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Insurance Framework
Presented By Litty Sylus
The Insurance Act of 1938
The Insurance Act of 1938 is a significant piece of legislation that
regulates the insurance industry in India. It was enacted by the
Indian government to provide comprehensive guidelines and
regulations for the functioning of insurance companies in the
country. The primary objective of the Insurance Act, 1938 is to
safeguard the interests of policyholders, ensure the financial
stability of insurance companies, and promote transparency and
accountability within the insurance sector.
Key Provisions Of The Insurance Act,
1938
1.Licensing and Registration
2.Solvency Margins
3.Regulation of Investments
4.Restriction on Certain Activities
5.Regulation of Premiums
6.Disclosure Requirements
7.Protection of Policyholders
8.Control and Management
9.Penalties and Enforcement
The LIC Act of 1956
The LIC Act of 1956 refers to the Life Insurance Corporation Act,
1956, which is a significant piece of legislation in India that
established the Life Insurance Corporation of India (LIC) and
defined its powers, functions, and responsibilities. The LIC Act
was enacted to nationalize and regulate the life insurance
industry in India and to create a government-owned entity
responsible for providing life insurance services to the public.
Key Features And Provisions Of The
LIC Act, 1956
1.Nationalization of Life Insurance Business
2.Incorporation of LIC
3.Exclusive Privilege
4.Management and Governance
5.Powers and Functions of LIC
6.Policyholder Benefits
7.Capital and Reserves
8.Transfer of Assets
Insurance Regulatory and
Development Authority Act, 1999
The Insurance Regulatory and Development Authority Act, 1999
(IRDAI Act), is an important legislation in India that established
the Insurance Regulatory and Development Authority (IRDAI).
The primary purpose of the act is to regulate, promote, and
ensure the orderly growth and development of the insurance
industry in the country.
Consumer Protection Act 1986
• Consumer Protection Act has been implemented(1986) or we
can bring into existence to protect the rights of a consumer. It
protects the consumer from exploitation that business practice
to make profits which in turn harm the well being of the
consumer and society.
• This right help to educate the consumer on the right and
responsibilities of being a consumer and how to seek help
or justice when faced exploitation as a consumer. It teaches the
consumer to make right choices and know what is right and
what is wrong.
Ombudsman Scheme
• The banking Ombudsman Scheme was first introduced in the
year 1949 in section 35A of the banking regulation act.
Aspirants who wish to work in the field of finance and banking
are required to have a thorough knowledge of the banking
Ombudsman scheme.
• When a banking Ombudsman is appointed, he may only serve
for a period not exceeding three years and be eligible for
extension for a further period not exceeding two years subject
to an overall age limit of 65 years.
• The scheme known as banking Ombudsman applies to all rural,
commercial, regional, and cooperative banks all across the
country.
Married Women’s Property Act
• The Married Women's Property Act refers to a series of laws
that were enacted in various countries during the 19th and early
20th centuries. These laws were designed to address the legal
rights of married women in relation to property ownership and
management.
• In many traditional legal systems, upon marriage, a woman's
legal identity and property rights often became subsumed under
those of her husband. This meant that any property she owned
or acquired, as well as her earnings, could be controlled by her
husband, leaving her with limited legal autonomy. The Married
Women's Property Act aimed to change this by granting married
women some level of legal protection and rights over their
property and earnings.
Code Of Conduct Related To
Advertising And Publicity
Code of conduct related to advertising and
publicity refers to a set of guidelines or
principles that insurance companies and
agents are expected to follow when creating
and disseminating advertisements and
promotional materials.
General Concepts That Should Be
Covered In Code Of Conduct
1.Honesty and Transparency: Advertisements should be
accurate, truthful, and not misleading. Any claims made in
advertisements should be backed by evidence, and any
limitations or conditions related to coverage should be clearly
disclosed.
2.Clear and Understandable Language: Advertisements should
use language that is easily understood by the average
consumer. Technical terms should be explained, and fine print
should not be used to hide important information.
3.Disclosure of Terms and Conditions: Any terms, conditions,
exclusions, and limitations of coverage should be prominently
disclosed in advertisements. Consumers should have a clear
understanding of what they are purchasing.
4. Avoiding Deceptive Practices: Advertisements should not create
false impressions or use deceptive tactics to attract customers.
This includes avoiding misleading graphics, claims of guaranteed
benefits without proper context, and other practices that might
misrepresent the policy.
5. Comparative Advertising: If advertisements make comparisons
with other insurance products or companies, the basis for
comparison should be accurate and verifiable.
6. Responsible Use of Statistics: If statistics or data are used in
advertisements, they should be accurate and presented in a way
that is not misleading.
7. Use of Testimonials and Endorsements: If customer
testimonials or endorsements are used in advertisements, they
should accurately represent the experiences of real customers,
and any compensation or benefits provided to endorsers should be
disclosed.
8. Avoiding Fear-Based Tactics: Advertisements should not use
fear-based tactics to pressure consumers into purchasing
9. Respect for Privacy: Advertisements should respect
customer privacy and data protection regulations, avoiding the
use of personal information without proper consent.
10.Promotion of Social Responsibility: Advertisements should
promote ethical behavior and social responsibility, especially
in areas such as health, safety, and financial security.
11.Compliance with Laws and Regulations: Advertisements
should comply with all relevant laws, regulations, and industry
standards.
Insurance Framework.pptx

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Insurance Framework.pptx

  • 2. The Insurance Act of 1938 The Insurance Act of 1938 is a significant piece of legislation that regulates the insurance industry in India. It was enacted by the Indian government to provide comprehensive guidelines and regulations for the functioning of insurance companies in the country. The primary objective of the Insurance Act, 1938 is to safeguard the interests of policyholders, ensure the financial stability of insurance companies, and promote transparency and accountability within the insurance sector.
  • 3. Key Provisions Of The Insurance Act, 1938 1.Licensing and Registration 2.Solvency Margins 3.Regulation of Investments 4.Restriction on Certain Activities 5.Regulation of Premiums 6.Disclosure Requirements 7.Protection of Policyholders 8.Control and Management 9.Penalties and Enforcement
  • 4. The LIC Act of 1956 The LIC Act of 1956 refers to the Life Insurance Corporation Act, 1956, which is a significant piece of legislation in India that established the Life Insurance Corporation of India (LIC) and defined its powers, functions, and responsibilities. The LIC Act was enacted to nationalize and regulate the life insurance industry in India and to create a government-owned entity responsible for providing life insurance services to the public.
  • 5. Key Features And Provisions Of The LIC Act, 1956 1.Nationalization of Life Insurance Business 2.Incorporation of LIC 3.Exclusive Privilege 4.Management and Governance 5.Powers and Functions of LIC 6.Policyholder Benefits 7.Capital and Reserves 8.Transfer of Assets
  • 6. Insurance Regulatory and Development Authority Act, 1999 The Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act), is an important legislation in India that established the Insurance Regulatory and Development Authority (IRDAI). The primary purpose of the act is to regulate, promote, and ensure the orderly growth and development of the insurance industry in the country.
  • 7. Consumer Protection Act 1986 • Consumer Protection Act has been implemented(1986) or we can bring into existence to protect the rights of a consumer. It protects the consumer from exploitation that business practice to make profits which in turn harm the well being of the consumer and society. • This right help to educate the consumer on the right and responsibilities of being a consumer and how to seek help or justice when faced exploitation as a consumer. It teaches the consumer to make right choices and know what is right and what is wrong.
  • 8. Ombudsman Scheme • The banking Ombudsman Scheme was first introduced in the year 1949 in section 35A of the banking regulation act. Aspirants who wish to work in the field of finance and banking are required to have a thorough knowledge of the banking Ombudsman scheme. • When a banking Ombudsman is appointed, he may only serve for a period not exceeding three years and be eligible for extension for a further period not exceeding two years subject to an overall age limit of 65 years. • The scheme known as banking Ombudsman applies to all rural, commercial, regional, and cooperative banks all across the country.
  • 9. Married Women’s Property Act • The Married Women's Property Act refers to a series of laws that were enacted in various countries during the 19th and early 20th centuries. These laws were designed to address the legal rights of married women in relation to property ownership and management. • In many traditional legal systems, upon marriage, a woman's legal identity and property rights often became subsumed under those of her husband. This meant that any property she owned or acquired, as well as her earnings, could be controlled by her husband, leaving her with limited legal autonomy. The Married Women's Property Act aimed to change this by granting married women some level of legal protection and rights over their property and earnings.
  • 10. Code Of Conduct Related To Advertising And Publicity Code of conduct related to advertising and publicity refers to a set of guidelines or principles that insurance companies and agents are expected to follow when creating and disseminating advertisements and promotional materials.
  • 11. General Concepts That Should Be Covered In Code Of Conduct 1.Honesty and Transparency: Advertisements should be accurate, truthful, and not misleading. Any claims made in advertisements should be backed by evidence, and any limitations or conditions related to coverage should be clearly disclosed. 2.Clear and Understandable Language: Advertisements should use language that is easily understood by the average consumer. Technical terms should be explained, and fine print should not be used to hide important information. 3.Disclosure of Terms and Conditions: Any terms, conditions, exclusions, and limitations of coverage should be prominently disclosed in advertisements. Consumers should have a clear understanding of what they are purchasing.
  • 12. 4. Avoiding Deceptive Practices: Advertisements should not create false impressions or use deceptive tactics to attract customers. This includes avoiding misleading graphics, claims of guaranteed benefits without proper context, and other practices that might misrepresent the policy. 5. Comparative Advertising: If advertisements make comparisons with other insurance products or companies, the basis for comparison should be accurate and verifiable. 6. Responsible Use of Statistics: If statistics or data are used in advertisements, they should be accurate and presented in a way that is not misleading. 7. Use of Testimonials and Endorsements: If customer testimonials or endorsements are used in advertisements, they should accurately represent the experiences of real customers, and any compensation or benefits provided to endorsers should be disclosed. 8. Avoiding Fear-Based Tactics: Advertisements should not use fear-based tactics to pressure consumers into purchasing
  • 13. 9. Respect for Privacy: Advertisements should respect customer privacy and data protection regulations, avoiding the use of personal information without proper consent. 10.Promotion of Social Responsibility: Advertisements should promote ethical behavior and social responsibility, especially in areas such as health, safety, and financial security. 11.Compliance with Laws and Regulations: Advertisements should comply with all relevant laws, regulations, and industry standards.