Description
Taxmann Insurance Laws Manual 28th Edition 2025 by Taxmann Editorial Board
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 28th Edition | 2025, amended up to 6th 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