Taxmann Insurance Laws Manual Edition June 2025

Insurance Laws Manual provides a comprehensive and up-to-date legal reference to the regulatory framework governing insurance in India. This Edition delivers an all-inclusive guide, statutes, rules, regulations, and pivotal case laws. It integrates the latest reforms and developments in insurance—including those introduced by the Insurance Regulatory and Development Authority of India (IRDAI), the Insurance Act 1938, and directives from the Reserve Bank of India (RBI). The manual also covers the nuances of life, general, and health insurance, delving into essential concepts like uberrimae fidei, contract interpretation, third-party liability, FEMA provisions, and emerging compliance requirements. Through practical commentary and explanatory footnotes, readers will find it indispensable to stay current with all aspects of insurance legislation.

This book is intended for the following audience:

• Legal Professionals – Advocates, solicitors, and legal consultants advising on insurance-related litigation, claims, and policy interpretation
• Compliance Officers & In-house Counsels – Legal teams within insurance companies, banks, NBFCs, and other financial institutions
• Insurance Practitioners & Agents – Insurance brokers, agents, underwriters, and risk managers who must comply with updated IRDAI regulations
• Corporate & Financial Services Executives – Professionals involved in managing corporate insurance portfolios, reinsurance contracts, and risk assessment
• Students & Academics – Law students, researchers, and faculty members needing a thorough reference guide on the Indian insurance framework

The Present Publication is the 28^th Edition | 2025, amended up to 6^th June 2025. This book is edited by Taxmann’s Editorial Board, with the following noteworthy features:

• [Complete Coverage of IRDAI Regulations]
• Incorporates Insurance Regulatory and Development Authority Act 1999
• Fully updated rules and regulations framed thereunder, such as:
• Insurance Regulatory and Development Authority of India (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority) Regulations 2025
• Regulatory Sandbox Regulations 2025
• Bima Sugam – Insurance Electronic Marketplace Regulations 2024
• Others
• [Updated Regulatory Landscape] Reflects the latest reforms, including Corporate Governance for Insurers Regulations 2024 and Expenses of Management, including Commission, of Insurers Regulations 2024
• [Comprehensive Statutory Materials]
• Insurance Act 1938
• 15+ IRDA Regulations, Rules under the Insurance Act, and RBI’s FED Master Directions on Insurance
• [Practical Commentary & Case Law]
• Detailed guidance on contract interpretation, claims settlement, repudiation grounds, third-party liability, and no-fault liability principles
• Summaries of landmark Supreme Court and National Commission rulings
• [GST and FEMA Implications]
• A thorough discussion of GST applicability on insurance premiums, exemptions, reverse-charge mechanism, co-insurance, reinsurance, and FEMA provisions
• [User-friendly Presentation]
• Clear arrangement of sections, subject indices, and cross-references for quick navigation
• ‘Guide to Insurance Laws’ for conceptual clarity

The coverage of the book is as follows:

• IRDA Act 1999 & Rules/Regulations
• Licensing & Registration Regulations
• Reinsurance & Co-insurance Regulations
• Corporate Governance & Disclosure Norms
• Insurance Products & Policyholders’ Protection
• Digital Initiatives & Innovation
• Insurance Act 1938
• Updated text of the principal Act
• Detailed subject index
• RBI & FEMA Directions
• RBI’s FED Master Direction on Insurance and foreign exchange regulations specific to insurance business
• Case Law Insights
• Detailed discussion on claim repudiation, ‘no fault liability,’ interpretation of policy terms, coverage of third-party risks, etc.
• GST on Insurance Services
• Rate structures, exemptions for specific insurance schemes, reverse-charge scenarios, and co-insurance/reinsurance clarifications
• Miscellaneous & Allied Rules
• Insurance Ombudsman Rules 2017
• Insurance Advisory Committee Regulations 2000
• Special Economic Zone (Insurance Business) Rules
• Other integral legislative instruments affecting the insurance sector

The structure of the book is as follows:

• Introductory Pages
• List of Acts/Rules/Regulations for easy reference
• Guide to Insurance Laws explaining key concepts, definitions, and contextual background
• Main Sections
• Part I – Insurance Regulatory and Development Authority Act 1999
• Arrangement of Sections, Text of the Act, Subject Index
• Part II – Rules & Regulations framed under IRDA Act 1999
• Each regulation is presented with an arrangement of clauses, full text, and interpretative notes
• Part III – Insurance Act 1938
• Full text, arrangement of sections, relevant rules, appendices, subject index
• Part IV – Master Direction | Insurance (RBI)
• The complete text of FED Master Direction No. 9/2015-16 (Updated up to December 7, 2021)
• Annotations & Footnotes
• Critical commentary on each statutory provision, linking to important case laws and clarifications from IRDAI and RBI
• Appendices & Subject Indexes
• Detailed indexes, references, and an appendix on compliance guidelines to facilitate quick navigation and in-depth research