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Report No. 190

Revision of The Insurance Act, 1938 and The Insurance Regulatory and Development Authority Act, 1999

Contents
Chapter I Introduction and Background
1.1 Introduction
2. Legislative Regime
3. Background to recent legislative changes
Malhotra Committee Report
4. Regulatory Legal Regime
Powers and functions of the IRDA
5. Legislative developments after 1999
6. Law Commission's Consultation Paper
7. Limiting the scope of the reference
Chapter II Changes in Definitions and Deletion of Redundant Provisions
Changes in Definitions and Deletion of Redundant Provisions
Final recommendation of the Law Commission in relation to deletions
Deletion of provisions of the Insurance Act, 1938 that are redundant
Chapter III Merger of Provisions of Irda Act, 1999 with The Insurance Act, 1938
Merger of Provisions of Irda Act, 1999 with The Insurance Act, 1938
Chapter IV Grievance Redressal Mechanism
Consultation Paper
Response to the Consultation Paper
Law Commission's views on the responses
Final recommendations of the Law Commission in regard to Grievance Redressal Mechanism
Chapter V Legal Issues Requiring Reform in Insurance Laws: Repudiation of Life Insurance Policy
The existing law
The principle of uberrimae fidei
Decisions of Indian courts
Law Commission's earlier recommendation
Law Commission's Suggestion in the Consultation Paper
Response to the Proposal in the Consultation Paper
Views of the Law Commission
Final recommendations in regard to section 45
Suggested amendment of section 45
Chapter VI Assignment and Transfer
Existing Law
Proposals in the Consultation Paper
Response to the Proposal in the Consultation Paper
Views of the Law Commission
Final recommendations of the Law Commission in regard to Section 38
Suggested amendment of Section 38
Chapter VII Nomination
Nomination
Law Commission's earlier recommendation
Responses to the Consultation Paper
The Law Commission's views
Final recommendations of the Law Commission in regard to Section 39
Suggested amendment of Section 39
Chapter VIII Provisions Relating to Penalties and other Changes
Provisions Relating to Penalties and other Changes
Final recommendation of the Law Commission in regard to penalties and other provisions
Chapter IX Other Topics in The Consultation Paper on which The Law Commission Does not Propose to make any Recommendation at This Stage
Other Topics in The Consultation Paper on which The Law Commission Does not Propose to make any Recommendation at This Stage
Insurance Surveyors
Response to the proposal
Law Commission's response
Provisions relating to investments
Provisions relating to tariffs
Shareholder's funds and policyholder's funds
Chapter X Summary of Recommendations
Summary of Recommendations (1)
Summary of Recommendations (2)
Appendix I Consultation Paper of The Law Commission of India on Revision of The Insurance Act 1938
Need for and grounds of revision of the Insurance Act, 1938
Some tentative grounds of revision
Plan of revision of the provisions of the Insurance Act, 1938
Proposals for revision
Changes in definitions, deletions and other amendments
Powers of the IRDA
Obligations of the insurers under the Act
Interests of the policyholders
Tariff Advisory Committe.- composition and powers
(i) Power to control rates, advantages, terms and conditions in respect of risk other than life
(ii) Power of TAC to require information
(iii) Power of the TAC to constitute Regional committee
(iv) Power to make rules
Machinery for redressal of grievances/ claims
The protection of policyholders interests Regulations
Other mechanisms
SEBI model
Recommendation
Penal provisions
Miscellaneous provisions
Investments
Winding up by the court (Section 53)
Voluntary winding up (Section 54)
Scheme for partial winding up (Section 58)
Management by administrator (Sections 52A-52G)
Powers of the administrator respecting property (Section 52BB)
Termination of appointment of administrator (Section 52 D)
Penalty for withholding documents of property from Administrator (Section 52 F)
Protection of Action (Section 52G)
Finality of decision appointing Administrator (Section 52E)
Powers of the central government to acquire the undertaking of insurers in certain cases
Return of deposits (section 59)
Special provisions relating to external companies (Sections 62-64)
Acquisition of surrender values by policy (Section 113)
Exemptions (section 118)
Appendix-II Provisions that required to be amended (other than those concerning powers of the IRDA)
Provisions that required to be amended
Appendix-III Provisions that have become redundant and required to be deleted
Provisions that have become redundant and required to be deleted
Appendix-IV Proposals with regard to merger of provisions of the IRDA Act, 1999 with the Insurance Act, 1938
Proposals with regard to merger of provisions of the IRDA Act, 1999 with the Insurance Act, 1938
Appendix-V Changes in relation to the Powers and functions of the IRDA with regard to grant of registration and refusal, cancellation, suspension, and renewal of registration
Changes in relation to the Powers and functions of the IRDA with regard to grant of registration and refusal, cancellation, suspension, and renewal of registration
Appendix-VI Changes in relation to the powers and functions of the IRDA other than those with regard to grant of registration etc. set out in Appendix- V above
Changes in relation to the powers and functions of the IRDA other than those with regard to grant of registration etc. set out in Appendix- V above


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