F. I. REBELLO, J.:- The 1st Petitioner, a Company registered under the Companies Act, is engaged inter alia in the business of assignment of life insurance policies issued by the 1st respondent. The 2nd petitioner is the Director and shareholder of 1st petitioner. The 1st respondent is the statutory corporation established under Section 3 of the Life Insurance Corporation Act, 1956 which hereinafter shall be referred to as the Life Insurance Act. The respondent No.2 is the statutory authority established under Section 3 of the Insurance Regulatory & Development Authority Act, 1999 which hereinafter shall be referred to as IRDA. According to the petitioners, their business involves acquiring life insurance policies from the policy holders by paying value consideration to the policy holder. An Insurance policy would be assigned by the policy holder to the 1st petitioner in lieu of valid consideration. The assignment will be registered and recorded in the books of the 1st respondent. The 1st petitioner would further assign the said insurance policy to a third party for consideration. The said further assignment would again be registered and reflected in the books of the 1st respondent

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