Table of Contents
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
Book Your Appointment Today With Us!
Explore a spectrum of legal services tailored to meet your needs at Aditya & Co. Advocates. Our seasoned legal experts specialize in Constitution, Administrative, Divorce, Criminal, and a range of other laws. Navigate legal complexities with confidence.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Services” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.24.2″ width=”100%” custom_margin=”0px|1px|0px|1px|true|true” custom_padding=”|0px||0px|false|true” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.23.4″ global_colors_info=”{}”][et_pb_blurb title=”Constitution Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/constitutional-law/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]Navigate constitutional complexities with our expert team. Protect your rights and uphold justice.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Administrative Law” url_new_window=”on” use_icon=”on” font_icon=”||divi||400″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.2″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_color=”RGBA(255,255,255,0)” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/administrative-law/” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Resolve regulatory issues seamlessly. Our legal experts provide adept administrative law guidance.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Civil and Tort Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/civil-law-and-tort/” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]From civil disputes to tort claims, we offer comprehensive legal support for a fair resolution.
[/et_pb_blurb][/et_pb_column][/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.24.2″ width=”100%” custom_margin=”|0px||0px|false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Property Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/property-and-land-lawyers-in-bangalore/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]Safeguard your property rights with our seasoned property law attorneys. Navigate transactions and disputes with confidence.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Divorce Law” use_icon=”on” font_icon=”||divi||400″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/divorce-lawyers-in-bangalore/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Expert guidance through challenging times. Our divorce lawyers provide compassionate and effective legal support.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Criminal Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/best-criminal-lawyers-in-bangalore/” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Defend all your rights with our experienced criminal lawyers. From charges to trials, we stand by you.
[/et_pb_blurb][/et_pb_column][/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.24.2″ width=”100%” custom_margin=”|0px||0px|false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Commercial Law” use_icon=”on” font_icon=”||divi||400″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.2″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/commercial-law/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]Navigate the complexities of business law effortlessly. Our commercial law experts ensure your business is legally fortified.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Banking Law” url_new_window=”on” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.2″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/banking-law/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]From transactions to regulations, our banking law services ensure legal compliance and seamless operations.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Consumer Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/consumer-lawyers-in-bangalore/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Protect your consumer rights with our expert legal guidance. Resolve disputes and ensure fair treatment.
[/et_pb_blurb][/et_pb_column][/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.24.2″ width=”100%” custom_margin=”|0px||0px|false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Insurance Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.2″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/insurance-law/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]Navigate insurance complexities with confidence. Our legal team ensures your claims are justly handled.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Real Estate Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.2″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” link_option_url=”https://adityaandco.com/real-estate-law-and-property-verification/” link_option_url_new_window=”on” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Ensure smooth real estate transactions and resolve disputes effectively with our dedicated legal support.
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Securitization Law” use_icon=”on” font_icon=”||fa||900″ icon_color=”#000000″ image_icon_width=”65px” icon_alignment=”left” content_max_width=”100%” _builder_version=”4.24.0″ header_font=”Prata|600|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_image=”https://adityaandco.com/wp-content/uploads/2024/01/Oval.png” background_size=”initial” background_position=”top_left” animation=”off” header_font_size_tablet=”18px” header_font_size_phone=”16px” header_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Unlock the potential of securitization with our specialized legal expertise. Navigate complexities for a secure financial future.
[/et_pb_blurb][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” padding_top_1=”0px” padding_top_2=”8%” padding_top_bottom_link_1=”false” padding_top_bottom_link_2=”false” padding_left_right_link_1=”false” padding_left_right_link_2=”false” admin_label=”Footer” _builder_version=”4.16″ background_color=”#000000″ background_enable_image=”off” custom_padding=”0px|||||” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https://adityaandco.com/wp-content/uploads/2023/08/law-firm-01.jpg” title_text=”law-firm-01″ _builder_version=”4.23.4″ custom_margin=”|||-10vw|false|false” custom_margin_tablet=”0px||||false|false” custom_margin_last_edited=”off|desktop” global_colors_info=”{}”][/et_pb_image][/et_pb_column][et_pb_column type=”1_2″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner _builder_version=”4.16″ custom_margin=”||||false|false” global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”1_2″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ header_2_font=”Kanit|700|||||||” header_2_font_size=”48px” header_2_line_height=”1.3em” background_layout=”dark” header_2_font_size_tablet=”36px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]Contact Us
[/et_pb_text][/et_pb_column_inner][/et_pb_row_inner][et_pb_row_inner _builder_version=”4.24.2″ global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”1_2″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_blurb title=”Call” use_icon=”on” font_icon=”||divi||400″ icon_color=”gcid-2f3f3e09-0a26-4ea7-8906-5e1128945e3f” icon_placement=”left” image_icon_width=”24px” _builder_version=”4.24.2″ header_font=”Prata|700|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_layout=”dark” animation=”off” hover_enabled=”0″ header_font_size_tablet=”18px” header_font_size_phone=”” header_font_size_last_edited=”on|tablet” icon_font_size=”24px” global_colors_info=”{%22gcid-2f3f3e09-0a26-4ea7-8906-5e1128945e3f%22:%91%22icon_color%22%93}” link_option_url=”tel:+91 8105812404″ sticky_enabled=”0″]+91 8105812404
[/et_pb_blurb][et_pb_blurb title=”Email” use_icon=”on” font_icon=”||divi||400″ icon_color=”gcid-2f3f3e09-0a26-4ea7-8906-5e1128945e3f” icon_placement=”left” image_icon_width=”24px” _builder_version=”4.24.2″ header_font=”Prata|700|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” body_link_text_color=”#ffffff” background_layout=”dark” animation=”off” hover_enabled=”0″ header_font_size_tablet=”18px” header_font_size_phone=”” header_font_size_last_edited=”on|tablet” icon_font_size=”24px” locked=”off” global_colors_info=”{%22gcid-2f3f3e09-0a26-4ea7-8906-5e1128945e3f%22:%91%22icon_color%22%93}” link_option_url=”mailto:adityaandcoadvocates@gmail.com” sticky_enabled=”0″]adityaandcoadvocates@gmail.com
[/et_pb_blurb][et_pb_blurb title=”Address” use_icon=”on” font_icon=”||divi||400″ icon_color=”gcid-2f3f3e09-0a26-4ea7-8906-5e1128945e3f” icon_placement=”left” image_icon_width=”24px” _builder_version=”4.24.2″ header_font=”Prata|700|||||||” header_font_size=”20px” header_line_height=”1.3em” body_line_height=”1.8em” background_layout=”dark” animation=”off” hover_enabled=”0″ header_font_size_tablet=”18px” header_font_size_phone=”” header_font_size_last_edited=”on|tablet” icon_font_size=”24px” locked=”off” global_colors_info=”{%22gcid-2f3f3e09-0a26-4ea7-8906-5e1128945e3f%22:%91%22icon_color%22%93}” link_option_url=”https://maps.google.com/maps?ll=12.960507,77.587701&z=16&t=m&hl=en&gl=IN&mapclient=embed&cid=12579701034582322231″ sticky_enabled=”0″]#135/3, “Vijaya Arcade”
1st Floor, Lalbagh Main Road, Bengaluru-560027