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Insurance Law Insurance law in India covers the Acts like The Insurance Act 1938, IRDA Act 1999 and the various Regulations framed by IRDA to control, regulate and ensure orderly growth of insurance sector in the interest of consumers in India.Insurance law also include the specific Acts related to specific policies like The Motor Insurance Act 1988 for Motor Insurance Policy, The Public Liability Insurance Act 1991 for Compulsory Public Liability Insurance Policy,The Workmen Compensation Act 1923 for Workmen Compensation Insurance Policy etc. There are other laws which are concerned with the interests of consumers like The Consumer Protection Act 1986. The various Acts and IRDA’s Regulations are amended periodically. Hence to know the present latest provisions, the Acts & Regulations are required to be studied with all the amendments. IRDA also issues various circulars to amend the regulations which are also required to be seen to update with the present position/instructions of IRDA. Basically, in the insurance, the terms & conditions of policy of insurance or contract of insurance along with proposal form govern the fate of insurance.However, the Supreme Court of India has laid down through its various judgements the present position in various insurance matters/claims which should be studied to know the present prevailing legal position in an insurance matter. IMPORTANT ACTS, IRDA's REGULATIONS GOVERNING INSURANCE The Insurance Act 1938 IRDA Act 1999 Regulations notified by IRDA Regulations Issued in 2000: 1. IRDA The Insurance Advisory Committee (Meetings) Regulations, 2000 2. IRDA Assets, Liabilities, and Solvency Margin of Insurers Regulations, 2000 3. IRDA Obligations of Insurers to Rural Social Sectors Regulations, 2000 4. IRDA Licensing of Insurance Agents Regulations, 2000 5. IRDA Appointed Actuary 2000 6. IRDA Actuarial Report and Abstract 2000 7. IRDA Registration of Indian Insurance Companies 2000 8. IRDA Insurance Advertisement and Disclosure 2000 9. IRDA The IRDA (Meetings) 2000 10. IRDA Investments (Life and General) 2000 11. IRDA Statements of Accounts 2000 12. IRDA General Insurance - Reinsurance Regulations, 2000 13. IRDA The IRDA (Staff) 2000 14. IRDA Surveyors and Loss Assessors 2000 15. IRDA Reinsurance –Life 2000 Regulations Issued in 2001 1. IRDA Third Party Administrators 2001 2. IRDA Revised Investment Regulations in April 2001 Regulations Issued in 2002 1. IRDA Licensing Of Corporate Agents) Regulations, 2002 2. IRDA Manner of Receipt of Premium Regulations, 2002 3. IRDA Licensing of Insurance Agents ) (Amendment) Regulations, 2002 4. IRDA Protection of Policyholders’ Interests Regulations, 2002. 5. IRDA ( Insurance Brokers ) Regulations, 2002 6. IRDA ( Manner of Receipt of Premium ) Regulations, 2002 10. IRDA ( Protection Of Policyholders' Interests) (Amendment ) Regulations, 2002 Regulations Issued in 2003 1. IRDA (Registration of Indian Insurance Companies) (Amendment) Regulations, 2003 Regulations Issued in 2004 1.IRDA (Qualification of Actuary) Regulations, January 2004 3. IRDA (Investment) (Amendment) Regulations , January 2004 Regulations Issued in 2005 1. IRDA (Micro-Insurance) Regulations, 2005 Regulations Issued in 2008 1. IRDA(Registration of Indian Insurance Companies) (Amendment) Regulations, 2008 2. IRDA(Obligations of insurer's to Rural or Social Sector)(Third Amendment) Regulations'2008
Guidelines on Corporate Governance for the Insurance Sector IRDA vide letter no. IRDA/F&A/CIR/025/2009-10 dated 05-08-2009 has issued detailed guidelines to all insurers on corporate governance for the insurance sector for compliance with effect from 01-04-2010 and an Amendment No.1 has been issued vide letter no.IRDA/F&I/CIR/F&A/014/01/2010 dated 29-01-2010
Source: www.irda.gov.in Note:The above Acts & Regulations & Corporate Guidelines in full are available at IRDA’s website mentioned above.
Other Acts related to Insurance 1.The Life Insurance Act 1956 2.The General Insurance Business (Nationalisation) Act 1972 Other Acts related to Insurance contracts 1.The Motor Vehicles Act 1988 2.The Public Liability Insurance Act 1991 3.The Workmen Compensation Act 1923 4.The Marine Insurance Act 1963 5.The Indian Carriage of Goods by Sea Act 1925 6.The Merchant Shipping Act 1958 7.The Indian Bills of lading Act 1856 8.The Major Ports Trust Act 1963 9.The Carriage by Road Act 2007 10.The Indian Railways Act 1989 11.The Indian Post office Act 1898 12.The Carriage by Air Act 1972 13.The Multi-Modal Transportation of Goods Act 1993 14.The Inland Vessels (amendment) Act 2007 15.The Sale of goods Act 1930 16.The Indian stamp Act 1899 17.The Foreign exchange Regulations Act 1973 18.The Indian Contract Act 1872 The Act/Rules concerning consumer interests 1.The Consumer protection Act 1986 2.The Redressal of Public Grievances Rules,1998 (u/s114(1) of Insurance Act 1938 (www.irdaindia.org)
Note: All the above Acts in full are available at website www.indiacode.nic.in |
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