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type of insurance law and regulation

type of insurance law and regulation As you should be aware, Insurance Agreements are Contracts within the terms of Indian Contracts Act 1872, and to that extent, all the above get covered indirectly.

First, Core Principles of Insurance:

a. Principle of indemnity

b. Principle of Insurance interest

c. Principle of Utmost Good Faith

However, the Principle of Insurance interest, that is the key to the Insurance Contract is not specifically mentioned in the Indian Insurance Act.

type of insurance law and regulation

Then Marine Insurance is Governed by multiple laws.

What am writing is in brief. If you have specific question, please let me know.

  1. If you are an individual,
    1. A Motor TP insurance, if you have a motorised vehicle.
    2. An Employees Compensation Act Cover for your maid, helper, worker engaged by you
  2. If you are talking of a company
    1. ESI insurance for employees,, if falling within ESI jurisdiction area (Covered establishment), and if you employ more than 10.
    2. Otherwise, Employees Compensation Act.
    3. Gratuity Insurance
    4. Pollution Liability, Public Liability etc as required, depending on specific needs
    5. Insurance law is a complex field. The insurance business is highly regulated and the laws differ from state to state.

      Generally, insurance policies are what is called “contracts of adhesion,” meaning the insurance company writes the policy and you take it or leave it. Therefore, ambiguities in the policy usually are construed against the insurance company.

      Frankly, this question is too broad to answer and the answer likely varies from state-to-state.

    6. I don’t think any law college offers specialisation in insurance law. I suggest you take up specialisation in business law and to get expertise over insurance law, read judgments and books of good authors.

      Also, intern/work under a lawyer who takes exclusively insurance cases. It’s an interesting as well as fruitful field certainly.

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