This website is only for informational purposes. Visitors are requested to note that the information is intended to be correct, complete, and up-to-date. Juris Corp does not warrant that the information contained on this website is accurate or complete, and disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause.
This website is not intended to be a source of advertising or solicitation. The reader must not consider the information contained herein to be an invitation for a lawyer-client relationship, must not rely on information provided herein and must seek independent advice. Transmission, receipt or use of any information on this website does not constitute or create a lawyer-client relationship. No recipients of content from this website should act or refrain from acting, based upon any or all of the contents of this website.
Furthermore, Juris Corp does not wish to represent anyone desiring representation based solely upon viewing this web site. Finally, the reader is warned that the use of e-mail for confidential or sensitive information is susceptible to inherent risks of lack of confidentiality associated with sending e-mail over the internet.
By clicking on the "I understand and agree" button below, the user acknowledges that:
We are not liable for any consequence of any action taken by the user relying on information provided under this website. In cases where the user has any legal issues, he/she must seek independent legal advice.
The Insurance Laws (Amendment) Bill, 2022 (“Amendment Bill”) has been introduced by the Ministry of Finance on 29th November 2022. The Amendment Bill has proposed certain amendments in the Insurance Act, 1938 and Insurance Regulatory and Development Authority Act, 1999.
Among other things, the Amendment Bill aims to:
1) Scrap the provision of minimum capital of INR 100 crores for life, general and health insurance and INR 200 crores for reinsurers.
2) Allow an insurer to provide services related or incidental to the insurance business and distribute other financial products. Besides, an insurer can also start any class or sub-class of insurance business if it has the minimum paid-up equity capital prescribed for it.
3) Allow Insurance Regulatory and Development Authority of India (“IRDAI”) to prescribe the minimum capital required considering the size and scale of operations, class or sub-class of insurance business.
4) Allow IRDAI to specify the qualifications and experience necessary to appoint an actuary by an insurer.
5) Reduce the amount of net owned funds required for an insurer to get registered to INR 500 crores.
6) Impose penalties on insurance companies for violation of code of conduct by their agents.
7) Benefits of the Amendment Bill:
(a) Allow different kinds of insurers to change the investment provisions; and
(b) Enhance the financial security of policyholders promoting policyholders' interests, improving returns to the policyholders, facilitating the entry of more players in the insurance market leading to economic growth and employment generation.
For further details, please see:
For any queries / clarifications, please feel free to ping us and we will be happy to chat:
● Ms. Namrta Rai (firstname.lastname@example.org)● Mr. Neeraj Dubey (email@example.com)