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The Karnataka HC, answering to a petition on use of unclaimed claim amounts, asked the Regulatory and Development Authority (IRDA), to transfer the said amounts to Senior Citizens’ welfare funds. The fund referred to here is the Senior Citizens’ Welfare Fund set up under Finance Act of 2015. The petitioners alleged that numerous insurance companies had collected premium sums from a significant number of Indian residents, and that unclaimed policies/amounts remained after the maturity period or death of the persons insured. The petition had requested the court to formulate a policy for disbursement of the claim amounts. It was argued that unclaimed policies amounting up to Rs 15167 crore are lying with various insurance companies, and the same needs to be used for welfare. The court has also mandated that the Authority ensures that insurance companies abide by their Master Circular and are also required to report to the court periodically on the progress.
The General Transport Authority of Saudi Arabia has initiated a new regulation for the issuance of marine navigation licenses for ships flying the Saudi flag, foreign ships operating in marine areas, foreign pleasure ships, and marine units. A navigational license is required to be issued to Saudi ships that sail in international navigation or within the territorial borders of the Kingdom which...
Inability to claim compensation Question: Two months ago, one of my warehouses was exposed to a fire and the losses were massive. I have an insurance, but I had not paid the premiums for three months owing to some financial constraints. However, immediately after the fire broke out, I paid all the overdue premiums in full. But the insurance company has refused to pay any compensation, saying that...
If a consumer purchases a certain product, then the safety of such product needs to be ensured. What would a UAE citizen or consumer do if he/she is injured or supplied with a product that is defective or offers defective service or does not meet reasonable safety or prescribed standards? To solve this problem, The United Arab Emirates provides for certain Laws that deals with ‘Product Liability’...
The UAE has been a digital innovator since its founding. It leads the Arab world with respect to its digital progress and preparedness for the future and has earned a name as one of the most tech-savvy countries in the world. It has been quick in adapting to digital transformation and new technologies at breakneck speeds; both in the government and private sectors. And so, cyber safety and digital...
The Dubai Commercial Court of Appeal upheld a judgment issued by a Court of First Instance, that rejected an insurance company's claim for AED 1.25 billion from six contractors over the Address Hotel fire that broke out on New Year's Eve 2015. The insurance company which attempted to recover the AED 1.25 billion it had paid as part of an insurance claim, has lost its case in the Dubai Civil Court....
The federal government and private sector employees must subscribe to the UAE's new social security support program from January 1st, 2023. The Ministry of Human Resources and Emiratization (MoHRE) signed an agreement with 9 local insurance companies that sets up the framework for the Unemployment Insurance Scheme. The new unemployment insurance law is an essential part of the legislative and legal...