MBA 563 Course Name: Law of Insurance ( PTU PAPER –3 )

COURSE CONTENT

1. Definition and Sources of Law

2. Judicial set-up in India

3. Insurance as a Contract

4. Doctrines of Insurance & their Legal Implications

5. Insurance Act 1938- Important provisions

6. IRDA Act 1999:

a. Composition, Power, Functions and Duties of IRDA

b. IRDA regulations relating to:

i. Licensing of Insurance Agents

ii. Registration of Insurance Companies

iii. General Insurance Re-Insurance

iv. Assets, Liabilities and Solvency Margins

v. Insurance Advertisements and Disclosure

vi. Life Insurance Re-insurance

vii. Investment Amendments

viii. Insurance Surveyor’s & Loss Assessors

ix. Third Party Administrators

x. Protecting of Policy Holders Interest

xi. Licensing of Brokers

7. Other Important legislations:

i. Grievance Redressal Rules and Insurance Ombudsman

ii. Consumer Protection Act 1986

iii. Salient provisions of Indian Stamp Act

iv. Indian Limitation Act

v. Indian Evidence Act

Required Reading

· Taxmann’s: Insurance Law Manual

· Universal: Insurance Laws

· Rajiv Jain: Insurance Law & Practice

· M.N. Srinivasan: Principles of Insurance Law

· Avtar Singh: Laws of Insurance

· IC-24: Legal Aspects of Life Insurance