annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10Since no reliefs were sought against it, IRDA whichhad been impleaded as one of the defendants tookthe plea that it is not concerned with the contractualdisputes between the plaintiff and the TPA and that itis not empowered to resolve or adjudicate the disputesbetween the plaintiff and the defendants 1 and 2 andto this effect had filed a written statement alongwithan application under Order 1 Rule 10(2) CPC seekingdeletion of its name from the array of parties.Order: While accepting the plea of IRDA, the Ld.Judge was pleased to dispose off the said applicationfiled on behalf of IRDA and vide Order dated26 th November, 2009 ordered deletion of the name ofIRDA from the array of parties.II.3.6 W.P. No. 1521/08 @ Hazera Khatun Vs. NIC &Ors in the High Court of GuwahatiThe petitioner challenged the action of NationalInsurance Co. Ltd of repudiating her claim upon thedeath of her husband, stated to be covered under theGroup Personal Insurance Policy taken by GoldenMulti Services Club Ltd. (GMSC) from NIC, insuringall the members of the Club.The claim was repudiated on the ground that it wasnot submitted by GMSC Ltd. within a period of 90 daysfrom the date of the accident. The petitioner submittedthat she had filed her claim form for payment of theassured sum, within the prescribed period i.e., twomonths from the date of accident but that the samewas forwarded by the GMSC to the insurer beyondthe prescribed period.Order: The Court by its Order dated 2 nd March, 2010while observing that as the claim was lodged by thepetitioner within the prescribed period and the GMSCLtd., had failed to submit the same to the insurer withinthe agreed period, the insurer ought not to have, inthe absence of any other reason, rejected the claimof the petitioner and on that basis quashed therepudiation of the insurer and directed the insurer tomake payment of such amount(s) due to the petitioner.4. INTERNATIONAL CO-OPERATION ININSURANCEInternational Association of Insurance Supervisors(IAIS)II.4.1 The International Association of InsuranceSupervisors (IAIS) was established in 1994 to promotecooperation among insurance supervisors and otherfinancial sector supervisors. Over the years, themembership has grown and insurance supervisorsfrom over 180 jurisdictions have become member ofthe IAIS. The IAIS has over 100 organisations andindividuals representing professional associations,insurance and reinsurance companies, internationalfinancial institutions, consultants and otherprofessionals as observers. This involvement reflectsthe increasing global nature of insurance markets andthe need for consistent supervisory standards andpractices. In addition, it recognises the importantcontribution that strong supervisory regimes makewhich leads to financial stability both within respectivejurisdictions and across markets. The IAIS providesan effective forum for standard-setting andimplementation activities by providing opportunitiesto both practitioners and policy makers to share theirexpertise, experience and understanding.II.4.2 The IAIS’s activities are undertaken with activeguidance of its Executive Committee, which comprisesof 15 voting members elected from different regionsacross the globe and the Chair of the BudgetCommittee who is an ex-officio non-voting member.This is complemented by the Technical Committee,the Implementation Committee and the BudgetCommittee, supported by their working parties. Theday-to-day business and affairs of the IAIS are takencare of by its Secretariat, located at the Bank forInternational Settlements in Basel, Switzerland.II.4.3 The IAIS develops principles, standards andguidance for effective insurance supervisory regimes.In doing so, it acts as a facilitator to establish andmaintain fair and efficient insurance markets for thebenefit and protection of policyholders. The IAIS alsoprepares ‘Issue Papers’ that provide background onspecific areas of interest to insurance supervisors.II.4.4 The IAIS collaborates closely with otherinternational financial institutions; internationalassociations of supervisors; and regulators toparticipate in and contribute to the shaping of financialsystems globally. The IAIS is also one of theconstituting bodies of the Joint Forum and participatesin the activities of its working groups. The IAIS is alsorepresented on the Financial Stability Forum. TheIAIS provides input to the International AccountingStandards Board (IASB) for its work on theInternational Financial Reporting Standards (IFRS)and more particularly on those standards, which arespecifically relevant to the insurance sector. The IAISis a member of the IASB’s Standards Advisory Council66