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Why do we need Law on Insurance Business?

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HomeBrud.gifInsurance LawBrud.gifWhy do we need Law on Insurance Business?

The Law on Insurance Business is necessary so as to:

  • Protect the legitimate rights and interests of organizations and individuals participating in insurance
  • Specify the rights and obligations of entities involved in insurance business
  • To promote insurance business activity
  • To maintain and promote stable socio-economic development and stability in the lives of the people
  • In order to strengthen State administration and regulation of insurance business activity

Points to Note

  • Separate insurance laws would be prescribed for General Insurance and non-General insurance.

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