A Comparative Study On Insurance Act 1938 And Insurance Act 2010



5.1 Introduction

The Insurance Act of 2010 has enacted by repealing back dated British law but the new law some loopholes too.

5.2 Findings

  • The Act did not incorporate Mobile Insurance related provision which is now an important sector in the insurance business in the era of ICT;
  • Health insurance is not in the present Act;
  • A higher amount of expenditure in insurance business has been one of the main challenges in insurance development;
  • Additionally the policy holders are not willing to pay an increased rate of premium with the growing cost which needs to be made possible for low income group;
  • To ensure social security for all class of people, Government may direct compulsory insurance on some grounds;
  • New law has incorporate Broker House;
  • New law divides General and Islamic Insurance;
  • New law provides directives to make difference between Life and Non-Life Insurance business;
  • New law  allows Foreign Investment in Insurance.



5.3 Suggestions

  • Modern era demand new site of insurance based on Information and Technology;
  • Mobile Insurance should incorporate separately;
  • It could have incorporate Insurance related to study giving special privilege to the student;

5.3 Conclusion

It seems that the new law is a reflection of traditional law. It is the demand of the society to upgrade the law to meet up the modern challenges.



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