Insurance has become a household term and is a basic part of life. There is much legislation that regulates insurance law, but what matters is the way each legislated rule and guideline is put into practical functionality. The following statutes regulate the functioning of the insurance sector in India:
1) The Insurance Act, 1938
2) The Life Insurance Corporation Act, 1956
3) Marine Insurance Act, 1963
4) General Insurance Business (Nationalization) Act, 1972
5) Insurance Regulatory and Development Authority (IRDA) Act, 1999
We also advise companies for defining their strategy to enter into insurance sector in India, including investment structuring, the insurance regulatory framework and obtaining the requisite approvals. We advise our clients on the specific laws applicable as per the situation they face. Apart from the insured ones, we also have a success in representing certain insurance companies in Tribunals and other forums. We have also extensively worked with the insurance regulator i.e. Insurance Regulatory Development Authority (“IRDA”), on various policy and regulatory issues.