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CHAPTER 2
FORMATION AND GROWTH OF INSURANCE INDUSTRY IN INDIA * INTRODUCTION * NATURE AND CHARACTER OF INSURANCE * NEED FOR INSURANCE * FUNCTIONS OF INSURANCE * HISTORICAL BACKGROUND OF INSURANCE * TYPES OF INSURANCE * HISTORY OF INSURANCE IN INDIA * Formation of Insurance Industry in India * Nationalization of Insurance Business in India * Privatization of Insurance Industry * LEGISLATIONS REGULATING THE INSURANCE SECTOR IN INDIA
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CHAPTER 2
FORMATION AND GROWTH OF INSURANCE INDUSTRY IN INDIA
INTRODUCTION
Insurance is a practice by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment.
Insurance is a social device, to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risks, which can be insured against include fire, the peril of sea, death, incident, & burglary.
The aim of insurance is to protect the owner from a variety of risks which he anticipates. Insurance is actually a contract between two parties. A contract of insurance is a contract where one person undertakes to pay another person, a sum of money or its equivalent on the happening of a specified event. And there is an agreed consideration for such undertaking.
The person who seeks this protection is called the insured or assured. The person who undertakes to protect him from loss if risk happens is called insurer or underwriter. The periodical payment of consideration made by the insured is called premium.
According to Maclean, “Insurance is a method of spreading over a large number of persons a possible financial loss too serious to be conveniently borne by an individual”.
According to Riegel and Miller, “It is a social device whereby uncertain risks of individuals may be combined in a group and thus made more certain; small periodic contribution by the individuals providing a fund out of which those who suffer losses may be reimbursed”.

NATURE AND CHARACTER OF INSURANCE * Sharing of risk
Insurance is a co-operative device to share the burden of risk. It may fall on happening of some unforeseen events, like- the death of head of the family, or on happening of marine perils or loss of by fire. * Co-operative device
Insurance is a co-operative form of distributing a certain risk over a large group of persons who are exposed to it. Therefore a large number of persons share the losses arising from a particular risk. * Evaluation of risk
For the purpose of ascertaining the insurance premium, the volume of risk is evaluated, which forms the basis of insurance contract. * Payment on happening of specified event
On happening of specified event, the insurance company is bound to make payment to the insured. Happening of the specified event is certain in life insurance, but in the case of fire, marine or accidental insurance, it is not necessary. In such cases, the insurer is not liable for payment of indemnity. * Amount of payment
The amount of payment in indemnity insurance depends on the nature of losses occurred, subject to a maximum of the sum insured. In life insurance, however, a fixed amount is paid on the happening of some uncertain event or on the maturity of the policy. * Large number of insured persons
The success of insurance business depends on the large number of persons insured against similar risk. This will enable the insurer to spread the losses of risk among large number of persons, thus keeping the premium rate at the minimum. * Insurance is not a gambling
Insurance is not a gambling. Gambling is illegal, which gives gain to one party & loss to the other. Insurance is a valid contract to indemnity against losses. Moreover, insurable interest is present in insurance contracts & it has the element of investment also. * Insurance is not charity
Charity pays without consideration but in the case of insurance, premium is paid by the insured to the insurer in consideration of future payment. * Protection against risks
Insurance provides protection against risks involved in life, materials & property. It is a device to avoid or reduce risks. * Spreading of risk
Insurance is a plan, which spread the risks & losses of few people among a large number of people. John Magee writes, "Insurance is a plan by which large number of people associates themselves & transfer to the shoulders of all, risks attached to individuals." * Transfer of risk
Insurance is a plan in which the insured transfers his risk on the insurer. Insurance is a device to transfer some economic losses to the insurer, and otherwise such losses would have been borne by the insured themselves. * Ascertaining of losses
By taking a life insurance policy, one can ascertain his future losses in terms of money. This is done by the insurer to determining the rate of premium, which is calculated on the basis of maximum risks. * A Contract
Insurance is a legal contract between the insurer & insured under which the insurer promises to compensate the insured financially within the scope of insurance policy, & the insured promises to pay a fixed rate of premium to the insurer. * Based on certain principles
Insurance is a contract based upon certain fundamental principles of insurance, which includes utmost good faith, insurable interest, contribution, indemnity, causa proxima, subrogation etc., which are the basis for successful operation of insurance plan. * Institutional setup
After nationalization, the insurance business in the country is operation under statutory organization set up. In India, the Life Insurance Corporation, the General Insurance Corporation & its subsidiary companies are operating in the various fields of insurance. * Insurance for pure risk only
Pure risks give only losses to the insured, & no profits. Examples of pure risks are accident, misfortune, death, fire, injury, etc., which are all onesided risks & the ultimate result in loss. Insurance companies issue policies against pure risks only, not against speculative risks. Speculative risks have chances of profits or losses. * Social device
Insurance is a plan of social welfare & protection of interests of the people. Riegel & Miller observe, "Insurance is of social nature”. * Based on mutual goodwill
Insurance is a contract based on good faith between the parties. Therefore, both the parties are bound to disclose the important facts affecting to the contract before each other. Utmost good faith is one of the important principles of insurance. * Regulation under the law
The government of every country enacts the law governing insurance business so as to regulate & control its activities for the interest of the people. In India the Life Insurance Act 1956 & General Insurance (Nationalization) Act 1972 are the major enactments in this direction. * Wide scope
The scope insurance is much wider & extensive. Various types of policies have been developed in the country against risks on life, fire, marine, accident, theft, burglary, etc.

NEED FOR INSURANCE
All assets have some economic value attached to them. And there is also a possibility that these assets may get damaged or destroyed or become non-operational due to risks like breakdowns, fire, floods, earthquake etc. Different assets are exposed to different types of risks like a car has a risk of theft or meeting an accident, a house is exposed to risk of catching fire, a human is exposed to risk of death or accident. Therefore insurance is needed for the following reasons: * Insurance provides a sense of security to the society on a whole. For example if the bread earner of a family dies, the family suffers from direct financial loss as family's income ceases. Life insurance offers some relief to the family from financial distress. * Risks are uncertain and unpredictable in nature and so there is a need for insurance. Getting insurance for an asset does not mean that the asset is protected against risks or its exposure to risk is reduced. It actually implies that in case the asset suffers any loss in value because of such risk, the insurance company bears the loss and compensates the insured by making payment to him. * Insurance is a useful instrument in promoting savings and investments, particularly within the lower income and middle income families.

FUNCTION OF INSURANCE
Insurance have become very useful in today's life. It plays an important role in this competitive era. According to Sir William Beveridge the functions of insurance can be divided into three categories as under
1. Primary functions
2. Secondary functions
3. Indirect functions * PRIMARY FUNCTIONS * To provide protection
The main function of insurance is to provide protection against the risk of loss. It is a type of guarantee, that it will make good if the losses occurred. Insurance pays the cost of damages of losses. * To provide certainty
Future is totally uncertain. Any misfortune may happen at any stage of life. The amount of loss and time of loss both may be uncertain. Better planning and administration may reduce the chances of accidents happening, but it requires lots of attention towards strengths, weaknesses, and special knowledge of that field. Even after all these precautions, the uncertain event may happen.. Insurance provides certainly towards that losses when they occur. The policy holders pay the premium to get that certainty. * Distribution of risk
It is a cooperative effort, where the risk is distributed among a large group of people. Thus, no one have to bear the losses occurred due to uncertain event. * SECONDARY FUNCTIONS * Helps in economic progress
Insurance plays an important role in economic progress. It gives fully certainty to the industrialists towards the risks. The entrepreneurs can concentrate more on innovative and profitable techniques of the production. They need not think over the risks. The industrialists can establish new industries in certain environment. Thus it helps development of economic and commerce of the nation. * It prevents losses
Insurance plays main role in preventing the losses. The amount of premium may be minimized by using such appliances like the Fire extinguisher. If one uses interior machinery which may be caused for misfortune, the amount of premium will be high. Thus, indirectly, insurance provides help to minimize the chances of risks. It will be useful for the agencies which are directly related with the same function like.
a. Loss prevention association of India
b. The salvage crops of loss prevention association of India.
c. Survey and inspection of risks, etc. * INDIRECT FUNCTIONS * A forced savings
Life Insurance is also a method of savings in India. Income Tax Act gives relief in payment of income tax because government wants to habituate general public to save money. It encourages the habit of thrift and savings among the people. Thus, it becomes compulsory savings to people of nation. * Promote foreign trade
It is compulsory to take marine insurance policy in foreign trade in India. Foreigners can't issue the foreign trade bill unless the cargo is fully insured. Thus foreign trade is totally depends upon the insurance sector of the nation. It gives relief to entrepreneurs from the uncertainty of foreign trade. * Others
Insurance provides certainties towards risks in entrepreneurship. It gives confidence in general public. It is one of the important source of investment which develops the trade and commerce of the nation.

HISTORICAL BACKGROUND OF INSURANCE
The Chinese and Babylonian traders practiced some early methods of transferring or distributing risk from the 3rd and 2nd millennia BC itself. The Chinese merchants travelling across dangerous rivers redistributed their goods across many vessels, because to limit the loss due to any single vessel's getting damaged. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, 1750 BC.It was practiced by the early Mediterranean sailing merchants. When a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee. The guarantee was to cancel the loan if the shipment was stolen.
Achaemenian monarchs of Ancient Persia were the first to insure their people and they made it official by registering the insuring process in the governmental notary offices. The insurance tradition was made each year in Nowruz (beginning of the Iranian New Year). The heads of different ethnic groups and the others who took part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. It was an advantage for those who presented such special gifts. For others, the presents were fairly assessed by the confidants (attorney) of the court. Then the assessment was registered in some special offices.
A thousand years later, the inhabitants of Rhodes (an island in Greece) created the 'general average'. It allowed groups of merchants to pay to insure their goods which are being shipped together. The collected premiums would be used to reimburse any merchant whose goods were damaged or destroyed during transport, because of storm or sinking of the ship.
The ancient Athenian "maritime loan" provided money for voyages. The repayment of the loan will be cancelled if the ship was lost. In the 4th century BC, the rates for the loans differed according to safe or dangerous times of year. It implied a direct pricing of risk with an effect similar to insurance.
The Greeks and Romans introduced the origins of health and life insurance in 600 BC. So they created guilds called "benevolent societies". It cared for the families of deceased members, as well as paying funeral expenses of members. Guilds in the middle Ages also served a similar purpose. The Talmud dealt with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, where people donated amounts of money to a general sum that could be used for emergencies.
Separate insurance contracts (i.e., insurance policies which are not packed with loans or other kinds of contracts) were invented in Genoa (a city and important seaport in northern Italy) in the 14th century. The first known insurance contract dates from Genoa in 1343. In the next century, maritime insurance was developed and premiums directly varied with risks. These new insurance contracts allowed insurance to be separated from investment. The first printed book on insurance was the legal treatise ‘On Insurance and Merchants' Bets by Pedro de Santarém (Santerna), written in 1488 and published in 1552.
Insurance as we know it today can be traced to the Great Fire of London, which in 1666 took away 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame houses.
The concept of health insurance was proposed in 1694 by Hugh the Elder Chamberlen, from the Peter Chamberlen family. From late 19th century, "accident insurance" was available and it operated much like modern disability insurance. This payment model continued until the start of the 20th century in some jurisdictions (like California), where all laws regulating health insurance actually referred to disability insurance.
The first insurance company in the United States provided fire insurance and it was formed in Charles Town (modern-day Charleston), South Carolina in 1732. The business of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods, in Philadelphia and New York founded the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759. Episcopalian priests created a comparable relief fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, and only a fewer than half a dozen survived.

TYPES OF INSURANCE
Insurance business is divided as: * Life Insurance * General Insurance * Fire Insurance * Marine Insurance * Motor vehicle insurance * Miscellaneous Insurance * Reinsurance
In India, Insurance is a subject listed in the Union list in the Seventh Schedule of the Constitution of India. Therefore the Central Legislature has the power to regulate the insurance industry in India and hence the law in this regard is uniform throughout the territories of India.

HISTORY OF INSURANCE IN INDIA
In India, insurance has a deep-rooted history. Insurance in various forms has been mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The fundamental basis of the historical reference to insurance in these ancient Indian texts is the same i.e. pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. The early references to Insurance in these texts have reference to marine trade loans and carriers' contracts.
The concept of insurance has been prevalent in India from ancient times. Overseas traders practiced a system of marine insurance. The joint family system in India was a method of social insurance of every member of the family on his life.
The formation and growth of the insurance industry in India is made through three distinct stages:
1. Formation of Insurance Industry in India
2. Nationalization of Insurance Business in India
3. Privatization of Insurance Industry
1.FORMATION OF INSURANCE INDUSTY IN INDIA
MARINE INSURANCE
In India even during the Aryan period itself, there was evidence for existence of something like marine insurance. But the present marine insurance in India had its origin from England. From 1797 to 1810, seven marine insurance companies were started in Calcutta and none of it is in existence today. After that mostly composite offices were started, and most of the British offices had its branches in India. The monopoly and the increased rates of duties charged on British offices on British offices made them to form independent offices in its colonies, including India and thus British offices had much influence in the Indian Insurance market. The same English law was applied in India with minor changes to make it suitable for Indian circumstances. After independence and abolition of Privycouncil, the Indian Superior courts, including the Supreme court started following or using laws from other foreign sources, like American cases. Today the marine insurance in India is regulated by the Indian Marine Insurance Act 1963, which is just a reproduction of the English Marine Insurance Act 1906.
FIRE INSURANCE
In India most of the successful fire insurance business was carried on by the brokers and branches of foreign companies, like Britain, America, and even Japan. The Alliance British and Foreign Fire Insurance Co was the first to establish an agency office in India at Madras. This agency issued the first fire policy in India. After that the Royal Insurance Co, the Liverpool and London and Globe, North British and Commercial Union started many of its branches in Bombay, Calcutta and other presidency towns. Then the business started spreading to mofussil areas.
LIFE INSURANCE
Life Insurance law in India has its origin from United Kingdom, with the establishment of a British firm called the Oriental Life Insurance Company in 1818 in Calcutta. After that the Bombay Life Assurance Company in 1823, the Madras Equitable Life Insurance Society in 1829 and the Oriental Life Assurance Company in 1874 were established. Till the establishment of the Bombay Mutual Life Assurance Society in 1871, Indians were charged an extra premium of up to 20% as compared to the British.
Period of Mushroom Growth (1900-1912)
There was a mushroom growth of Indian Companies because of the Swadeshi movement, which promoted the boycott of British goods, British institutions and everything British. Many Indian, Life Insurance were established. The first law in India to regulate the life insurance business was the Indian Life Assurance CompaniesAct, 1912; which was based on the English Act of 1909.
Period of Struggle and Steady Growth (1913-1938)
This was the period between two world wars. During this period the indigenous life insurance offices had to pass through a critical period. Because of the national movement there was a sudden growth of business which resulted in accumulation of wealth and inexperience in business. The Life Assurance Act (Act 6) of 1912 checked such accumulation of wealth. Then the world war started, and resulted in economic failure. Insurance business struggled for its steady growth. Most of the small offices wound up because of such economic failure. The companies which survived it faced the competition of many flourishing foreign offices.
After the first world war, the British refused to grant even the promised dominion status and so there was again a united national movement, demanding independence and pledged to boycott British institutions. This anti-British national spirit again gave life to the Indian life offices and their business. The government was compelled to protect the Indian Insurance business and because of it Sri SC Sen was appointed as a special officer, in 1934, to investigate and report on the reform of insurance law. In 1936, a committee was made to study the report of the special officer and the committee was headed by Sri NN Sircar. In 1937 a draft bill was introduced and thus the Insurance Act was passed in 1938. Then according to this Act, there was a uniform control of all insurers by government and because of it several foreign offices discontinued their business in India.
Period of Stability and Consolidation (1938-1950)
The Indian insurance business started gaining stability because they became free from the competition of foreign offices. And the Indian offices also bought the necessary changes in their office organizations, terms and conditions in their policies etc. The swadeshi movement gained strength and national spirit increased. Indian Industries also started developing. The business of insurance became important, because large amount of capital were available to be invested in developing industries. Sometimes there was malinvestment of insurance funds and so the government, in 1945, appointed a committee under the chairmanship of Cowasji Jehangir to check the malpractices. This led to the regulation of investments and the Insurance Act was amended many times.
During partition large number of policy holders left their policies. In 1949, there was non-devaluation of Pakistan currency and it created many problems. A committee under the chairmanship of Sri SR Ranganathan was appointed and this committee reviewed the entire insurance law and submitted its report. Based on that report the Insurance Amendment Act 1950 was passed. The act made some changes to make insurance institutions more useful to the country’s economic growth. It also provided for the appointment of a controller of insurance, constitution of a life insurance council and a general insurance council and also made provisions for the appointment of investigators and administrators for ill-managed and sick companies. Compulsory reinsurance with Indian Insurers was demanded to reduce the drain of foreign exchange.
2.NATIONALIZATION OF INSURANCE BUSINESS IN INDIA
In 1947 India got independence and the first Prime Minister was Jawaharlal Nehru. Five year plans were made to raise the economic level of the country. The level of education among people also raised since independence and it resulted in the insurance consciousness among people. There was increased confidence in domestic companies. The leading insurers also involved vigorous developmental programs. All these led to a boom in insurance business and in particular in life insurance business. These insurers therefore acquired huge amount of capital and the government felt that these funds, can be utilized for its developmental plans and also to ensure security to the investing people. Therefore because of these reasons the Life Insurance Business was first nationalized in 1956 by the passing of Life Insurance Corporation Act 1956. Then the Life Insurance Corporation was created in the same year. It was conferred with exclusive power of carrying on life insurance business in India (except to the extent otherwise expressly provided in the Act).
The business of all insurers, whose business was nationalized, was taken over by the Corporation along with their assets and liabilities. The original capital of the corporation was rupees 5 crores and it was provided by the central government under the act. The central government has the power to create and control the Corporation.
The other insurances like fire insurance, marine insurance, motor vehicles insurance, aviation insurance, burglary insurance and other liability insurances also developed. Insurance business was monopolized by British firms at that time. Indian insurers were new to the business. Because of it all the reinsurance business was in the hands of the foreign firms. In 1957 the first Indian reinsurance concern called Reinsurance Corporation of India was formed, inorder to stop the heavy drain of foreign exchange. After the nationalization of life insurance, the Insurance Act 1938 applied mainly to the general insurance. In 1968 an amendment was made to that Act. Amendment gave power for more effective control and supervision over the general insurance companies. It required increased deposits from them, the controller of insurance got more powers to inspect and issue directions to the insurers in all matters including the appointment and removal of directors, forming a tariff advisory committee to fix, control and regulate the rates of premiums, terms and conditions of policies etc.
In KMD Association v union of India, it was held that the function of the tariff advisory committee in fixing and revising, the rates of tariff was held as a legislative power and not an administrative power. Therefore it is binding on the insured in the same manner as any other provisions of the insurance Act.
In spite of such controls there was public demand for the nationalization of the general insurance business. Because of it an ordinance was promulgated by the President of India in 1971 and it was replaced by the General Insurance (Emergency Provisions) Act 1971. Finally in 1972, the general insurance business was also nationalized by setting up a government corporation called the General Insurance Corporation with four subsidiary companies for doing the general insurance business. The nationalized insurance companies were expected to cover new fields and not to confine only to the present activities.
The Courts in India wanted the two corporations to act in accordance with the principles laid down in directive principles in the constitution. They have been equated to sovereign instrumentalities. In Asha Goel v LIC, it was held that “the business activities of the LIC are not of a purely commercial nature. LIC is a statutory corporation being an ‘Authority’ or an ‘Instrumentality’ of the State within article 12 of the constitution, the contract of life insurance entered into by life insurance corporations are for the welfare and benefit of the society as it is the primary goal of the LIC to promote the welfare of the people. Hence a writ under Article 226 can lie against the LIC for enforcement of its liability through contractual”.
Even in litigations judiciary kept State and its instrumentalities on a higher support than a common litigant. In National Insurance company v Jugal Kishore, it has been said ‘that the obligation on the part of the state or its instrumentality like the LIC or GIC to act fairly can never be over emphasized’.
In Assam and Meghalaya SRTC v Abdul Razak: The State road transport corporation without extending a helping hand on humanitarian grounds to the victim aged 28 years who, due to rash and negligent driving, suffered multiple injuries including a leg injury resulting in amputation of the leg from the thigh, hotly contested an award of compensation of Rs 60,000 as high. The court observed, “public policy should resist the temptation to litigation like cantankerous litigants for insignificant amounts, raising technical pleas.”
3. PRIVATIZATION OF INSURANCE INDUSTY
After 1956 with the nationalization of insurance industry, the LIC had the monopoly in India’s life insurance sector. GIC along with its four subsidiaries had the monopoly for general insurance business. Both LIC and GIC played an important role in the development of the insurance market in India.
From 1991 the Indian Government introduced various reforms in the financial sector giving the way for the liberalization of the Indian economy.
In 1993the government of India set up an eight-member committee, under the chairmanship of Mr. R.N.Malhotra. He was a former governor of the Reserve Bank of India. The committee was appointed to review the prevailing structure of regulation and supervision of the insurance industries and to make recommendations for strengthening and modernizing the regulatory system. The committee submitted its report in 1994. It made two main key recommendations: * The privatization of the insurance sector by permitting the entry of private companies to enter the business of life and general insurance. * The establishment of an Insurance Regulatory Authority.
It took a number of years for the Indian Government to implement the recommendations of the Malhotra Committee. The Indian Parliament passed the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”) on December 2, 1999. The aim was “to provide for the establishment of anAuthority, to protect the interests of the policy holders, to regulate, promote and ensure orderlygrowth of the insurance industry and to amend the Insurance Act, 1938, the Life InsuranceCorporation Act, 1956 and the General Insurance Business (Nationalization) Act, 1972”.
Thus the insurance sector was opened to private participation on the recommendations of Malhotra committee. It does not mean that the public sector entities will not continue their activities in insurance sector. Both public and private sectors take part in insurance business after privatization. Financial institutions play an important role in the growth process of insurance. Because of private insurance companies there is more competition and rapid expansion of the insurance sector in India.

LEGISLATIONS REGULATING THE INSURANCE SECTOR IN INDIA
Insurance is considered as one of the riskiest business, all over the world. Because in stable or in good times, most insurance companies produce healthy surplus but whenever there are recessions or adverse situations, insurance companies gets affected much. Generally insurance companies survive and function best when they are big.
Commercial banks are also very important financial institutions whose health is vital to the health of the economy of the country in which they operate.
Insurance companies and Banks cannot be allowed to fail. They need to be regulated. Self regulation has proved to be ineffective. Nowdays, banks and insurance companies, are more than ever before, are the most heavily regulated businesses all over the world.
The Indian Insurance sector has a regulator - Insurance Regulatory and Development Authority (IRDA), created under the IRDA Act. However, this is not the only law regulating the insurance sector. It is just one among several laws that regulate or control some aspect of the insurance business or the other.
Acts/ Regulations common to General and Life Insurance Business in India
The following Acts regulate the Insurance Business in India.
• Insurance Act, 1938
• IRDA Act, 1999
• Insurance Amendment Act, 2002
• Exchange Control Regulations (FEMA)
• Insurance Co-op Society
• Indian Stamp Act, 1899
• Consumer Protection Act, 1986
• Insurance Ombudsman
Regulations governing/ affecting Life Insurance Business in India
The following Acts regulate the life insurance business in India.
• LIC Act, 1956
• Amendments to LIC Act
Regulations Affecting General Insurance Business in India
The following Acts regulate in some way or the other, some aspect of the General Insurance Business in India.
• General Insurance Nationalization Act, 1972
• Amendments to GIN Act, 1972
• Multi-Modal Transportation Act, 1993
• Motor Vehicles Act. 1988
• Inland Steam Vessels Amendment Act, 1977
• Marine Insurance Act, 1963
• Carriage of Goods by Sea Act, 1925
• Merchant Shipping Act, 1958
• Bill of Lading Act, 1855
• Indian Ports (Major Ports) Act, 1963
• Indian Railways Act, 1989
• Carriers Act, 1865
• Indian Post Office Act, 1898
• Carriage by Air Act, 1972
• Workmens' Compensation Act, 1923ESI Act, 1948
• Public Liability Insurance Act. 1991.

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[ 2 ]. . JB Maclean, Life Insurance, p 1
[ 3 ]. . Reigel and Miller, Insurance Principles and Practice, p 10
[ 4 ]. . http://etheses.saurashtrauniversity.edu/43/1/chandarana_hm_thesis_com.pdf (last visited 2.4.2013)
[ 5 ]. . http://etheses.saurashtrauniversity.edu/43/1/chandarana_hm_thesis_com.pdf (last visited 3.4.2013)
[ 6 ]. . Wikipedia insurance in India (last visited 10.4.2013)
[ 7 ]. . AIR 1983 K 100
[ 8 ]. . AIR 1986 Bom 412
[ 9 ]. . AIR 1988 SC 789
[ 10 ]. . AIR 1988 Gau 57 (DB)