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Why 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.
- Competence of the parties
- Legality of object
- Free consent
- Insurable interest
- Contract of Indemnity