NARAYAN SINGH Vs. NEW INDIA ASSURANCE COMPANY LTD

JUDGEMENT

(1.) HEARD the Learned Counsel for the parties.

(2.) IT is highly deplorable on the part of the Insurance Company to take undue advantage of the ignorance of the consumers. In 1994, a circular has been issued by the General Insurance Company with regard to the transfer of the vehicles and the transfer of insurance benefits automatically in favour of the transferee. The said regulation is part of the India Motor Tariff Regulations. The said regulation reads as under: Transfers:

(3.) IF the transferee wants to change the policy in his name, it may be done on getting evidence of sale and a proposal form duly completed. The old certificate of insurance must be surrendered to the insurance company and a new certificate of insurance can be issued by collecting a fee of Rs.15/-. If the old certificate is not surrendered, a declaration is to be taken from the new owner before issuing a new certificate.