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The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates. It provides the broad legal framework within which the industry operates.
The Insurance Act of 1938 [9] was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely nationalised on 19 January 1956, through the Life Insurance Corporation Act.
In 1938 the legislation was consolidated and amended by the Insurance Act, 1938, with comprehensive provisions to control the activities of insurers. The Insurance Amendment Act of 1950 abolished principal agencies, but the level of competition was high and there were allegations of unfair trade practices.
An Act to extend the powers of education authorities with respect to courses of instruction provided under the Unemployment Insurance Act, 1935; to render certain employments insurable in like manner as employment in agriculture; to amend the provisions of the said Act relating to the discharge of the liabilities of the Unemployment Fund and to ...
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Other insurance legal, regulatory/procedural issues; The Insurance Ombudsman will act as Mediator. And he: He will make a reasonable recommendation based on the facts of the dispute; If you accept this as a complete and final solution; The Insurance Ombudsman will issue a recommendation within 15 days to the insurance company to comply with the ...
Insurance agreement: Outlines exactly what you and your insurer have agreed to regarding coverage, including terms, conditions and exclusions. Definitions: defines any key terms used in the policy.
It is governed by a number of acts. The first statute in India to regulate the life insurance business was the Indian Life Assurance Companies Act, 1912. The Insurance Act of 1938 [6] was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely ...