LEGAL MECHANISMS IN GENERAL INSURANCE

AUTHORS – MS. ABINAYA S* & MS. T. VAISHALI**, LLM SCHOLAR* & ASSISTANT PROFESSOR OF LAW** AT THE TAMILNADU DR. AMBEDKAR LAW UNIVERSITY (SOEL), CHENNAI

BEST CITATION – MS. ABINAYA S & MS. T. VAISHALI, LEGAL MECHANISMS IN GENERAL INSURANCE, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 878-890, APIS – 3920 – 0001 & ISSN – 2583-2344.

Abstract

This document provides a comprehensive overview of general insurance, highlighting its significance in risk management and economic stability. General insurance encompasses various types of coverage, including health, motor, property, liability, and travel insurance, which safeguard individuals and businesses against unexpected financial losses. By enabling risk transfer, general insurance promotes operational continuity, encourages investment, and bolsters consumer confidence across economic activities. The second part of the text examines economic crimes within the general insurance sector, detailing common types of fraud, methods of deception, and the underlying drivers that lead to such unlawful activities. The impact of these crimes is profound, resulting in financial losses, increased premiums for honest policyholders, reputational damage to the industry, and heightened regulatory challenges. Lastly, the document emphasizes the necessity for robust legal mechanisms and enhanced regulatory frameworks to combat economic crimes, advocating for the use of advanced technologies and global collaboration to strengthen the integrity of the insurance sector.

Keywords – General insurance, economic crime, legal framework, fraud prevention, compliance.