Page 206 - Ebook health insurance IC27
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The Insurance Times
Insurance regulation in Indian context
Regulations were updated and consolidated by the Insurance Act of 1938 and this act
was reviewed from time to time.
To remove the irregularities in the insurance sector the life insurance industry was
nationalised in the year 1956 and nonlife industry was nationalised in the year
1973.
Formation of the Malhotra committee in the year 1994 for reforms in insurance
sector
Formation of Insurance Regulatory And Development Authority in the year 2000
Indian insurance industry is now governed by
Insurance Act 1938
General Insurance Business Nationalisation Act 1972
Life Insurance Corporation Act 1956
IRDA Act 1999
IRDA has issued several regulations for governing the insurance sector in India.
Role of regulators on different aspects
Aspects Role of regulator
Policyholders Protection The regulator plays a vital role in Protection of Interest
Regulation And Grievance of Policyholders, stakeholders, insurers and
Redressal intermediaries
IRDA has issued several guidelines for fair business
practices by insurance companies
Policyholders Protection Regulation was passed in the
year 2002 comprising a set of guidelines for insurers
in respect of
210 Guide for Health Insurance
