Accident victim’s kin get 23 lakh
The family of a 73-year-old man, who died in a road accident involving a rashly-driven mini bus, has been awarded Read more
MACT
MACT allows compensation to victim’s parent
The MACT has awarded Rs.12.93 lakh as compensation to the parents of a 20 year old boy who died in Read more
High Court directs ICICI Lombard General Insurance Company to pay Rs 46 lakh to victim’s kin
A private insurance company has been directed by the Delhi High Court to pay more than Rs 46 lakh to the family member of a goldsmith who had died in a road accident here.
Read moreBajaj Allianz to pay Rs 16.65 lakh compensation to road mishap victim’s family
The family members of a businessman, who died in an accident with a rashly driven tractor in 2009, have been awarded a compensation of over Rs 16 lakh by a Motor Accident Claims Tribunal (MACT) here. Read more
National Insurance Company to pay family 29 lakh compensation, says MACT
The family of a businesswoman, who was killed after being hit by a rashly driven bus, has been awarded a compensation of over Rs 29 lakh by a Motor Accident Claims Tribunal (MACT) here. Read more
Explain the concept of Lok Adalat. Advantages of Lok Adalat Settlements from the viewpoint of insurance companies?
For the purpose of bringing about voluntary settlement of disputes Hon’ble Shri P.N.Bhagwati, the ex-Chief Justice of the Supreme Court, conceived a unique concept of Lok Adalat or Lok Nyayalaya. Read more
United India Insurance Company and Tata AIG to pay Rs 41 lakh compensation: MACT
The Motor Accident Claims Tribunal (MACT) has directed insurers to pay the family of a deceased chartered accountant Rs 41 lakh as compensation towards their claim. The tribunal judge N B Dhaytadak also directed the transport agency to pay an interest at the rate of 7.5% till realisation of the claim amount.
New India Assurance Company to pay kin of road mishap victim Rs 10.82L compensation
The family of a 44-year-old man, who died in a road mishap involving a rashly-driven truck, hasbeen awarded a compensation of Rs 10.81 lakhs by a Motor Accident Claims Tribunal (MACT) here. Read more
Reliance General Insurance to pay man Rs 19.24 lakh compensation for disability in mishap, says MACT
A man, who became 100 percent disabled after a rashly-driven truck ran over his both legs while he asleep on roadside, has been awarded around Rs 20 lakh as a compensation by a Motor Accident Claims Tribunal. Read more
Motor Third Party -Need To View Differently
Preface
Since revision in MV Act in the year 1988, incorporating of certain amendments with regard to limit of liability, time limit for filing claim petition, selected defense made available to insurers, widening of jurisdiction clause etc. are all together leading to high Incurred claim ratio in this segment and thus putting pressure on insurer’s financial performance in this global environment, particularly when self sustainability of each segment becomes of paramount importance and also a talk of the day. Read more