Taxmann’s – Insurance Laws Manual

This book provides comprehensive coverage of the legal framework governing the insurance industry in India. It includes the complete and updated texts of the Insurance Regulatory and Development Authority Act, 1999 (IRDA), the Insurance Act, 1938, and over 50 essential rules and regulations. Additionally, it features important Master Directions on Insurance, such as FED Master Direction No. 9/2015-16.

his book provides a comprehensive and updated compendium for the legal framework that governs the insurance industry in India. It compiles and presents the texts of the Insurance Regulatory and Development Authority Act, 1999 (IRDA), the Insurance Act, 1938, and over 50 associated rules and regulations essential for the regulation, development, and operational governance of insurance companies, agents, and related entities. The book includes updated and amended versions of legal texts, such as:

• Insurance Regulatory and Development Authority Act, 1999, as amended up to date
• 50+ Rules/Regulations framed under the IRDA Act
• Insurance Act, 1938, as amended up to date, along with:
  • Applicability of Provisions of the Insurance Act to SEZs/IFSCs
  • Insurance (Appeal to Securities Appellate Tribunal (Rules), 2016
• Master Directions – Insurance, including FED Master Direction No. 9/2015-16, Dated 1-1-2016 (Updated as of 7th December, 2021)

This book helps understand the legal landscape of the insurance sector, providing the regulatory requirements, compliance obligations, and procedural guidelines required for the industry’s smooth functioning.

The Present Publication is the 26^th Edition | August 2024 & amended up to 3rd August 2024. This book is edited by Taxmann’s Editorial Board, with the following coverage:

• Insurance Regulatory and Development Authority Act, 1999
  • Arrangement of Sections
  • Text of the Insurance Regulatory and Development Authority Act, 1999, as amended up to date
  • Subject Index
• Rules & Regulations Framed under Insurance Regulatory and Development Authority Act, 1999
  • Insurance Regulatory and Development Authority (Licensing of Insurance Agents) Regulations, 2000
  • Insurance Regulatory and Development Authority of India (General Insurance – Re-insurance) Regulations, 2016
  • Insurance Regulatory and Development Authority (Meetings) Regulations, 2000
  • Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000
  • Insurance Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of Chairperson and Other Members) Rules, 2000
  • Insurance Regulatory and Development Authority (Conditions of Service of Officers and Other Employees) Regulations, 2000
  • Insurance Regulatory and Development Authority of India (Third Party Administrators – Health Services) Regulations, 2016
  • Insurance Regulatory and Development Authority (Annual Report – Furnishing of Return, Statements and Other Particulars) Rules, 2000
  • Insurance Regulatory and Development Authority (Form of Annual Statement of Accounts and Records) Rules, 2001
  • Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018
  • Insurance Regulatory and Development Authority of India (Re-insurance) Advisory Committee) Regulations, 2019
  • Insurance Regulatory and Development Authority (Licensing of Corporate Agents) Regulations, 2002
  • Tariff Advisory Committee (Election of Members, Meetings, Functions and Miscellaneous) Regulations, 2004
  • Insurance Regulatory and Development Authority (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010
  • Insurance Regulatory and Development Authority (Life Insurance – Re-insurance) Regulations, 2013
  • Insurance Regulatory and Development Authority (Sharing of Confidential Information Concerning Domestic or Foreign Entity) Regulations, 2012
  • Insurance Regulatory and Development Authority (Licensing of Banks as Insurance Brokers) Regulations, 2013
  • Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017
  • Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
  • Insurance Regulatory and Development Authority of India (Registration of Insurance Marketing Firm) Regulations, 2015
  • Indian Insurance Companies (Foreign Investment) Rules, 2015
  • Insurance Regulatory and Development Authority of India (Maintenance of Insurance Records) Regulations, 2015
  • Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015
  • Insurance Regulatory and Development Authority of India (Insurance Services by Common Public Service Centres) Regulations, 2019
  • Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) Rules, 2015
  • Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015
  • Insurance (Procedure for Holding Inquiry by Adjudicating Officer) Rules, 2016
  • Insurance Regulatory and Development Authority of India (Appointment of Insurance Agents) Regulations, 2016
  • Insurance Ombudsman Rules, 2017
  • Insurance Regulatory and Development Authority of India Guidelines on Transitory Provisions under Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2017
  • Insurance Regulatory and Development Authority of India (Investment by Private Equity Funds in Indian Insurance Companies) Guidelines, 2017
  • Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019
  • Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020
  • Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission of Insurers) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024
  • Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024
• Insurance Act, 1938
  • Arrangement of Sections
  • Text of the Insurance Act, 1938, as amended up to date
  • Appendix I: Applicability of provisions of this Act to SEZs/IFSCs
  • Subject Index
  • Insurance (Appeal to Securities Appellate Tribunal) Rules, 2016
• Master Directions – Insurance

(FED Master Direction No. 9/2015-16, Dated 1-1-2016

(Updated as of 7th December, 2021)

Taxmann’s Editorial Board

At the heart of Taxmann Publications lies the Research & Editorial Team, established from a cadre of Chartered Accountants, Company Secretaries, and Lawyers. This group, operating under the guidance of Editor-In-Chief Mr Rakesh Bhargava, is the cornerstone of Taxmann’s commitment to delivering unparalleled content accuracy and reliability.

The team’s mission is anchored in the principles of the Six Sigma methodology, with a steadfast goal of eradicating errors and upholding the highest standards of excellence in all publications and research outputs. Their rigorous content development process is informed by core guidelines, ensuring every piece of work is authoritative and insightful. These guidelines include:

• Sourcing – All statutory materials are derived exclusively from authorized and credible sources, guaranteeing the integrity of the information provided
• Current Awareness – The team prioritizes keeping readers well-informed of the latest judicial and legislative developments, ensuring content is both timely and relevant
• Analytical Insights – Special emphasis is placed on crafting analytical pieces on topical, contentious, and impactful issues, aiding readers in comprehensively understanding the nuances and implications of recent events
• Clarity and Accuracy – Taxmann pledges that every publication is thorough, precise, and articulated with clarity, serving as a reliable reference for complex subjects
• Evidence-based Referencing – Assertions and analyses are meticulously backed with references to relevant sections, circulars, notifications, or citations, enhancing the content’s credibility
• Quality and Consistency – Adherence to the golden rules of grammar, style, and consistency is non-negotiable, ensuring a seamless and engaging reading experience
• Accessibility – The choice of font and size across all print and digital mediums is dictated by legibility and consistency, making information accessible to all readers