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ARTICLE · 19 FEBRUARY 2018

New Insurance Laws – Its Scope And Challenges?

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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Shardul Amarchand Mangaldas & Co

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As has been eulogised in the media over the past few years, the insurance industry in India is one of the most regulated, challenging yet untapped sectors in India, ...

IndiaFinance and Banking
Shailaja Lall
Shailaja Lall
Shivangi Talwar
Shivangi Talwar
Arush Upmanyu
Arush Upmanyu
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Introduction

As has been eulogised in the media over the past few years, the insurance industry in India is one of the most regulated, challenging yet untapped sectors in India, with a road full of immense potential given the fact that India is one of the least penetrated insurance markets in the world, with a large aspirational young population and growing disposable income. However, the road to success in this industry is riddled with potholes of regulatory uncertainty and overreach, requiring insurance companies to adopt the skillsets of an off-road rally driver who can navigate these potholes with dexterity, patience and dogged determination to move ahead.

Hence for those companies who had geared up to tame the elephant with tenacity and vigour, the Insurance Laws (Amendment) Act, 2015 ("Amendment Act") was a shot in the arm bringing about significant amendments to the Insurance Act, 1938 ("Insurance Act").

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