Minister of State in the Ministry of Finance Shri Santosh Kumar Gangwar today stated that the total number of pending arbitration cases in Public Sector Insurance Companies is 154 and the amount involved thereto was Rs. 2239.42 crore.
In a written reply to a question in Rajya sabha he mentioned that total number of arbitration cases where the award has gone against the Public Sector Insurance Companies is 46 and the amount awarded was Rs.150.60 crore. He also stated that a total number of 17 arbitration award cases were not challenged by Public Sector Insurance Companies and the amount paid to the beneficiaries was Rs.17.05 crore.
“Criteria adopted by Public Sector Insurance Companies is legal analysis of the arbitration award which is based on arbitration proceedings, departmental observations and legal advice. Number of cases of Public Sector Insurance Companies settled since the financial year 2015-16 is eight”, he said.
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