Law: Insurance Ordinance, 2000

Section: XXXIX,75,77,97,118,122(3)

Law: Insurance Rules, 2017.

Section: 41,54,56,57

Law: Corporate Insurance Agents Regulations, 2020

Section: 18(f)

(a)    Insurance Ordinance (XXXIX of 2000)-------Ss.97, 118 & 122(3)---Insurance Rules, 2017, Rr.41, 54, 56 & 57---Corporate Insurance Agents Regulations, 2020, Regln. 18(f)---Insurance policy---Claim of policy holder---Communication with policy holder---Call Back Confirmation (CBC)---Proof---Duty of insurer---Phrase "thought out the policy cycle"---Scope--Insurance agent, qualifications of---Petitioner / policy holder was aggrieved of failure of respondent / insurer to return, at the time of maturity of policy, the full amount of premium deposited by him along with profits---Plea raised by respondent / insurer was that petitioner / policy holder had been communicated regularly through Call Back Confirmation (CBC)---Validity---Respondent / insurer was bound by law and had no option but to communicate policy holder the status of policy, unit linked policy, statutory funds, creation of statutory fund and units, allocation of units to policy holder and details of investment of amount of premium including name of the company or government security as required by law---Phrase "throughout the policy cycle" and any "ancillary matters" were very significant and were purposely inserted by law maker to safeguard and protect rights and particularly pecuniary rights of policy holder who was the only stake holder in insurance business---Steps or proceedings required to be communicated to policy holder were to be proved and established by insurer, through strong, reliable and cogent evidence---Respondent / insurer failed to prove CBC in accordance with terms of law---Conversation (CBC) recorded by respondent / insurer could not be termed as communication to petitioner / policy holder as CBC was totally silent about creation of funds, units and investment etc. and such type of evidence was not admissible in evidence---Insurance Tribunal decided relevant issues against respondent/insurer and in favour of petitioner / policy holder---Insurance Tribunal directed respondent / insurer to pay premium excluding the paid amount along with liquidated damages as laid down in S. 118 of Insurance Ordinance, 2000--Insurance Tribunal directed Insurance Companies…