Insurance Act, 1938
It is the basic law relating to insurance which prescribes the procedures and requirements to comply with by insurance companies while doing the business of insurance and re-insurance. It also prescribes the provisions relating to insurance associations, councils and committees.
Insurance Regulatory and Development Authority (IRDA) Act, 1999 and the IRDA Rules & Regulations
The duties, powers and functions of the IRDA have been specified under Section 14 of the IRDA Act, 1999. The IRDA has the duty to promote, regulate and ensure orderly growth of the insurance and re-insurance businesses across India, subject to the provisions of this Act and any other additional law that is being enforced. This Act also lays down the code of conduct for insurance intermediaries.
The Motor Vehicles Act, 1988
It prescribes provisions relating to third party insurances to be obtained by motor vehicle owners and also the duties of the insurers towards third parties in cases of accidents.
The Insurance Rules, 1939
Provides for licensing of various intermediaries and appointment of various committees and the compliances to be observed by insurance companies while operating in the business of insurance.
The Redressal of Public Grievances Rules, 1998
Provides for constitution of grievance redressal machinery for the redressal of grievances of policyholders against the insurance companies. Also states the procedures for redressal and grievances.
The General Insurance Business (Nationalisation) Act, 1972
This Act nationalized the general insurance business in India where 107 insurers were amalgamated and grouped into four companies namely, National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. which were owned by the Government.
Foreign Exchange Management (Insurance) Regulations, 2000
Permits a person resident in India to take or continue to hold a life insurance policy issued by an insurer outside India, provided that the policy is held under a specific or general permission of the Reserve Bank of India.
It also permits a person resident in India to continue to hold any life insurance policy by an insurer outside India when such person was resident outside India, without any permission of the RBI.
The Insurance Laws (Amendment) Act, 2015
This amendment has been brought about with an aim to boost the insurance sector in India. The most important amendment brought forth by the Act, its aim is to increase the FDI cap in insurance companies in India from 26% to 49%.