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Insurance Law & Compliances

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Insurance Law & Compliances

Insurance Law & Compliances

Insurance law refers to the law surrounding insurance which includes insurance policies and claims. It can be divided into three categories- regulation of insurance business, regulation of insurance policies content, and regulation of claim handling wise. The aim of insurance regulation is assuring the solvency of insurance companies.

IRDA compliance for insurance companies is required so that the company can follow the rules and bye-laws which are laid down by the authority. It is required for ensuring that the company is registered as per the requirements of the authority, settling the claims and grievances related to policyholders, ensuring that the insurance companies act in the best interest of policyholders, ensuring a proper system of monitoring insurance companies, ensuring that the company is following procedures related to FEMA.

Insurance company must be registered as a public company under the Companies Act, 2013. The company has to comply with Insurance laws and insurance act for registering with the IRDAI that has the minimum capital requirements. Minimum capital requirements for an insurance company is 100 crores and for reinsurance company is 200 crore. The company has to file annual returns and has to report amount foreign investment.

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