Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. of South Africa. The Company combines its international strengths and local advantages to offer its customers a wide range of innovative life insurance products, helping them take important financial decisions at every stage in life and stay financially independent. The company covers over 7 million lives and is one of the fastest growing insurance companies in India.

Kotak Life Insurance

Legal Department

Kotak Life Insurance

Mission

• To equip and empower the company with the best legal expertise, by evolving effective strategies with the optimum utilisation of legal tools to safeguard the interest of the company.

Structure

Key Functions - 1

Documentation• Policy contracts

• Vendor Agreements

• IT Agreements

• IPR related arrangements

• Investment related documents

• Loan documents

Key Functions - 2

Litigation• Handling civil/ consumer litigations involving

the company• Handling criminal litigation by or against the

company.• Reply to Legal Notices• Managing the network of 200+ Advocates on

company’s panel.

Key Functions - 3

Advisory• Opinions of Death Claims• Underwriting related opinions• Opinions on legal issues raised by Sales Team,

Customer Service Team or any other team of the company.

Key Objectives

– Research, knowledge sharing and legal awareness

• Circulation of judgments, circulars, guidelines etc.

– Conducting Legal Audits

– Creating quality infrastructure

Peculiar position of an Insurance Co.

• Deals with Financial Instruments/Assets • Financial Instruments/assets can be easily exchanged

and are vulnerable for fraud and misuse• Insurance companies act as trustees for the whole

body of Policyholders. Concept of “Pooling of Risk”.• Large payouts are Guaranteed in relation to the

premium paid, hence there is an incentive for fraudulent elements to indulge in misuse of the system

Expectations from Legal Department

•An active team of in-house Legal Counsel which protects/secures legal rights of the Company;•An enabler to the growth of business;•A watchdog on customers’ rights – to ensure that the customers are treated fairly.

Thank You