What are the various compliances under Public Liability Insurance Act, 1991?
CS Executive · Setting up of Business Entities and Closure · PYQS · December 2024
What are the various compliances under Public Liability Insurance Act, 1991?
Answer & Explanation:
The salient features of compliance under the Public Liability Insurance Act 1991 are as follow: Owner to provide relief in case of death or injury or damage to property from an accident on the principle of no fault. Owner to draw insurance policies more than the paid-up capital but less than ₹ 50 Crores. 'Paid-up Capital' is the market value of all assets and stocks on the date of insurance. Owner to pay additional amounts as contribution to the 'Environmental Relief Fund'. Owner to provide any information required for ascertaining compliance with the provisions of the Act. Owner to allow entry and inspection to ascertain compliance with the provisions of the Act. Owner to pay the amount of an award as specified by the Collector Comply with the directions issued in writing by the Central Government, directions may include; Prohibition or regulations of handling of any hazardous substances, Or Stoppage or regulation of the supply of electricity, water or any other service
Topics: Environmental Laws
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