act of 2021 (Amendment Act) was notified earlier this year to increase the foreign direct investment limit in Indian insurance companies to 74%. Pursuant to this, the Ministry of Finance issued the Indian Insurance Companies (Foreign Investment)

Following the announcement in the central budget speech for the financial year 2021–2022 that the foreign investment ceiling for insurance companies will increase from 49% to 74%, the Insurance (Amendment) Act 2021 (the Amendment Act) was notified with effect from 1 April 2021…

Following the announcement of the increase in the foreign investment ceiling in Indian insurance companies from 49% to 74% in the central budget speech for the nancial year 2021-22 (Budget Speech), the Insurance (Amendment) Act of 2021 (2021 Amendment) was notied with effect from 1 April 2021…

The issuance of Employee Stock Options (ESOPs) to Chief Executive Officer/Whole-time Director/Managing Director of Insurers has been expressly recognized since 2016 when the IRDAI issued the Guidelines on Remuneration of Non-executive Directors and Managing Director/Chief Executive Officer/Whole-time Directors of Insurers of 05 August 2016 (Guidelines)…

For several years, stakeholders in the Indian insurance sector have wanted the foreign direct investment (FDI) limit for Indian insurers to be increased to 74% in parity with the FDI limit applicable to the private banking sector. On 1 February 2021, pursuant to the central budget speech for the financial year 2021-2022, the finance minister announced that the FDI cap for Indian insurers will be increased from 49% to 74%. In addition, it was announced that under the new framework…

In 2019 several pharmaceutical companies proceeded against General Insurance Corporation of India (GIC) Re before the Delhi High Court to challenge the revision of reinsurance premium rates. They claimed that the revisions were arbitrary and unreasonable. The court held that GIC Re's rate revisions were within its commercial wisdom and accordingly dismissed the writ petitions

The recent trend of simple, standardised products being introduced for various forms of life and health insurance business has continued with the introduction of a standard immediate annuity product. On 25 January 2021, the IRDAI issued the “Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension” (Guidelines)

The control and acquisition of entities in India by foreign investors and private equity (PE) funds is regulated by: the foreign investment norms specified by the Reserve Bank of India; the norms specified by the Securities Exchange Board of India (where the entity is a listed entity); and any other laws or regulations governing the business of the target entity. Entities engaged in insurance business must follow additional norms regarding foreign investment as specified by the Insurance Regulatory and Development Authority of India (IRDAI)…

The primary legislation regulating the Indian insurance sector comprises of the Insurance Act 1938 (Insurance Act) and the Insurance Regulatory and Development Authority Act 1999 (IRDA Act).

Lexology Getting The Deal Through provides international expert analysis in key areas of law, practice and regulation for corporate counsel, cross-border legal practitioners, and company directors and officers.

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With the widespread impact of the COVID-19 pandemic and several regulatory changes having been introduced (as well as proposed) by the Insurance Regulatory and Development Authority of India (IRDAI), 2020 was a busy year for the Indian insurance sector. This article provides an overview of some of the key developments of 2020

The Supreme Court has recently clarified that a "notional" income should be considered for deceased, non-earning victims (including homemakers) of motor vehicle accidents, and that future prospects should be assessed based on such notional income in order to arrive at fair, just, and reasonable compensation…

The Supreme Court has held that the National Company Law Appellate Tribunal (NCALT) does not have the jurisdiction or power to condone a delay exceeding 15 days in any appeal field against a decision of the National Company Law Tribunal (NCLT)…

The Supreme Court has held that a Letter of Intent (LOI) cannot be construed as a binding contract unless an intention to bind is clear from its terms and the conduct of the parties…

The Calcutta High Court has held that an award holder's claim against an award debtor will be extinguished once the latter's Resolution Plan (RP) is approved, if the award holder has not pressed his claim during Corporate Insolvency Resolution Process (CIRP). The award debtor challenged the Arbitral Award under 34 of the Arbitration & Conciliation Act 1996…

In March 2020, the Supreme Court took suo motu cognizance of the impact of the Covid-19 restrictions on compliance with limitation periods, and the led to Suo Motu Writ Petition (Civil) No 3 of 2020. The Supreme Courts order of 23 March 2020 “extended” limitation periods from 15 March 2020 until further orders

The Supreme Court has recently ruled that two Indian parties can arbitrate outside India and the resulting award will be valid and enforceable in India. Disputes arose between the parties under an agreement for the purchase of convertors. A settlement agreement was executed which provided for ICC arbitration with Zurich as the seat of arbitration…

According to §18 of the Limitation Act 1963, an acknowledgment of liability in writing before the expiry of the limitation period will reset the limitation clock to the date of the acknowledgment. The Supreme Court has held the entries in the books of account of a company, including a balance sheet, can amount to the acknowledgement of a debt and so reset the limitation period under §18…

The Supreme Court has ruled on the “seat and venue” of an arbitration, and the impact that a change in venue has upon the seat and the subsequent challenge proceedings. Arbitration commenced under a purchase order which named Jaipur as the venue, but the parties agreed to hold the proceedings at Ahmedabad…

Nothing the difficulties that can be faced in enforcing judgements, the Supreme Court has issued directions for enforcement proceedings to be expedited. In a property related suit, the judgement debtors obstructed enforcement by creating conflicting rights over the property, filing objections, appeals, criminal proceedings, etc…

16 of the Act provides that a Tribunal is empowered to decide questions relating to its own jurisdictions. 16(5) of the Act provides that a Tribunal “shall decide on a plea” regarding its jurisdictions, but does not say when jurisdictional objections have to be decided, and the timing issue has recently been clarified by the Delhi High Court

A Division Bench of the Madras High Court has set out the duties of a Single Judge considering the validity of an unreasoned arbitral award following a challenge to the award §34 of the Arbitration & Convilitation Act 1996. The first instance Single Judge upheld an arbitration award containing concise reasons based on an admission made by one of the parties…

In March 2020, the Supreme Court took suo motu cognizance of the impact of the Covid-19 restrictions on compliance with limitation periods, and this led to Suo Motu Writ Petition (Civil) No 3 of 2020. The Supreme Court's order of 23 March 2020 "extended" limitation periods from 15 March 2020 until further orders. The Supreme Court periodically revisited its order and largely kept the extension in place, until now

§34 of the Act permits a challenge to an arbitral award on limited grounds within 3 months from the date on which the award is received. A 30 day extension can be sought on showing "sufficient cause". 37(1)(c) permits an appeal from orders "setting aside or refusing to set aside" an award under §34. In BGS SGS Soma, the Supreme Court had held that an order condoning delay in filing a 34 challenge is a preliminary order and so not appealable

The Supreme Court of India has confirmed that the consumer fora has the power under the Consumer Protection Act 1986 to set aside one-sided terms in contracts if this amounts to an unfair trade practice. Facts: The plaintiff was developing a residential project called The Corridors in Gurgaon. Several purchasers filed complaints before the National Commission seeking a refund of the instalments they had paid, plus interest, because the plaintiff had failed to give possession within…

The Delhi High Court has clarified that:
(i) stamp duty is only to be paid on an arbitral award at the time of enforcement, and
(ii) a photocopy of an award is not an instrument under the Indian Stamp Act 1899, and therefore cannot be impounded…

Because of deficiency in service and misleading ads, the Kerala District Commission has fined the manufacturer of a hair growth cream and the cream's brand ambassador. The store owner that sold the cream has been directed to pay the costs of the proceedings to the Complainant

The Supreme Court has held that the non-payment or underpayment of stamp duty does not invalidate an arbitration agreement contained in a contract, but because of a conflict with an earlier Supreme Court judgment, the question has been referred to a larger bench

In Noy Vallesina, the Supreme Court has ruled that even under the pre-BALCO regime, if parties have agreed that the seat of arbitration will be outside India, then Part – I of the Arbitration & Conciliation Act 1996 will not be applicable…

The Insurance Regulatory and Development Authority of India (IRDAI) has powers under the Insurance Act to inspect and investigate insurers and insurance intermediaries. The IRDAI recently issued the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020. The regulations stipulate the minimum information and records that insurers, intermediaries and insurance intermediaries are required to maintain and the general norms applicable thereto…

Last year, the IRDAI notified the "Guidelines on Standard Individual Health Insurance Product" of 1 October 2020 with the objective of providing basic health insurance covers to customers. Towards this end, all General and Health Insurers are required to mandatorily offer a standard individual health insurance product offering a fixed set of covers to customers termed, "Aogya Sanjeevani Policy" in accordance with the directions issued by the IRDAI…

The increasing awareness and growing popularity of health, fitness and wellness focussed lifestyles has led to a significant uptake in the Indian health insurance market in recent past. In early 2016, the IRDAI acknowledged such consumer needs and introduced norms on developing health insurance products which would also include wellness and preventive benefits…

By way of an Order dated 24 February 2020, the Securities Appellate Tribunal, in relation to an appeal filed by Nippon India Mutual Fund and Nippon Life India Asset Management, partly set aside an IRDAI Order dated 4 December 2019, which held that the pledge of shares of an Insurer requires prior approval of the IRDAI under §6A(4)(b)(iii) of the Insurance Act 1938 (Insurance Act) and any pledge of shares without IRDAI's approval is “null and void ab initio”. However, the question as to the definition of transfer and whether a pledge constitutes a transfer of shares under §6A(4)(b) of the Insurance Act appears to have been left open…

The Supreme Court recently issued notice to the Ministry of Health and Family Welfare (MoHFW) and the IRDAI in response to a writ petition¹ seeking implementation of the Mental Healthcare Act 2017 (Act) and provision of an 'action taken report' with respect to the measures taken to ensure provision of insurance cover in India for mental illnesses. The public interest litigation averred that the situation with respect to availability of mental illness covers had remained the same despite the passage of one year since the IRDAI issued directions to this effect, and that no follow-up action had been taken against Insurers for non-compliance…

Despite the relaxation of the foreign investment limits for insurance intermediaries, insurance intermediation remains a regulated activity. In this respect, the Insurance Regulatory Development Authority of India recently issued guidelines on the repatriation of dividends by insurance intermediaries with a majority foreign investment and a circular mandating the submission of an undertaking by insurance intermediaries…

In order to address the ever-changing COVID-19 pandemic in India, the government has issued various notifications, including a nationwide closure of all public and private establishments (except for essential service providers), which have had a direct impact on the normal functioning of entities, including those in the insurance sector…

Motor insurance business in India is regulated by the India Motor Tariff 2002, which was issued by the former Tariff Advisory Committee in 2009. While pricing of the 'own damage' segment was detariffed in 2007, the basic product structure, including the policy wordings and other standard..

With a continually increasing market size and growth of almost 20% every year, health insurance products have seen an improved uptake recently. This growth is largely attributable to government initiatives and health insurance schemes launched across India, as well as a general increased awareness and ease of purchase among the savvier urban population. ..

The Insurance Regulatory Development Authority of India (IRDAI) recently notified the Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 (amendment rules), effectively increasing the limit on foreign direct investment (FDI) in insurance intermediaries to 100% (for further details please see "100% FDI in insurance intermediaries: a welcome change").

The Indian insurance industry has seen significant growth and development in recent years. The removal of the requirement to seek an approval from the government of India to increase the foreign investment cap from 26 per cent to 49 per cent in insurers and insurance intermediaries is one of the factors that has led to an increase...

The relaxation of foreign investment limits in the insurance sector has long been the subject of debate, with various stakeholders, including industry participants, advocating for an increase in this respect. As a first step towards achieving this end, on 26 December 2014 the Insurance Laws (Amendment) Ordinance 2014 was introduced to increase the limit of foreign direct investment (FDI) in Indian insurers from 26% to 49%...

The Insurance Regulatory and Development Authority (IRDAI) recently issued the IRDAI (Regulatory Sandbox) Regulations 2019 (Regulatory Sandbox Regulations), which aim to facilitate the creation of a regulatory sandbox environment in which to test new business models, processes...

We noted last month, that three draft regulations for governance of the procedure to set up a regulatory sandbox were issued by the three key regulators of India namely the IRDAI, RBI and SEBI with respect to the insurance, banking and securities market sector, respectively.

In the case of Sorout Mushroom Farm v NIC & Ors1 (decided on 16 April 2019), the National Consumer Disputes Redressal Commission (NCDRC) provided some useful guidance in relation to the claim assessment by an IRDA licensed Surveyor.

In 2016 the Reserve Bank of India (RBI) sought stakeholder comments on the Draft Regulatory Framework for Account Aggregator Companies to Facilitate Consolidated Viewing of Financial Asset Holding of 3 March 2016, which envisaged the creation of a new class of non-banking finance companies (NBFC) known as 'account aggregators'...

However, with the rapid growth of the insurance industry over the past few years, there has been a surge in insurers and insurance intermediaries and multiple insurers being established under the umbrella of the same corporate group.

The health insurance market has a wide variety of significantly different health insurance products available today, often leading prospective customers to choose from a large number of products embedded with varying benefits and exclusions with limited options to choose only those covers are actually needed by such a customer.

On 10 July 2009, the Insured took a life insurance policy from Max New York Life Insurance (Max) for ₹11 lakhs. On 16 September 2009, the Insured submitted a proposal to Reliance Life Insurance (Reliance) for another life insurance policy for ₹10 lakhs

By way of an update, the IRDAI has notified the IRDAI (Insurance Brokers) (First Amendment) Regulations 2018 (First Amendment). The First Amendment amends Schedule II - Form R under R20 (2) of the IRDAI (Insurance Brokers) Regulations 2018 (Brokers' Regulations)...

This is now the second edition of The Insurance Disputes Law Review. I am delighted to be the editor of this excellent and succinct overview of recent developments in insurance disputes across 16 important insurance jurisdictions, including now the United States

The Indian Insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI) has recently brought about changes in the regulations governing motor insurance in India...

Blockchain is a relatively new form of technology that acts as an incorruptible digital ledger and keeps a virtual record of all data and transactions.(1) Broadly speaking, as a digital ledger, blockchain can record a wide range of quantities, from physical assets to electronic cash.

Insurance and reinsurance companies and insurance intermediaries in India are governed by the Insurance Regulatory and Development Authority of India (the IRDAI).

In recent years, the Indian insurance sector has been abuzz with the news of new players looking to acquire stakes in insurers and insurance intermediaries.

The Supreme Court, by way of an order in S Rajaseekaran v Union of India and Ors [Writ Petition (Civil) No 295/2012] of 20th July 2018 (Order), has made it mandatory to provide long term

The Financial Resolution and Deposit Insurance Bill 2017 (Bill), which was tabled in the Parliament in August 2017 as a result of India's G-20 commitment, had attracted some criticism following concerns...

Motor insurance is one of the major segments of general insurance business in India and has, per the IRDAI's report of September 2017, contributed to almost 39% of the total general insurance gross direct premium collections in the year 2016-17...

The insurance sector has, in the recent years, been abuzz with the news of new players looking to acquire stakes in insurance companies and insurance intermediaries...

On 22 May 2018, the Central Government issued a notification by which the scale of compensation for third party fatal accidents and injury claims under the Second Schedule of the Motor Vehicles Act 1988 (MV Act) was amended...

Insurance brokers have been regulated for over 16 years in India, with regulations governing insurance brokers introduced in 2002 by the Insurance Regulatory and Development Authority of India (IRDAI)...

Insurance brokers have been regulated for over 16 years in India, with the regulations governing insurance brokers being introduced in 2002 by the Insurance Regulatory and Development Authority of India...

All insurance contracts are required to be filed with the Insurance Development and Regulatory Authority of India (IRDAI), ie, the Indian Insurance Regulator, in accordance with the applicable product filing guidelines issued by the IRDAI...

Insurance business in India can only be undertaken by an Indian insurance company or a reinsurance company/reinsurance branch office that is registered with the IRDAI...

In the absence of any reference to arbitration under the terms of a policy, insurance disputes can be litigated both before a civil court or con- sumer forum...

The financial year 2017-18 has been an eventful year for the Indian insurance sector, with several landmark changes being introduced to the insurance regulatory framework.

The Insurance Regulatory and Development Authority (IRDAI) issued the Guidelines on Insurance E-commerce (the E-commerce Guidelines) on March 9 2017, regulating...

2017 was an interesting year for the Indian insurance industry which witnessed a rapid increase in number of Insurers, significant transactions in the existing players, new forms of online commerce, addition of new categories of insurance intermediaries, diversity in the products on offer and evolving business processes...

By way of a June 10 2016 order, the Insurance Regulatory and Development Authority of India (IRDAI) set up a committee to evaluate the risk-based capital approach and market-consistent valuation of liabilities of Indian insurance business...

The Indian insurance sector has witnessed significant development over the past couple of years. By way of the Insurance Laws (Amendment) Act 2015, the establishment of branch...

The Financial Resolution and Deposit Insurance Bill 2017 (Bill), which was tabled in the Parliament this August, has come into increased media scrutiny over the last week. As we noted last month...

By way of an Order of 10th June 2016, the IRDAI set up a committee to evaluate the risk based capital approach and market consistent valuation of liabilities of Indian insurance business.

he Indian insurance sector has witnessed significant developments over the past couple of years. By way of the Insurance Laws (Amendment) Act 2015, establishment up of branch offices of foreign reinsurers was permitted...

A 5 Judge Bench of the Supreme Court in National Insurance Company Limited v Pranay Sethi, has laid down guidelines on the fixation of future prospects in cases of motor accidents for victims who are permanently employed, receiving a fixed salary, or self-employed...

The last few years have seen several Indian insurance companies introducing public offers with the objective of being listed on Indian stock exchanges. Recent press reports indicate that there may be several more in the pipeline in the next couple of years...

In a Commercial Miscellaneous Petition filed by the Khadi and Village Industries Commissions, ("Petitioner") challenging the refusal of a device mark

Indian insurance laws have traditionally restricted distribution of insurance products to insurance agents and insurance intermediaries who have obtained the requisite license/registration from the Insurance Regulatory and Development Authority of India (IRDAI).

In-Depth (formerly The Law Reviews) provides analysis of global legal issues and their commercial implications, written by thought leaders at the worlds top law firms.

Until recently, the General Insurance Corporation of India (GIC) was India's sole reinsurer. The GIC was established in 1972 under a statute as a wholly owned company of the government...

Insurance business in India can only be undertaken by an Indian insurance company or a reinsurance company/reinsurance branch office that is registered with the IRDAI.

Health insurance business in India has traditionally been regulated by the framework governing general insurance business, as issued by the Insurance Regulatory and Development Authority of India (IRDAI)...

Health insurance business in India has, traditionally, been regulated by the framework governing general insurance business as issued by the Insurance Regulatory and Development Authority of India (IRDAI)...

The focus on corporate governance has increased significantly since Satyam Computer Services Limited's corporate fraud and internal governance failure came to light.

The focus and emphasis on corporate governance increased significantly since the corporate fraud and internal governance failure came to light in the context of Satyam Computer Services Limited.

The Indian insurance sector has witnessed various reforms since the notification of the Insurance Laws (Amendment) Act 2015.

Until recently, the Insurance Regulatory and Development Authority of India (IRDAI) Guidelines on File and Use Requirements for General

A practical cross-border insight into insurance and reinsurance law. This article appeared in the 2016 edition of The International Comparative Legal Guide to: Insurance & Reinsurance; published by Global Legal Group Ltd, London, February 2016.

The insurance statutory and regulatory framework has, historically, strictly restricted the amount of commission or remuneration that can be paid to insurance agents and insurance

The insurance sector has witnessed sweeping changes in its regulatory regime since the beginning of 2015.

The Insurance Regulatory and Development Authority (IRDAI) recently released a draft version of the IRDAI (Other Forms of Capital) Regulations 2015.