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CS Professional · Banking and Insurance - Laws and Practice · Inspection, Investigation, Penalty and Appellate Procedure

Suraksha Life Insurance Ltd received an order of the IRDAI under the Insurance Act, 1938 on 1 March, and a copy was received by its compliance head on 5 March. Counting from the date of receipt of the copy, what is the normal period within which an appeal to the Securities Appellate Tribunal must be filed?

The normal period is 45 days, counted from the date on which the aggrieved person receives a copy of the IRDAI order. The Securities Appellate Tribunal may allow a later appeal only if it is satisfied that there was sufficient cause for the delay.

  1. A30 days
  2. B45 daysCorrect
  3. C60 days
  4. D90 days

Explanation

Under section 110(2), an appeal must be filed within forty-five days from the date on which the copy of the order is received by the aggrieved person. The period runs from receipt, not from the date of the order. Sixty or ninety days are not the statutory period.

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