The Law Commission submitted its Report to the Government of India, vide letter D.No. 6(3)(75)/2002-LC(LS) on 1st June 2004, indicating the amendments / modifications to the Insurance Act 1938. While submitting the Report to Government of India, the Law Commission opined that in respect of a few areas, a detailed examination by the experts is needed. Consequently, the Commission did not indicate any amendments or modifications to these sections of Insurance Act, 1938, which require inputs from those with domain knowledge.
The Authority has , therefore, constituted a Committee with Sri K. P. Narasimhan as Chairman on 7th March 2005 to give a report to the Authority on the following:-
1. The areas in which the Commission suggested examination by insurance experts.
2. The areas in which the Commission did not recommend any modification at all, but require changes.
3. Suggestions if any, on the recommendations made by Law Commission.
4. Any new sections, which may be created to suit to the needs of the stakeholders of the insurance industry.
The Committee has submitted its report. The KPN Committee’s Report is kept on IRDA’s website at http://www.irdaindia.org. The Law Commission Report is also available on the website at http://www.lawcommissionofindia.nic.in.
The Authority would be happy to receive the comments on the Report of the KPN Committee and also the Law Commission. You are requested to send your views either by e-mail: email@example.com or by post to the Authority to the following address.
Sri K. Subrahmanyam,
Insurance Regulatory and Development Authority,
3 rd Floor, Parishram Bhavan,
Hyderabad – 500 004.
The Authority would like to receive the suggestions/recommendations not later than 31st October 2005.