High Court of Punjab and HaryanaCWP/10617/2022disposed of

Pnb Metlife India Insurance Company Limited Through Its Branch Manager And ANR. v. Permanent Lok Adalat (Public Utility Services) And ANR.

2022-07-07Mr. Justice Raj Mohan Singh2 pages

CWP No. 10617 of 2022 -1IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP No. 10617 of 2022 Date of Decision: 07.07.2022 PNB Metlife India Insurance Company Limited and another -Petitioners

Versus

Permanent Lok Adalat and another -Respondents CORAM: HON'BLE MR. JUSTICE RAJ MOHAN SINGH

Present:

Mr. Rajbir Singh, Advocate, for the petitioners.

**** RAJ MOHAN SINGH, J. (Oral) Learned counsel for the petitioners submits that in pursuant to the award in question, an amount of Rs.1,65,929.27 has already been released in favour of respondent No.2. Only grievance of the petitioners is that Insurance Regulatory Development Authority (Treatment of Discontinued Linked Insurance Policies) Regulations, 2013 is prospective in nature and is applicable to Unit Linked Insurance Policy products offered by Life Insurance Company. Unless otherwise provided by these regulations, nothing in these regulations shall deem to invalidate the linked insurance policies entered prior to these regulations coming into force.

JYOTI SHARMA 2022.07.07 17:59 I attest to the accuracy and authenticity of this order/judgment

CWP No. 10617 of 2022 -2Prayer of learned counsel for the petitioners is that the present case may not be cited as precedent in other cases. Since, the payment has already been released in favour of respondent No.2, therefore, this case shall not be cited as precedent in any other cases. Interpretation based on Insurance Regulatory and Development Authority Regulations, 2013 is left open.

Petition is disposed of.

07.07.2022 (RAJ MOHAN SINGH) Jyoti Sharma JUDGE

1. Whether speaking/reasoned :

Yes/No

2. Whether reportable :

Yes/No JYOTI SHARMA 2022.07.07 17:59 I attest to the accuracy and authenticity of this order/judgment