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. 

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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.

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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.

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