We would like to ensure that you are still receiving content that you find useful – please confirm that you would like to continue to receive ILO newsletters.
16 February 2021
In 2019 several pharmaceutical companies proceeded against General Insurance Corporation of India (GIC) Re before the Delhi High Court to challenge the revision of reinsurance premium rates. They claimed that the revisions were arbitrary and unreasonable. The court held that GIC Re's rate revisions were within its commercial wisdom and accordingly dismissed the writ petitions.
In 2020 the Automotive Tyre Manufacturers' Association (ATMA) brought a complaint against GIC Re before the Competition Commission of India (CCI). The ATMA stated that GIC Re had:
Further, the ATMA alleged that:
GIC Re filed a detailed response denying these allegations and on 27 January 2021 the CCI dismissed ATMA's complaint, holding that:
The CCI also relied on the Delhi High Court's order dismissing the writ petitions filed by several pharmaceutical companies against the implementation of GIC Re's circulars and endorsements.
For further information on this topic please contact Rajat Taimni or Saket Satapathy at Tuli & Co by telephone (+91 22 6725 5421) or email (email@example.com or firstname.lastname@example.org). The Tuli & Co website can be accessed at www.tuli.co.in.
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
ILO is a premium online legal update service for major companies and law firms worldwide. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.