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History Of Insurance Legislation In India

Author(s) Promila
Country India
Abstract Money laundering as an offense is of ongoing starting point and has now risen as a genuine danger to society all in all in Insurance business has been fast growing sector in India since Independence. The laws regulating the Insurance Sector came with the establishment of British entity Oriental Life Insurance Company in 1818 in Calcutta. But at that stage, subjects of Insurance were very limited. In this paper, author has focused on step-by-step progresses brought in the field of Insurance sector. This started with the Ancient Historical and British times, where the British Companies and some other overseas companies were in the dominating positions. In the 1956, Nationalisation of business sector started and all the companies relating of Insurance business was taken over by Central Government. The Life Insurance Corporation Act was enacted in the year 1956 with an exclusive business of Life Insurance. In 1993, eight member committee under the Chairmanship of M.N. Malhotra, was formed to give recommendations for strengthening the regulatory system. The major recommendations were privatisation of Insurance Sector and setting up of Insurance Regulatory Authority. The Insurance Regulatory and Development Authority Act was passed with the aim to protect the interest of Insurance policy. So, the concern of Legislature can be seen by their effective enactments regulating and promoting Insurance business in India. There is a rapid change in this sector after the Independence. Since Liberalisation and Nationalisation, the Insurance sector has been brought in a very controlled environment under the regulation of IRDA and other authoritative bodies.
Keywords life Insurance, Corporation, laundering, Legislature, nationalization
Published In Volume 2, Issue 12, December 2021
Published On 2021-12-15
Cite This History Of Insurance Legislation In India - Promila - IJLRP Volume 2, Issue 12, December 2021.

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