The Government has proposed amendments to Insurance Act 1938, General Insurance Business Nationalization Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999 through the Insurance Laws (Amendment) Bill, 2008. The Insurance Laws Amendment Bill proposes, inter-alia, to empower the Authority to frame regulations on matters involving policy holder protection and other aspects of insurance sector development. The proposed amendments also aim at removing archaic and redundant provisions in the legislations.
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