Insurance Act 1938 – Meaning – Provisions

Insurance Act 1938

It is the most important legislation. This act of 1938 was enforced from July 1, 1938. The act of 1938 Is considered as an important law relating to general Insurance, marine insurance, fire insurance and miscellaneous Insurance. This Act was passed to organize and control the Insurance business in India. The act has been amended a number of times notably by passing of the Insurance Regulatory and Development Authority Act, 1999. The important provisions of the Indian Insurance Act 1938 may be classed into the following heads.

• Registration
• Accounts and returns
• Investments
• Limitations in expenses of management
• Prohibition of rebates
• Powers of investigation
• Licensing of agents
• Advance payment of premium
• Tariff advisory committee.
• Duties and powers of controller of insurance.

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