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Report No. 190 7. Plan of revision of the provisions of the Insurance Act, 1938 7.1 An attempt is made here to propose amendments in the principal Act as a result of preliminary study of existing legal framework for the purpose of revision of the Insurance Act. The Law Commission of India initially prepared an approach paper and held discussions with officials of the IRDA as well as certain other key personnel in the Insurance sector. As a result of these discussions, it is decided that the work of revision of the Insurance Act, 1938 should be undertaken under the following topics: (i) Merger of the provisions of IRDA Act into the Insurance Act; (ii) Changes in definitions, deletions and other amendments; (iii) Powers of the IRDA; (iv) Obligations of the insurers under the Act; (v) Interests of the policyholders; (vi) Tariff Advisory Committee-composition and powers; (vii) Redressal of grievances/ claims and the machinery for the same; (viii) Penal provisions; and (ix) Miscellaneous provisions.    |
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