Insurance Act, 1938

 

Insurance
Act, 1938

 

Insurance
Law

It
being a beneficial legislation, a Court of law is to see to the interest of the
aggrieved person more than that of the insurer.

Meaning
of “pending action’ as contained in condition No. 19 of the Insurance Policy it
means not only a suit or other legal proceedings before. a Court but also means
and includes any legal action or claim pending before the relevant Insurance
Authority.

Shadharan
Bima Corporation Vs. Sanjib Kumar Das and another, 14BLD(HCD)109

 

Section—2(BD)

Policy
holder

‘Policy
holder’ includes a person to whom the whole of the interest of the
policy-holder in the policy is assigned once and for all, but does not include
an assignee thereof who interest in the policy is defensible or for the time
being subject to any condition.

M/s Janata
Insurance Co. Ltd. Vs MIs Islam Steel Mills Ltd. and another, 21 BLD (HCD)96

 

Section—47B

Code of
Civil Procedure, 1908(V of 1908)

Section—34

Section
47B of the Insurance Act, 1938 as amended by ordinance XXV of 1970 provides for
granting of interest on claims. This provision in fact, displaces the
discretion of the court conferred by section 34 of the Code of Civil Procedure
in the matter of granting interest. Hence, the plaintiff-appellant is entitled
to the statutory interest under section 47B of the Insurance Act. The court has
no discretion in the matter.

Chalna
Marine Products Ltd.; represented by its Managing Director Vs. Reliance
Insurance Ltd.; represented by its Managing Director and ors, 18 BLD(AD)69

 

Section—47B

Code of
Civil Procedure, 1908 (V of 1908)

Section—34

The
amended provision of the Insurance Act displaces the discretion of the Court in
the matter of granting interest.

Bangladesh
General Insurance Co. Ltd. Vs Chalna Marine Products Co. Ltd., 19 BLD (HCD)439

Ref:
18 BLD(AD) (1998) 69: 50 DLR (AD) 100—Cited.

 

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