Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2011 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 520 - HC - Indian LawsIRDA - Enhancement of the insurance premium - opportunity of hearing the petitioners/appellants - jurisdiction of the 1st respondent to issue a notification – Held that:- powers of the 1st respondent under Section 14(2)(i) of the Insurance Regulatory and Development Authorities Act (herein after referred to as the 'IRDA Act') and that before issuing Ext.P2, draft was published in the web site on 4.1.2011 inviting responses from the persons interested, following which there were series of discussions with Transporters Association and Insurers. As regards the enhancement, it was found that the 1st respondent had conducted studies and evolved a formula for the revision of rights based on settled parameters as set out, namely, average claims cost for each class of vehicle, frequency of claims for each class of vehicle and Cost Inflation Index for the year of review - Writ Petitions were dismissed
|