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The Securities Appellate Tribunal (SAT) has adjourned an appeal against the insurance regulator, after its counsel sought time to file a reply.
They have been given six weeks to do so. Another three weeks will be given to the opposing counsel to file its own replies. The case will now be heard on July 9. SBI Life Insurance had filed the appeal against the Insurance Regulatory and Development Authority of India (Irdai). It moved the tribunal following an order to refund customers of a single premium policy.
The tribunal typically hears appeals against the Securities and Exchange Board of India. This would be the first time it is hearing an appeal against the insurance regulator. There is still some lack of clarity on how the appeal is to be conducted. The Insurance Amendment Act allows SAT to hear appeals against Irdai but the post of additional judge created to deal with the same, is said to be still vacant. Others have pointed out that regulations governing SAT are yet to be amended to bring it in line with the amendment in insurance regulations.
The case relates to a Rs 275-crore refund order that the insurance regulator passed against the life insurer. It had asked SBI Life to refund this policy amount to all policyholders who had purchased it in the past, on grounds of irregularities in the way that it was sold to customers.
Senior advocate Darius Khambata appeared on behalf of SBI Life Insurance. Rubin Vakil is the advocate for Irdai, according to the SAT records.
They have been given six weeks to do so. Another three weeks will be given to the opposing counsel to file its own replies. The case will now be heard on July 9. SBI Life Insurance had filed the appeal against the Insurance Regulatory and Development Authority of India (Irdai). It moved the tribunal following an order to refund customers of a single premium policy.
The tribunal typically hears appeals against the Securities and Exchange Board of India. This would be the first time it is hearing an appeal against the insurance regulator. There is still some lack of clarity on how the appeal is to be conducted. The Insurance Amendment Act allows SAT to hear appeals against Irdai but the post of additional judge created to deal with the same, is said to be still vacant. Others have pointed out that regulations governing SAT are yet to be amended to bring it in line with the amendment in insurance regulations.
The case relates to a Rs 275-crore refund order that the insurance regulator passed against the life insurer. It had asked SBI Life to refund this policy amount to all policyholders who had purchased it in the past, on grounds of irregularities in the way that it was sold to customers.
Senior advocate Darius Khambata appeared on behalf of SBI Life Insurance. Rubin Vakil is the advocate for Irdai, according to the SAT records.
