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Need To Study Insurance Laws In India

Insurance as a sector received impetus by the nationalisation of the Life Insurance Corporation of India in 1956 and henceforth by the passing of this Act. With time, in 1999, as the global economies of the world motivated India to open its borders for trade and commerce, the era of LPG that is Liberalisation, Privatization and Globalization came into force. With time, the regulator of the Insurance Sector, namely the Insurance Regulatory and Development Authority of India was set up in 1999.

Henceforth, the insurance laws in India have seen immense growth. But still, there is need to improve the outreach of insurance laws in India. And the first step in this direction must be taken by the academia. In law schools, insurance is often covered as a small sub-unit of the contract course and then in the final year as an elective but it is never covered as a core course on which the foundation of the students can be laid down.

There are some great platforms for practising insurance laws in India like Tuli & Co. in the commercial law firm sector as the top notch firm for litigation practice in Insurance laws. Then there are InsuranceDekho and HDFC Ergo as the Insurance Brokers who offer in-house counsel roles for law graduates. Insurance sector has also seen immense growth and potential due to the COVID pandemic and a lot of important regulations have been issued by the IRDAI during this period.

With the coming in of new and niche areas of law in the corporate world of law firms, the court room practice of consumer litigation, the arbitration setup and the civil courts, insurance sector is going to be the new law scion as a practice area. Hence, the need to revamp the knowledge of law graduates in the commercial and consumer affairs of insurance laws in India.

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