It is heartening to note that the regulator in India (IRDAI) recently formed a high-power panel to suggest measures for insurance reforms. It is expected to examine various areas of the Insurance Act 1938 and recommend suitable and adequate amendments in keeping with the changing business trends and requirements of the customers. Modernising the Insurance Act is urgently needed to suit the changing business dynamics. Insurance Act 2015(UK) initiated many changes that suit the requirements of customers and business entities. In this article, an effort has been made to understand the implication of 'Warranty' and its evolution over the period.
It is pertinent to mention that two insurance laws that work in the UK: 1. Consumer Insurance (Disclosure and Representations) Act 2012 deals with consumer insurance contracts where an individual enters into the contract wholly or mainly for purposes unrelated to the individual's trade, business or profession. The word consumer means an individual entering a consumer insurance contract or proposing to do so; 2. Insurance Act 2015 applies to non-consumer insurance. It defines a non-consumer insurance contract as a contract of insurance that is not a consumer insurance contract.
The changes made in these two acts and the Marine Act 1906 somehow weren't incorporated in India's Insurance Laws(Amendment Act) 2015.
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"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."
Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?
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