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