The order is the largest in a series of income tax demands hitting India's life insurers, as the tax authority challenges the sector's treatment of reserves, fund losses, and exemption claims.
The ruling sets an important precedent that insureds cannot invoke the presumption of loss by perils of the seas where investigation was possible but not pursued.
The claimant allegedly relied on ChatGPT-generated legal guidance and filings, forcing the insurer to incur significant legal costs despite a previous settlement agreement.
Lee is executive vice president and general counsel, global life and general insurance, while Mark Eggleton is senior VP and general counsel, legal strategy and government affairs.
