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In India, the insurance law sector operates under a comprehensive framework of insurance laws and regulations. These legal provisions aim to ensure stability, transparency, and fair operation within the insurance industry.
Nature of Insurance Business
- Insurance is an arrangement where a company or the State guarantees compensation for specified loss, damage, illness, or death in exchange for a specified premium.
- It serves as a means of financial protection against various risks.
- The entity providing insurance is called an insurer, while the person buying insurance is the insured or policyholder.
- Insurance transactions involve the insured assuming a known, relatively small loss (the premium) in exchange for the insurer’s promise to compensate in case of a covered loss.
- The loss must be reducible to financial terms and involve an insurable interest established by ownership, possession, or pre-existing relationship.
Contract of Insurance Law
- The insured receives an insurance policy detailing conditions and circumstances for financial compensation.
- The amount charged by the insurer to the insured is the premium.
- If the insured experiences a potentially covered loss, they submit a claim to the insurer for processing.
Uberrimae Fidei Contract
- In some contracts, all material facts must be disclosed, whether asked or not. These are Uberrimae Fidei contracts, meaning contracts of “utmost good faith.”
- Non-disclosure in such contracts may amount to fraud or misrepresentation, allowing the aggrieved party to avoid the contract.
Background of Insurance Business in India
- The opening of the Indian economy and the entry of the private sector significantly impacted the insurance industry.
- Life Insurance and General Insurance businesses operate in India.
- The Insurance Regulatory and Development Authority of India (IRDAI) regulates the sector.
- Key legislations include the Insurance Act, 1938, and the IRDA Act, 1999.
Government of Karnataka Compulsory Gratuity Insurance Law Rules, 2024
- On January 10, 2024, the Government of Karnataka enacted these rules, ensuring legislative approval for compulsory insurance related to gratuity.
- Key provisions include:
- Compulsory Insurance: Employers in Karnataka are mandated to obtain an insurance policy covering their gratuity liabilities.
- Approved Gratuity Trust (AGT): Certain establishments must establish an AGT.
- Mandatory Registration: Covered establishments must register with the Controlling Authority.
- Full Gratuity Coverage: The insurance policy fully covers gratuity obligations.
- Board of Trustees and Governance: A Board of Trustees oversees the gratuity fund.
Employee’s State Insurance Law Scheme Medical Service – Karnataka
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