Legal Question in Insurance Law in India

Legal Advice

hi, my query is as follows: in 2003 i was working as insurance agent in one of the private insurance company and bought policy with a premium of rs 25 lac per yr and i got the commission out of that but after one day i got the info that that check for 25 lac was not cleared and my manager asked me not to use that money and it will be revert back, i have not used that money till one month but no one taken that money back. after waiting for 2 more month i used that money. now after 4 yrs i received letter from that insurance company to refund that money, pls advice me what to do in this case as i dont have that money with me, i have used it. pls suggest as i was not at all faulty.


Asked on 9/01/07, 10:20 am

3 Answers from Attorneys
G. M. Gupta gmguptaandassociates

Re: Legal Advice

u were at fault and have to pay but at best u can ask them not to impose any penalty or interest

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Answered on 9/01/07, 10:30 am
Vipindas Thalakalat Das and Das

Re: Legal Advice

You have to furnish the reasons stated in the refund demand letter .Without the reasons it may not be possible to advice you properly

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Answered on 9/01/07, 12:32 pm

Re: Legal Advice

In view of your assertions,You are not liable to return the commissioned money.However,all details are required to be examined to give any advise on query.In case of need,you may contact with details.Professional charges are applicable.

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Answered on 9/01/07, 2:25 pm


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