The Firm

Solaris Legal is a boutique Indian law firm with a focus on contentious insurance and reinsurance work.

We are one of the few Indian firms with a dedicated and experienced team of lawyers servicing this niche clientele across the country through its office in New Delhi and network of lawyers in various cities. Our lawyers have been consistently recognized as industry-leading individuals in credible legal publications such as Legal500, Chambers & Partners, Who’s Who Legal, and Expert Guides. At Solaris, our aim is to listen to our clients, understand their issues in-depth, and help them with legally sound and commercially prudent solutions.

The broad range of our work in this sector includes:

• Coverage advice at pre/post litigation stage: We are frequently instructed at the time of, or shortly after, the notification of a claim with a view to avoid disputes or to ensure that before any dispute occurs, the client’s rights and position are protected;

• Litigation and Arbitration: Disputes before Civil/Consumer Courts, or Arbitral Tribunals across the country and internationally where foreign parties are involved;

• Commercial settlements: Where pragmatic and necessary, we advise clients on settlements and assist in achieving the maximum possible benefit through direct negotiations or more structured processes such as mediation;

• Subrogation: Recovery actions post-indemnification by insurers;

• Defence: In claims involving liability products, we are frequently instructed to ascertain coverage under a range of policies and to defend Insureds against third party claimsif coverage is confirmed and there are no conflicts.

Our team is experienced in dealing with contentious issues arising from a variety of products such as Fire, Mechanical Breakdown, all forms of Business Interruption policies, Contractors All Risks (CAR), Erection All Risks (EAR), Industrial All Risks (IAR), bespoke Mega Risk policies, Errors & Omissions (E&O), Directors & Officers (D&O), Commercial General Liability (CGL), Public Liability, Product Liability/Recall, Trade Credit Insurance, Clinical Negligence, Crime, BBB, etc. The typical issues on which we assist clients arise from pre-inception (non-disclosure/ misrepresentation of material information; pre-existing circumstances) to post inception (delayed notifications; breach of warranty, interpretation of insuring clauses, scope of exclusions, breach of policy conditions, duty/right to defend, allocation of defence costs, subrogation/assignment,  deductible and aggregate clauses).

Solaris also deals with, and assists clients on, a wide variety of reinsurance issues including in relation to issues arising from claims control/cooperation clauses in the RI slips.

In relation to liability business, besides India, Solaris has the ability to handle and advise on claims made in a wide range of geographical regions through its network of firms to provide legal support in many parts of the world including Auckland, Birmingham, Bristol, Dublin, Leeds, London, Madrid, Manchester, Mexico City, Newcastle, Newport, Ottawa, Singapore, Toronto, Wellington and Winchester, and all major cities in the United States.

REGULATORY ASSISTANCE

Besides contentious work, Solaris also assists clients on a wide range of regulatory issues in the
insurance and reinsurance industry.

Our work in this filed includes:
• Advice on Insurance law, including the Insurance Act, 1938 and related regulations, policies,
and guidelines formed by the IRDAI;

• Transactional advisory for domestic and international clients;

• Distribution of insurance products;

• Filing and procuring regulatory approvals, compliance, advice on various regulatory matters, in connection with structuring inbound investment of foreign insurers/intermediaries and restructured promoter holdings in India to make the insurer conducive for investment.

• Providing assistance on insurance start-ups, joint ventures, investment structuring, setting up of liaison/branch offices, drafting transaction documentation, conducting due diligence reviews, ongoing investment and corporate finance advice for both domestic and international players in the insurance sector;

• Providing assistance on product development including developing, drafting and certifying, general and life insurance product wordings. Periodical updating of policies to cater to the IRDAI’s regulations and guidelines prescribed from time to time such as unit-linked products sold by life insurance companies

• Providing assistance in procuring regulatory approvals for insurers, loss adjusters, TPAs, brokers and corporate agents and assisting with compliance issues such as maintenance of solvency margins

• Structuring distribution networks and modes for commission, referral payments, brokerage and other remuneration to insurance intermediaries in accordance with various IRDAI regulations including the IRDAI (Licensing of Corporate Agents) Regulations, 2002, IRDAI (Insurance Brokers) Regulation, 2018, IRDAI (Insurance Advertisements and Disclosure) Regulations, 2000 and IRDAI (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 and various circulars issued by the IRDAI

• Liaising with the IRDAI on compliance-related issues and regular interactions with officials of IRDAI on the interpretation of insurance laws

REPRESENTATIVE LIST OF MATTERS

• Acting for a large European Insurer to provide coverage advice and associated monitoring for a claim under a D&O Policy. The claim was made by one of the largest Indian multinational conglomerates and stems from the Board’s decision to remove the Policyholder’s Executive
Chairman. It is historically one of the most significant D&O claims in India and defence Costs in excess of GBP 16 million have been incurred.

• Acting for a number of European Insurers to provide coverage advice and monitoring for a claim under an E&O Policy. The claim was made by one of the largest global Information Technology companies and pertained to deficiencies in services provided by the Policyholder to an American brewing company. The claim was initially pegged in excess of USD 100 million and costs of USD 6 million were incurred.

• Acting for a large European Insurer to provide coverage advice and monitoring for a claim under an E&O Policy. The claim was made by one of the largest global Information Technology companies for deficiencies in services provided by the Policyholder to an American energy
retailer.

• Instructed by the largest public sector insurer in India to for a claim brought under a D&O Policy issued to one of the largest public sector banks in India. The claim pertains to one of the biggest banking frauds that occurred in India in 2018. It involves the bank’s employees issuing loans of USD 1.8 billion to a company against fraudulent letters of undertaking in breach of the approved internal procedures prescribed by the Bank.

• One of India’s largest private non-life insurance companies to advise on coverage for claims made under an E&O Policy issued by it to one of the big 4 accounting companies. The claim arises out of alleged deficiencies in audit on the part of the Policyholder in its capacity as the statutory auditor of an Indian infrastructure financing company that has been alleged to have falsified its accounts.

• One of India’s largest private non-life insurance companies to advise on coverage for claims made under a D&O Policy issued by it to one of the largest stock exchanges in India. The claim pertains to regulatory and criminal investigations commenced against the exchange as a result of a whistle-blower complaint to the Securities and Exchange Board of India.

• Advising the largest Indian petrochemicals company on their entire insurance portfolio from an exposure standpoint and to supplement cover where necessary.

• One of India’s largest private non-life insurance companies to advise on coverage for claimsmade under a D&O Policy issued by it to one of the big 4 accounting companies. The claim stems from regulatory and criminal enquiries commenced against the auditor from contravening the foreign exchange legislation in India by accepting investments from associated companies in the guise of grants.

• One of India’s largest private non-life insurance companies, is advising its client in relation to a claim pursued under a commercial crime policy brought by one of the world’s largest IT service providers. The matter involved questions of subrogated recovery and an interpretation of
issues surrounding the rights of an insurer in the event of a subrogated recovery.

• An Indian private non-life insurance company, in relation to a claim that was brought under an errors and omissions insurance policy by one of the largest stock exchanges in the country.

• One of India’s largest private non-life insurance companies in relation to a claim brought by a business consulting and IT services company under a Technology and Telecommunications Professional Indemnity Insurance Policy issued to it by the Insurer. This claimarises out of a demand of compensation by a third-party company in the USA for the unauthorised access and obtaining of confidential data by an employee of the insured.

• A London headquartered PE firm on minority stake acquisition of a health insurance company, including structuring, due diligence, and documentation.