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Motor Vehicle Insurance in India protects the motor vehicle owner against (a) the loss of or damage to the vehicle due to an insured risk, loss of use, theft, etc., and (b) indemnification if the vehicle owner is liable to any third party by law. Third-party insurance is a legal requirement.
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. All 245 insurance companies operating then in the country were merged into one ...
Coal Mines (Special Provisions) Act: 2015: 11 Repealing and Amending Act: 2015: 17 Repealing and Amending (Second) Act: 2015: 19 Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act: 2015: 22 Juvenile Justice (Care and Protection of Children) Act: 2016: 2 Commercial Courts Act: 2016: 4 Bureau of Indian Standards Act ...
The Insurance Act 2015 codifies common law principles that an insurer is not obligated to pay fraudulent claims, and may recover payments already made from the insured should fraud later be discovered. Upon proper notice to the insured, the insurer may also treat the insurance contract as if it was terminated at the time of the "fraudulent act".
This law passed in 1938 borrowed heavily from the British law and covered all sorts of insurance. In 1963, a new Marine Insurance Act for independent India was passed. This also borrowed heavily from the English Marine Insurance Act, 1906. [2] The Insurance Act had resulted in the formation of Controller of Insurance, a regulatory authority.
The Motor Vehicles Act is an Act of the Parliament of India which regulates all aspects of road transport vehicles. The Act provides in detail the legislative provisions regarding licensing of drivers/conductors, registration of motor vehicles, control of motor vehicles through permits, special provisions relating to state transport undertakings, traffic regulation, insurance, liability ...
There are over 60 Acts and multiple rules and regulations that govern the financial sector. Many of the financial sector laws date back several decades, when the financial landscape was very different from that seen today. For example, the RBI Act and the Insurance Act are of 1934 and 1938 vintage respectively.
This is a category of articles concerning acts of Parliament (laws enacted by the Parliament of India in 2015). For more general discussion of Indian legal topics, see Category:Law of India and its other subcategories.