CONCLUSION

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.