GOVERNMENT OF BALOCHISTAN (GOB) versus UNITED INSURANCE COMPANY OF PAKISTAN LTD.
Sections 127, 129 and 130 of the Securities and Exchange Commission (Insurance) Rules, 2002, R 35 Appeal against an order approved by the Federal Ombudsman Appointment were contracted with a company and the amount paid by the plaintiff to the respondent / Performance guaranteed. The insurance company company, without any objection, was required to limit the amount of the appellant to the claim within the validity period; the insurance company had defaulted on the payment of the amount approved by the appellant, the appellant contracted. Terminated because the guarantee period extends to one year, notices were given to the insurance company, but the insurance company rejected the claim of the appellant, the Treasury Department of the provincial government filed the complaint with the Ombudsman against the insurance company. , But without the compulsory procedure for filing a complaint under Section 129, the Insurance Ordinance In 2000, the Ombudsman filed this complaint by the Lord. The Appellant / Provincial Government was incomplete. On the basis of the Ombudsman's order complaining against the aggrieved persons, the Appellant / Provincial Government filed an appeal before the Commission. That public money was misused. The guarantee obtained was not a performance guarantee, but a financial guarantee for which the appellant did not have reinsurance. According to the Securities and Exchange Commission (Insurance) R35, the point that the insurance company raised by the insurance company that the government was similar to other litigation was correct, however, the non-receipt of premium, under the insurance contract. There was no justification for avoiding responsibility. (Rules, 2002; consult this guarantee)
Related judgments — Securities and Exchange Commission of Pakistan, 2010
