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L INSURANCE

With the opening up of the insurance industry to the private sector, the need for a
strong, independent and autonomous Insurance Regulatory Authority was felt. As the
enacting of legislation would have taken time, the then Government constituted
through a Government resolution an Interim Insurance Regulatory Authority pending
the enactment of a comprehensive legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide
for the establishment of an Authority to protect the interests of holders of
insurance policies, to regulate, promote and ensure orderly growth of the insurance
industry and for matters connected therewith or incidental thereto and further to
amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the
General insurance Business (Nationalisation) Act, 1972 to end the monopoly of the
Life Insurance Corporation of India (for life insurance business) and General
Insurance Corporation and its subsidiaries (for general insurance business)

.
Definition and meaning :

1. INSURANCE:

Insurance is the means of managing risk and protection against financial loss
arising as a result of contingencies, which may or may not occur.
In other words, insurance is the act of providing assurance, against a
possible loss, by entering into a contract, with one who is willing to give
assurance. Through this contract the person willing to give assurance binds himself
to make good such loss, if it occurs.

L INSURANCE

With the opening up of the insurance industry to the private sector, the need for a
strong, independent and autonomous Insurance Regulatory Authority was felt. As the
enacting of legislation would have taken time, the then Government constituted
through a Government resolution an Interim Insurance Regulatory Authority pending
the enactment of a comprehensive legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide
for the establishment of an Authority to protect the interests of holders of
insurance policies, to regulate, promote and ensure orderly growth of the insurance
industry and for matters connected therewith or incidental thereto and further to
amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the
General insurance Business (Nationalisation) Act, 1972 to end the monopoly of the
Life Insurance Corporation of India (for life insurance business) and General
Insurance Corporation and its subsidiaries (for general insurance business)

.
Definition and meaning :

1. INSURANCE:

Insurance is the means of managing risk and protection against financial loss
arising as a result of contingencies, which may or may not occur.
In other words, insurance is the act of providing assurance, against a
possible loss, by entering into a contract, with one who is willing to give
assurance. Through this contract the person willing to give assurance binds himself
to make good such loss, if it occurs.