1 formation of the insurance industr y in india 1 section 211 insurance act 1938 life insurance business means the business of effecting contracts of insurance upon human life including any contract whereby the payment of money is assured on death except death by accident only and the happening. Insurance laws in india insurance company claims acts and cases advantage of insurance transfers the financial loss to insurer so the loss suffered by one is distributed over many disadvantages of insurance all risk cannot be insured insurance can only provide monetary compensation there . We will have a look at some of the laws and regulations related to insurance that you must be aware of insurance act 1938 these are the basic insurance laws that the insurance companies in india must comply with while insurance regulatory and development authority irda act 1999 this law . What is insurance law insurance law is the name given to practices of law surrounding insurance including insurance policies and claims insurance regulation that governs the business of insurance is typically aimed at assuring the solvency of insurance companies thus
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