No Insurance Risk Without Advance Premium Under Section 64VB: Supreme Court Sets Aside NCDRC Order Against New India Assurance

The Supreme Court of India has held that an insurer cannot be saddled with liability for risks where the turnover-based coverage limit under a policy has already been exhausted and no advance premium was paid in accordance with Section 64VB of the Insurance Act, 1938. A bench comprising Justice Sanjay Karol and Justice N. Kotiswar [...]