Insurance law in India was originated during British era with Oriental Life Insurance
Company in1818. However, first regulation of insurance business was done by Indian Life
Assurance Companies Act, 1912. And in 1956 a total of two hundred and forty-five insurers
operating in India bought under the control of central govt. and LIC came into existence with
exclusive privilege to conduct life insurance business under LIC Act, 1956. Later, from
19991 onwards work for entry of private players begun and eventually this led to rise in no.
of insurance companies. Meanwhile, operation of insurance law isn’t a layman’s job and it
requires expert legal assistance at every level of business and we FAST TRACK LEGAL
SOLUTIONS have a team of enthusiastic legal professionals having great expertise in
insurance law.
–> Certification from IRDA as it is required prior commencement of insurance business
and is required to renew before 31 st December of every year.
–> IRDA (Asset, Liabilities, and Solvency Margin of Insurer) Regulation, 2000 in case of
insolvency.
–> IRDA (Actuarial Report and Abstraction) Regulation,2000 in the event if an insurer
transacts business outside India.
–> IRDA (Insurance Advertisement) Regulation Act,2000 which regulates advertisement
regarding insurance companies.
–> Insurance Act (1938), LIC Act (1956), Marine Insurance Act (1963), Motor Vehicle
Act (1988), Indian Contract Act (1872), foreign exchange Management Act (2000),
Income Tax Act (1961), Hindu and Indian Succession Act.
