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Insurance

Until recently majority of the Indians considered Insurance as an option and not a necessity.

However, due to an interplay of various factors such as upward surge in the costs of living, increasing industrialization and commercialization, educated workforce along with social issues such as number of dependants under the joint family system and absence of adequate aids and protections by the Government, insurance is fast becoming a “must have” for businesses and individuals.

Simultaneously, Indian businesses are adopting global standards and incorporating risk management systems to attract business partners and employees. Thus, insurance in India has become much more than risk-cover simplicitor.

LexCounsel provides comprehensive legal services in the insurance sector related to:

  • Foreign investment, regulatory and licensing conditions and compliances for life, health and general and project insurances and reinsurances;
  • Drafting of insurance programmes, policy wordings and regulatory approvals;
  • Joint ventures and umbrella arrangements, consortium underwriting, co-insurance arrangements and portfolio transfers;
  • Conduct of litigation and arbitration on insurance disputes, strategic analysis of strengths and weaknesses; and
  • Business partnerships and outsourcing arrangements in the sector.

Notable Representations

  • Hollard Insurance, South Africa’s establishment of a liaison office;
  • Arcadia Insurance’s direct broker license from the IRDA; and
  • Orange/France Telecom, UK in comparative assessment of employee policies offered by insurance companies.