Insurance laws can be broadly broken into three categories –

  • Regulation of the business of insurance
  • Regulation of the content of insurance policies, especially with regard to consumer policies
  • Regulation of claim handling

The insurance sector is currently partly deregulated, being governed by a number of acts. The first one was the Indian Life Assurance Companies Act, 1912, to regulate the life insurance business. The Insurance Act of 1938 was the first legislation governing all forms of insurance providing strict state control over insurance business.

There were no private insurance companies in India till 1999. The government introduced the Insurance Regulatory and Development Authority Act in 1999, thereby deregulating the insurance sector to allow private companies. In 2015 the limit of FDI in insurance sector has been raised to 49% subject to certain conditions.

In 2006, the Actuaries Act was passed by parliament to give the profession statutory status on par with Chartered Accountants, Notaries, Cost & Works Accountants, Advocates, Architects and Company Secretaries. A minimum capital of US$80 million (? 400 Crore) is required by legislation to set up an insurance business.

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