Insurance and Re-Insurance

Now days the Insurance is not only subject matter of requirement, but it becomes need to run business empires or small business entities. In the present scenario, where the world is distressed by the situation created due to the catastrophic outbreak of COVID-19 and consequence of lockdown, all business activities have come to halt due to the restricted movement and the all Industries and their workforces are also facing adverse impact on their business entities and economy at large, the proper and effective insurance become more relevant.

The insurance sector is divided in many wings like general, marine, motor, life, health etc. In order to provide better insurance coverage and to augment the flow of long-term resources for financing infrastructure, the central government decided to open up the insurance sector and establish a statutory regulatory authority. The purposed authority enables to perform the role of an effective watchdog and regulator for the insurance sector of India. Thus the Insurance Regulatory and Development Authority Act, 1999 provides statutory status to the authority to function in an independent manner and discharge its assigned responsibility effectively.

In India the Law is codified, which not only help us to understand its procedure & technicalities, but also provides fair and transparent opportunity to contest. Though the law is very vast but to give a brief idea the relevant and important legislations, related to the subject, are :-

RAJASTHAN | DELHI (NCR) | MUMBAI | UAE

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