Insurance dispute settlement mechanism in India
A critical analysis
Keywords:
insurance, IRDAI, litigation, insurable interest, consumer forums, commercial courts, arbitration, insurance fraudAbstract
Insurance is the best way to deal with various risks and losses incurred, be it health, life or property. It is necessary as well as beneficial for both individuals and corporate citizens. However, India still has a limited insurance reach. There is a sizable underserved market because of the overall insurance penetration (premiums as a percentage of GDP) in FY21, which was 4.2 per cent. An inefficient dispute settlement mechanism could be one of the reasons for such low penetration. Therefore, it is necessary to identify the current challenges and loopholes in the regulation of the insurance sector and the litigation procedure followed and how much the interests of the insured are protected. The objective of this research is to critically analyze the insurance litigation process in India, including the interpretation of insurance contracts, the validity of the arbitration clause, the functioning of civil courts and the consumer forums etc. and to find out the scope of the improvements in various provisions, thereby suggesting the appropriate measures to deal with the issues
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