There are mainly four laws are concerned with the insurance business of India are as follows.
The act is specially formulated for the marine insurance business. It codifies the law relating to Marine Insurance. There are only few exception from the U.K.Marine Insurance Act, 1905 Underwriters have thorough knowledge about how to pursue rights of recovery from carries or bailees under subrogation proceedings.
The act specifies the minimum rights, liabilities and immunities of a ship owner in respect of loss or damage to cargo carried.
Bill of leading is an evidence of the contract of carriage of goods between the ship owner and the shipper, as an acknowledgement of the receipt of the goods on board the vessel. It is a document of title. This document requires in connection with settlement of marine cargo claims.
The act described the liability of port trust- authority for loss of or damage to goods whilst in their custody. It also defines the prescribed time limit for filling monetary claim on, or suit against the Port Trust Authorities.
The act deals with various aspects of railway administration; there are also provisions, which are relevant to marine insurance. The provisions of the relate to rights and liabilities of railways as carries of goods. The tribunals deal with claims for cargo loss, personal injuries, and refund of excess freight.
The act defines the liability of the government for loss, wrong delivery, delay of or damage to any postal article in course of transmission of post.
This act defines the liability of the air carrier for death of or injury to passages and for loss of or damage to registered luggage and cargo. It also prescribes the maximum limits of liability for death, Injury, damage etc., it specifies the time limits within which claims have to be filed on the air carrier. The provisions also apply to domestic carriage with some changes.
This is the act for the persons who engage in more than one mode of transportation such as rail, road, sea or air. The act specifies limits of liability of the operator, contents of documents issued by them, notice of loss etc.
The act specifies for compulsory third party insurance of motor vehicles, no fault liability, solution fund for victims of ‘Hit and run’ victims of motor vehicle accidents.
The act is in relation to the insurance of mechanically propelled vessels against third party risks. It makes the same insurance compulsory for owners or operators of inland vessels to insure against legal liability for death or bodily injury of third parties or of passengers carried for hire or reward and for damage to property of third parties. It prescribes the limits of the liability.
It deals with the immediate relief to the persons affected by accidents arising of hazardous substances. It also deals with that this liability, which is on 'no fault' basis, has to be compulsorily insured.
It describes the payment by employers to their employee / workmen, of compensation for injury by accident or disease, arising out of and in the course of employment.
The act relates with the rights and obligations of sellers and buyers of goods like the merchantable quality of goods, the point or time at which ownership transfers from sellers to buyer.
A policy of insurance must be stamped as per the schedule of rates for various classes of insurance prescribed in the act. A policy can't be enforced ‘in a court of law’ if it is not stamped.
Generally, premiums and the amount of the claim are payable in Indian currency, rupees. The regulations describe the circumstances when premiums and claims can be paid in foreign currency and the procedure for obtaining permission from the reserve Bank of India.
The objective to pass this act is to provide for better protection of the interests of consumers and for the settlement of consumers disputes. It is applicable to the buyers of goods and services. Insurances have been defined as a service, for the purpose of the act. The buyer of insurance is a consumer.