Page 29 - Insurance Times March 2016 Sample

with international standards. As India was viewed as a ju- Get Latest News / Updates on Insurance Sector
risdiction which offered excessive judicial interference, the
grounds on which awards arising out of international com- THE INSURANCE TIMES
mercial arbitrations seated in the country may be challenged
has been limited. Widely Read Monthly Magazine on Insurance in India

In addition, contrary to the previous position, the Amend- Covers Schemes
ment Act has mandated no more automatic stay on filing a
challenge to an arbitral award in absence of a specific or-  Life Insurance 1 Year 840 
der from court. The amendments are salutary with an aim
to make India an attractive investment destination, but it  Non Life Insurance 3 Year 1900 
may not be possible to adhere to all the strict standards
prescribed. For example, in a complex arbitration, it may  Risk Management / Safety 5 Year 2600 
not be possible to complete the entire arbitration within 12
months and, therefore, we will see more applications being  Consumers
filed before the courts for extension of time.
Subscribe Now !!
Further, by giving the Amendment Act prospective effect,
the amendments would not be applicable on the existing ORDER FORM
arbitrations which have commenced before October 23,
2015; it thereby reduces the immediate impact of such New Rental Subscription No.
amendments. The appointing authority for arbitrators (i.e. (Please tick)
in absence of party-nominated arbitrators) is still the court
and any recourse to the courts add on to their burdens, Name of Executive :
which, in any event, are suffering from pendency of cases.
Designation:
Instead, a nationwide institution could have been established
to administer and also act as appointing authority from a Company's Name :
larger team of practitioners who have experience in deal-
ing with complex disputes. Independent of the amend- Address :
ments, there is also an urgent need to introduce a change
in the mindset and culture in the way arbitrations are con- Pincode :
ducted in India to make it an efficient and effective alter-
nate dispute resolution mechanism. Phone : Mobile :

The year 2015 saw a huge rise in cross-border transactions Fax : E.Mail :
in the country. The Competition Commission of India saw a
record filing of 115 merger and acquisition cases-the high- Publication Order :
est registered in a calendar year-and even foreign direct
investment went up by 49%. Therefore, the Arbitration *Scheme Opted : No.of Copies
Amendment Act is the step towards the right direction and
will help promote ease of doing business in India, thereby (Please mention the sheme name example : It-1, Lit-1 or Combo 4-1)
boosting investor confidence.
Period of Subscription : From to
Reference:
Details of payment : Cash/M.O./D.D./Cheque* No
Different contemporary discussions & information as col-
lected & collated from various text materials available on- Dt drawn Rs.
line & in hard copies.
Ordinary Registered Post (Please tick)

*For outstation cheque please add Rs.50/- towards bank charges.
Outstation cheques accepted in metro cities only. No Charges ap-
plicable for payable at per cheques.

Do not make any Cash Payment

for Subcription of Journals Signature of Subcriber

Please tear and send it along with your letter

Mode of Payment

1. Payable at per Cheque/Demand Draft favouring Sashi Pulbications

Private Limited, Payable at Kolkata

2. You can directly ECS/Deposit cash in our bank account number

below in your city and send us copy of Pay in slip by email/fax.

A/C Name : Sashi Publications Private Limited

A/C No. : 402120110000327

Bank : Bank of India

Branch : V V K Road Branch., Kolkata, India

IFSC Code : BKID0004021

Make Online Payment by Credit Card/Debit Card or your net banking

account at our website www.sashipublications.com

The Insurance Times, March 2016 29