Insurance laws of India:- Insurance law is a popular word for the general public. Insurance law is regulation of the business of insurance, insurance policies, claim handling and especially with regard to consumer policies.
It is the basic law relating to insurance law. It was used for all purposes relating to both life and general insurance companies businesses and their regulations. It is also prescribed law related to insurance committees, councils and associations.
IRDA act establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental there to and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business(Nationalization) Act, 1972.
Marine Insurance is the basic law relating to Marine insurance law. it was used for all purposes related to Marine insurance businesses and their regulations. Marine insurance law protection is provided against all types of risks arising from sea voyage land transport, damage to ship, cargo, and all other incidental risks relating thereto.
Life Insurance Act is the basic law relating to life insurance law. it was provide for the nationalization of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the corporation and for matters connected therewith or incidental thereto.
An act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the need of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment.
Public Liability Insurance Act to provide for public liability insurance for the purpose of providing immediate relief to the persons affected by accident occurring while handling any hazardous substance and for matters connected therewith or incidental thereto.
Actuaries Act to provide for regulating and developing the profession of Actuaries and for matters connected therewith or incidental thereto.
“Actuary” means a person skilled in determining the present effects of future contingent events or in finance modeling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates relating to insurance business.
An Act further to amend the Insurance Act, 1938 and the General Insurance Business (Nationalization) Act, 1972 and to amend the Insurance Regulatory and Development Authority Act, 1999.
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