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Report No. 190 1.2 Legislative Regime 1.2.1 The principal legislation regulating the insurance business in India is the Insurance Act, 1938 (hereinafter referred to as the 'Act'). Some other existing legislation in the field ar.- the Life Insurance Corporation (LIC) Act, 1956, the Marine Insurance Act, 1963, the General Insurance Business (GIB) (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999. The provisions of the Indian Contract Act, 1872 are applicable to the contracts of insurance, whether for life or non-life. Similarly, the provisions of the Companies Act, 1956 are applicable to the companies carrying on insurance business. 1.2.2 The subordinate legislation includes Insurance Rules, 1939, and the Ombudsman Rules, 1998 framed by the Central Government under section 114 of the Insurance Act, 1938 as also at least 27 sets of Regulations made by the IRDA under section 114 A of the Insurance Act, 1938 and section 26 of the IRDA Act 1999.    |
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