SAT-IRDAI standoff: Jagson International denies any wrongdoing in broker transfer case

Offshore drilling firm Jagson International today denied all allegations in a broker transfer case. As reported by Moneycontrol, Securities Appellate Tribunal (SAT) had on Friday, hearing a case against Insurance Regulatory and Development Authority of India (IRDAI), called for the insurance regulator to take a fresh look at the case, while also asking member (non-life) PJ Joseph to step aside from looking into this matter.

In a statement, Jagson International said that it strongly denied every allegation appearing in media reports. This company in engaged in offshore drilling for oil and gas exploration for over three decades.

The case pertains to UK-based insurance broking firm Atkins Special Risks, which from 2002 to 2012, which had provided international re-insurance cover to Jagson International. They (Atkins) had alleged in their submission to SAT that this said firm (Jagson) and its officials allegedly demanded a cut from commission from 2010 which they declined. Post this, the reinsurance business was given to Marsh India Insurance Brokers.

Citing alleged financial irregularities, Atkins had said in its complaint to SAT that though they filed a complaint with IRDAI in this matter, P J Joseph who heard the case had disposed off the complaint.

According to the spokesperson of Jagson International, “We are exploring all the remedies which are available to us in law for managing our brand from wrong allegations.”

Insurance broking firm Marsh India Insurance had also in a statement denied any wrongdoing in the case.

SAT has not taken any view on the case. In its judgement, it said that has not expressed any opinion on the merits of the complaint filed by the appellant.moneycontrol

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