Insurance & Reinsurance Law
Preach Law LLP possesses vast experience in the insurance sector, having
handled the entire gamut of insurance law issues. As part of its insurance
experience, the firm has advised and is advising companies in connection with
entry strategy into the insurance sector in India, including investment
structuring, the insurance regulatory frame work, and obtaining the requisite
approvals. We also assists foreign insurance majors in choosing their joint
venture partners and in conducting the requisite legal due diligence; negotiating
joint ventures; drafting of various transaction documents, etc. Insurance has
become a household term and is a basic part of life. There is much legislation
that regulates insurance law, but what matters is the way each legislated rule
and guideline is put into practical functionality. The following statutes regulate
the functioning of the insurance sector in India:
1) The Insurance Act, 1938
2) The Life Insurance Corporation Act, 1956
3) Marine Insurance Act, 1963
4) General Insurance Business (Nationalization) Act, 1972
5) Insurance Regulatory and Development Authority (IRDA) Act, 1999
We also advise companies for defining their strategy to enter into insurance
sector in India, including investment structuring, the insurance regulatory
framework and obtaining the requisite approvals. We advise our clients on the
specific laws applicable as per the situation they face. Apart from the insured
ones, we also have a success in representing certain insurance companies in
Tribunals and other forums. We have also extensively worked with the insurance
regulator i.e. Insurance Regulatory Development Authority (“IRDA”), on
various policy and regulatory issues.
Nature of Dispute:
We provide legal advice and representation related to Insurance Laws as well as
address insurance and reinsurance coverage issues arising out of a wide variety of
claims, including:
●Bad faith claims
●Environmental related claims
●Construction defect claims
●Construction bodily injury claims
●Personal injury claims
●Employment-related claims
●Product liability claims
●Professional liability claims
●General liability claims and
●Claims related to storm, fire, water losses, etc.
Our services:
The insurance sector has also been fast developing. Our Firm deals in insurance
and financial institutions regulations. Preach Law LLP finance practice represent
lenders, underwriters, arrangers, borrowers and other clients in their various roles
in financing transactions and provide reasoned and timely advice concerning
mergers and acquisitions, leveraged buyouts, tender offer financings, joint ventures,
and other credit transactions. We also deal in obtaining licensing and regulatory
approvals for unit trusts and investment companies.The insurance sector has also
been fast developing. Our Firm deals in insurance and financial institutions
regulations. We provide legal advice and representation related to Insurance Laws
as well as address insurance and reinsurance coverage issues arising out of a wide
variety of claims, including bad faith claims, environmental related claims,
construction defect claims, construction bodily injury claims, personal injury
claims, employment-related claims, product liability claims, professional liability
claims, general liability claims and claims related to storm, fire, water losses, etc.
Our Firm’s finance practice represent lenders, underwriters, arrangers, borrowers
and other clients in their various roles in financing transactions and provide
reasoned and timely advice concerning mergers and acquisitions, leveraged
buyouts, tender offer financings, joint ventures, and other credit transactions. We
also deal in obtaining licensing and regulatory approvals for unit trusts and
investment companies.
