The Insurance Act, 1938

The Insurance Act, 1938 is an act of the Indian Parliament that provides for the regulation and supervision of the insurance industry in India. The act lays down guidelines for the establishment, registration, and regulation of insurance companies in India. It also establishes the regulatory authority, the Insurance Regulatory and Development Authority of India (IRDAI), which oversees the implementation of the act. The act outlines the various types of insurance policies that can be offered in India, such as life insurance, general insurance, and health insurance. It also sets out the conditions for the issuance of policies and the settlement of claims. The act has undergone several amendments over the years to keep up with the changing needs of the insurance industry.