Court rejects Irda decision on Willis India

In a set back for the insurance regulator, Insurance Regulatory & Development Authority (Irda), the Bombay High Court on Thursday has nullified the regulator s decision to reject the renewal of licence of Willis India Insurance Broker Pvt ltd. Willis India is a joint venture between the third largest international broker Willis and Bhaichand Amoluk, which has 74% in the insurance broking firm. In September, Willis India Insurance Broker s renewal licence was rejected by Irda as the brokers had allegedly committed a number of malpractices. Willis India then filed an appeal in Bombay High Court against the order on Sep18 and ...

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