Page 22 - Insurance Times March 2016 Sample

Cover Story

ARBITRATION ACT
AS APPLICABLE IN
INSURANCE & ITS
VARIOUS LEGAL
ASPECTS

1. Introduction: 4. Indian Penal Code, 1860;
5. Evidence Act, 1872;
First of all let us ask the question - What is Law? - It is the 6. Code of Civil Procedure, 1908;
principles and regulations (collection of rules) established in 7. Consumer Protection Act, 1986 ;
/ imposed on a community by some authority and applicable 8. Motor Vehicles Act, 1988;
to its people, whether in the form of legislation or of cus- 9. Arbitration and Conciliation Act, 1996 ;
tom and policies recognized and enforced by judicial deci- 10. For Marine Insurance matters - mainly :
sion; Regimen of binding rules of conduct (whether written
or not) meant to enforce justice and prescribe duty or obli- a. Laws of Carriage - by Land, Air and Sea;
gation. The rules & regulation in a society tells you - 'What b. Marine Insurance Act, 1963;
to do and what not to do'. c. Carriage of goods by sea Act (COGSA) ,1971;
d. Carriage by Air Act, 1972;
Now focusing at the Laws that are affecting our Insurance e. Multimodal Transportation of Goods Act, 1993;
procedures, processes, and purposes in this Indian General f. Carriage by Road Act, 2007.
Insurance parlance, it may be noted that in the non-life In- 11. Prevention of Money- Laundering Act, 2002;
surance Sector, we are mainly governed by the following 12. Employees' Compensation Act, 1923;
acts: 13. Public Liability Insurance Act, 1991;
1. Insurance Act, 1938; 14. Railways Act, 1989;
15. Right to Information Act, 2005, and so on....
2. IRDA Act, 1999;
2. Alternative Dispute Resolution:
3. Indian Contract Act, 1872;
Alternative Dispute Resolution (ADR) is in recent times is the
About the author most recurring phrase in legal circles, seminars, symposiums

Anabil Bhattacharya

B.M.E. (Hons.), F.I.I.I.
C.M. & Faculty Member
N.C.I.L., Narendrapur
Kolkata

22 The Insurance Times, March 2016