Insurance Act 1938 Presentation Transcript 1.Insurance Act 1938 2.Insurance business.

Purpose:- to safe guard the interest of insured, setting the norms for carrying out the business of insurance smoothly, Minimizing disputes 3.Guidelines According Insurance Separation 4.Guidelines Business Rural Life General Social Sector 1st 2nd 3rd year - 10000 lives 5.Other options available important to section him. Section 50- An insurer must, within three months of the lapsing of a life policy, give notice to the policyholder in forming him of the Section 113-if premiums have been paid for three Years under a policy where a definite number of premiums is payable, the policy shall acquire a surrender value and shall not lapse not with standing any contract to the contrary, but shall be kept in Force to the extent of its paid-up value 6.Ombudsmen Appointed in accordance with the redressal of public grievances rules 1998, to resolve all complaints relating to settlement of claims in a cost effective and efficient manner . 7.Section 8.Amendment Large High Unfair 19th LIC January, absorbed 1956 154 Nationalizing Indian, the 16 life non Number level trade insurance Indian sector insurers and LIC and came 75 in to provident of of 27 :of Insurance Investment of Assets 1950 companies Competition practices existence societies Sec 27c :- According to this no insurer can invest the fund of policyholders outside of India insurance Insurance :year year In 5% 2% respect in in 1st 1st of 5000 7500 financial financial all Obligation Sector year year insurer lives lives to section company of 2c a public be must for company register , in society India (Life , , any , IRDA insurance business is entity other than for , the such private Marine responsible general companies company ) registration Act The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance

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Winding up under section 53of insurance act 1938

LIC had monopoly till the late 90 when the insurance sector was reopened to the private sector 9.Major Amendments in Insurance act 10.Section This Policy section not deals to with be the right in of the insurer on to repudiate ground policy of on the life of after the 2 called question misstatement 45 insuredyears