The Delhi High Court has directed the Insurance Regulatory and Development Authority of India (Irdai) to convene an urgent meeting of insurance companies in Delhi to address the problem of 'duress and coercion' used by them to force a contracting party to abandon legitimate rights under law. The order was passed in the judgment, Worldfa Exports Ltd vs United India Insurance. The conduct of the companies, violating the provisions of the Contract Act and consumer laws, was severely condemned by the court. The firm in this case had taken a fire insurance policy and there was a fire in its premises. It claimed Rs 12 crore, but the surveyor assessed the loss at Rs six crore. The insurer tendered Rs 5.62 crore and asked the firm to send an undated discharge voucher in 'full and final settlement' of the claim. The company which was in distress due to the long delay in settling the claim signed the voucher. The high court pointed out that no law permitted an insurance compa...