India, Tuli & Co updates

Insurance

Contributed by Tuli & Co
Sorout Mushroom Farm v National Insurance Co: sanctity of insured's appointment of surveyor
  • India
  • 23 July 2019

In a recent case, the National Consumer Disputes Redressal Commission (NCDRC) provided some useful guidance in relation to a claim assessment by an Insurance Regulatory and Development Authority licensed surveyor. The NCDRC dismissed the insured's contentions, stating that, among other things, the insured had failed to provide the relevant documentation to the surveyor. Thus, the insured had been unable to take advantage of his own wrongdoing.

Account aggregators: financial information sharing framework
  • India
  • 16 July 2019

The account aggregator ecosystem was introduced to solve the problems of data portability in the insurance sector, among others. However, the question of whether the business model is viable will largely hinge on the successful implementation of the consent architecture envisaged under the Master Directions Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions and the terms of the contractual arrangements which are entered into with the various regulated entities.

Draft guidelines address conflict of interest situations
  • India
  • 18 June 2019

The Insurance Regulatory and Development Authority recently issued the Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines 2019, which seek to provide guidance on the conflicts of interest that arise between insurers and other insurance companies or intermediaries which have the same directors.

Supreme Court's recent take on non-disclosure and misrepresentation
  • India
  • 21 May 2019

The Supreme Court recently ruled in a case between Reliance Life Insurance and the wife of an insured party who had died of a heart attack. Reliance had repudiated the respondent's claim due to the suppression of material facts by the insured, who had failed to provide details of a second policy with another insurer. In its decision, the Supreme Court considered the nature of the disclosure made by the insured and the validity of the ground for repudiation of the claim.

Regulatory sandbox proposed for insurance sector
  • India
  • 14 May 2019

The Insurance Regulatory and Development Authority recently issued the Report of the Committee on the Regulatory Sandbox in the Insurance Sector in India, which proposes to establish a sandbox environment in the insurance sector. According to the report, the sandbox will facilitate innovation in the Indian insurance sector and provide an ecosystem to foster the experimentation required to increase insurance penetration in the market and benefit policyholders. However, reservations remain.


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