Tag
Insurance
27 articles
Insurance sector developments reveal a mixed legal landscape, with courts revisiting compensation awards and upholding insurer responsibilities. Several high courts and the Supreme Court have issued rulings concerning motor accident claims, often increasing compensation amounts and reinforcing principles like the “pay and recover” doctrine. Meanwhile, LIC announced a final dividend and is proceeding with its annual general meeting, while ICICI Prudential Life Insurance resolved a GST appeal. Prism Johnson completed the sale of its stake in Raheja QBE General Insurance, marking a shift in ownership for the company, and J&K Bank entered into agency agreements with SBI Life and HDFC Life to expand insurance product distribution. These legal and strategic shifts suggest continued scrutiny of insurance practices and evolving market dynamics within the sector.
New India Assurance Appeal Dismissed, Rs16.95L Upheld
The Calcutta High Court dismissed New India Assurance Co.'s appeal against the Motor Accident Claims Tribunal's award of Rs 16.95 lakh compensation.
The court upheld the Tribunal's Rs 8,000 monthly in
Oriental Insurance Award Reduced to Rs 12 Lakh
• The High Court of Odisha modified the compensation award in favor of claimant Raja Rout to Rs 12,00,000 plus interest.
• The original award of Rs 24,93,521 with 12% annual interest was set by the Co
LIC Announces 5th AGM and ₹10 Final Dividend
LIC will hold its 5th Annual General Meeting on July 27, 2026, via video conference to seek shareholder approval for business items.
The Board has recommended a final dividend of ₹10 per equity share,
ICICI Lombard Allots 57,538 ESOP Equity Shares
ICICI Lombard allotted 57,538 equity shares under employee stock option schemes on July 3, 2026.
The allotment comprised 55,684 shares under ESOP Scheme 2005 and 1,854 shares under ESU Scheme 2023.
Ap
Shyama Surgical Writ Petition Dismissed for Default
Shyama Surgical Sansthan and Managing Director Renu Mishra filed a civil writ petition against the State of Bihar and HDFC ERGO insurers.
No counsel appeared for the petitioner, and respondents were r
United India Insurance Writ Petition Withdrawn
United India Insurance Divisional Manager filed W.P.(C) No.16443 of 2024 in Orissa High Court against Sri Dillip Kumar Dash and another.
Petitioners’ counsel Ms. R. Pati sought court permission to wit
ICICI Prudential Life Insurance GST Appeal Order Update
ICICI Prudential Life Insurance received a partially favorable GST appeal order for FY2018 from Andhra Pradesh tax authorities.
The order partially upholds a tax demand totaling ₹1.65 lakh for excess
Karrothu Satyam Compensation Increased to Rs5.45 Lakh
High Court of Andhra Pradesh allowed appeal, raising compensation from Rs2.23 lakh to Rs5.45 lakh with 7.5% interest.
Owner and insurer held jointly and severally liable; insurer to deposit payment di
United India Insurance MAC Restored, Rs.5,000 Cost
United India Insurance Co. filed MCC to restore dismissed MAC No.264/2021 after missing hearing on 04‑05‑2026.
Court recognized bona‑fide mistake, allowed restoration on 01‑07‑2026, ordering petitione
S. Venkata Reddy Awarded Rs.1.5 Lakh Compensation
High Court set aside the MACT order dismissing the claim and allowed the motor accident appeal.
The court held the driver of auto bearing No.AP 28 W 1176 was negligent in the 21.11.2006 accident.
Comp
Supreme Court Adjourns Insurance Appeal
Petitioner J. Prasanna Kumar filed SLP No.8560/2023 against National Insurance Co. Ltd. and others.
The case stems from a High Court Karnataka judgment dated 10‑12‑2020 in MFA No.199/2016.
Supreme Cou
J&K Bank Signs SBI Life, HDFC Life Agency Pacts
Jammu and Kashmir Bank signed Corporate Agency Agreements with SBI Life and HDFC Life on July 02, 2026.
The agreements enable the bank to service and solicit insurance products through its branch netw
Supreme Court Condones Delay in Tricy Petition
Supreme Court heard Special Leave Petition 32020/2026 on 2 July 2026 involving Tricy P.T. and National Insurance Co. Ltd.
Justices Kotiswar Singh and N.V. Anjaria ordered condonation of the filing del
Supreme Court Orders Notice Service – Hawa Singh
Petitioner Hawa Singh seeks fair share of state compensation after his son's death.
Court deems presence of Respondent No.2 (widow) essential for just determination.
Orders service of notice on Respon
United India Insurance Delay Condoned, Deposit Order
Supreme Court condoned filing delay in the Special Leave Petition filed by United India Insurance Co Ltd against Prince & Anr.
The Court ordered the petitioner to deposit the entire disputed amount wi
Prism Johnson Completes Raheja QBE Insurance Stake Sale
Prism Johnson completed the sale of its entire stake in Raheja QBE General Insurance to QBE Holdings on July 1, 2026.
The transaction required approvals from IRDAI and shareholders, terminating the jo
IFFCO Tokio Appeal Dismissed by HC
The High Court of Chhattisgarh dismissed IFFCO‑Tokio’s appeal against a 2019 motor accident claims tribunal award.
The tribunal had applied the “pay and recover” principle, holding the insurer liable
Supreme Court Refines Motor Accident Compensation
SC set guidelines: use prior‑year ITR for salaried, average of up to three years for self‑employed to assess income.
Compensation in three appeals was revised to Rs 1,97,81,505; Rs 87,09,282; and Rs 6
New India Assurance Petition Adjourned One Week
Supreme Court heard Leave Petition by New India Assurance Ltd against Geeta Devi & Ors, stemming from 22 Sep 2025 Court judgment.
Petitioner seeks condonation of delay in refiling and curing defects u
Supreme Court Adjourns Tata AIG Petition
Petition by Pushpraj Singh Parihar challenges High Court judgment dated 25‑07‑2024 in MA No.4059/2024.
Respondent is Tata AIG General Insurance Co. Ltd. with other parties, seeking condonation of dela
Supreme Court Adjourns United India Insurance Appeal
Petitioner Kranti Babu D.S. filed a Special Leave to Appeal against United India Insurance Co. Ltd. in the Supreme Court.
The appeal stems from a Karnataka High Court judgment dated 04-03-2021 in MFA
Sree Maruthi Marine Adjourned 3 Weeks
Supreme Court heard Civil Appeal No. 3436/2018 between Sree Maruthi Marine Industries Ltd and Oriental Insurance Co Ltd on 1 July 2026.
The bench comprised Justices R. Mahadevan and Alok Aradhe of the
Supreme Court Condones Delay for New India Insurance
Supreme Court heard SLP No. 37139/2026 filed by Manoj Meena against New India Insurance Company Ltd.
The bench, comprising Justices K.V. Viswanathan and Shree Chandrashekhar, condoned the delay in fil
Supreme Court Grants SLP vs Shriram Insurance
Supreme Court granted special leave to appeal in three petitions filed by Rashmirekha Tripathy & anr against Shriram General Insurance Co Ltd.
The Court allowed each civil appeal—reportable judgment f
GIC India Promoter Sells 5% Stake via OFS
Ministry of Finance sold 8.77 crore GIC India shares via offer for sale, reducing its stake from 82.40% to 77.40%.
The transaction was executed on NSE and BSE on June 16-17, 2026, with gross considera
GIC Re Q4 FY26 Net Profit Rises 3.3% YoY
GIC Re reported Q4 FY26 net profit of ₹2,254 crore, up 3.3% YoY, with full-year profit rising 25.2% to ₹8,392 crore.
Gross premium income grew 6.9% YoY to ₹44,007 crore in FY26, with a 75:25 domestic-
Mufin Green Finance Q4 FY26 AUM Up 83.8% YoY
Mufin Green Finance reported Q4 FY26 AUM of ₹1,541.17 crore, up 83.8% YoY, with PBT growth of 207.7% to ₹14.83 crore.
The company launched tech-driven Mediclaim Insurance Premium Financing, now 39% of