Insurance Act, 1938

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Insurance Act, 1938
Imperial Legislative Council
(Now the powers of the act rest with Parliament of India)
Long title
  • An Act to consolidate and amend the law relating to the business of insurance
CitationAct No. 4 of 1938
Territorial extent India
Enacted byImperial Legislative Council
(Now the powers of the act rest with Parliament of India)
Amended by
1940, 1941, 1946, 1950, 1955, 1968, 2002, 2015, 2021
Status: Amended

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.[1]

History

Prior to the law, only the Marine Insurance Act, 1906 of

Insurance Regulatory and Development Authority of India was formed in 1999.[3]

Summary

The Insurance Act has 120 sections and 8 schedules. Under it, only an Indian company, as defined and registered under

Insurance Regulatory and Development Authority of India.[4][5]

In March 2021, The Insurance (Amendment) Bill, 2021 was passed by the

Foreign Direct Investment in the insurance sector to 74%, from the previous limit of 49%.[6]

See also

References

  1. ISBN 978-1-259-09798-0
    . Retrieved 22 August 2015.
  2. ISBN 978-93-392-0541-6
    . Retrieved 22 August 2015.
  3. ISBN 978-81-7446-556-6
    . Retrieved 22 August 2015.
  4. ISBN 978-81-269-0786-1
    .
  5. ^ "RBI notifies hike in FDI cap in insurance sector to 49%". The Economic Times. 8 April 2015. Retrieved 22 August 2015.
  6. ^ "FM Nirmala Sitharaman to move Insurance (Amendment) Bill 2021 in Rajya Sabha for passing today". Zee News. 18 March 2021.
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