“CONTRACTUAL LIABILITIES OF INSURANCE COMPANIES IN INDIA”

“CONTRACTUAL LIABILITIES OF INSURANCE COMPANIES IN INDIA”

“CONTRACTUAL LIABILITIES OF INSURANCE COMPANIES IN INDIA”

AUTHOR –  MR. SIDDHANT ADABE, LLM SCHOLAR AT D.E.S.’S  SHRI. NAVALMAL FIRODIA LAW COLLEGE, PUNE

BEST CITATION – MR. SIDDHANT ADABE, “CONTRACTUAL LIABILITIES OF INSURANCE COMPANIES IN INDIA”, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 94-102, APIS – 3920 – 0001 & ISSN – 2583-2344.

Abstract

(Catchy Opening Line) Insurance and the liabilities that come with it. (History) Following independence, the Life Insurance Corporation Act of 1956 and the General Insurance Business (Nationalization) Act of 1972 were established to nationalize India’s life insurance and general insurance industries. On the proposal of the Malhotra Committee, the insurance sector was opened to private insurance organizations in the latter decade of the previous century. (Present Status) The privatization, both public and private sector firms is permitted to operate under the supervision of the Insurance Regulatory and Development Authority of India (IRDAI), which was constituted under the IRDAI Act of 1999. The insurance industry’s liberalization, privatization, and globalization have resulted in much more fierce competition and rapid expansion. This expansion requires the establishment of an effective legal framework to regulate, promote, and assure the smooth growth of the insurance industry in India. (Short Explanation) Insurance is a type of risk management that is principally used to protect against the risk of a contingent and unpredictable loss. Insurance is defined as the transfer of a reasonable risk of loss from one organization to another for a consideration. It is a safeguard against financial loss as a result of an unanticipated event. (Research Problem) Examining the Impact of Liberalization on the Indian Insurance Industry and Identifying the Need for Further Reforms. (Hypothesis) While liberalization has spurred competition, challenges persist; further reforms enhance the industry’s effectiveness and sustainability. (Possible Reform) Introduction of Comprehensive Regulatory Measures to Enhance Efficiency and Consumer Protection in the Evolving Landscape of the Indian Insurance Industry. (Aim and Objective) The research aims to assess the effects of liberalization on the Indian insurance industry and propose reforms for sustainable development and evaluate industry impact, identify challenges, and propose reforms and strengthen regulatory measures for enhanced efficiency and consumer protection.

Keywords – Financial Safeguard. Globalization, Liberalization, Privatization, Regulatory Framework,  Risk Management,