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Direct insurance firms to pay motor claims in bank accounts: SC to courts

Business Standard LogoBusiness Standard9h ago

Direct insurance firms to pay motor claims in bank accounts: SC to courts - Business Standard

Quick Summary:

According to the practice extant, insurance companies, when they are supposed to pay a claim, either deposit the sum with the tribunal, or in some small percentage of cases, transfer it to the accounts of the claimants if directed by the tribunal in the award.

The Supreme Court on Tuesday asked courts and tribunals to direct insurance companies to transfer claim amounts directly to the claimants' bank accounts to avoid unnecessary delays.

"The general practice followed by the insurance companies, where the compensation is not disputed, is to deposit the same before the tribunal.


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Article Details

Category: BusinessFinance

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-18 @ 22:53:23 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 782 words

Reading Time: 5 minutes read

Sentences: 25 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 27155003

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About Business Standard

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 284 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 3 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #49

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