The Insurance Laws (Amendment) Bill, 2008

The Insurance Laws (Amendment) Bill, 2008 aims to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972, and the Insurance Regulatory and Development Authority Act, 1999. The bill seeks to introduce various reforms in the insurance sector, including changes to the capital requirements for insurance companies, investment of assets, and auditing requirements. It also proposes to establish a separate fund for general insurance business and to require insurers to maintain records of policies and claims. Furthermore, the bill aims to increase transparency and accountability in the insurance industry by introducing new provisions related to accounts, balance-sheets, and submissions of returns. The bill has been proposed to bring about significant changes to the existing laws governing the insurance sector in India.