Summary |
A sound regulatory and supervisory system is necessary for maintaining the efficient, safe, fair and stable insurance markets, and for promoting growth and competition in the sector. The International Association of Insurance Supervisors sets out principles called as the Insurance Core Principles that are fundamental to effective insurance supervision and Methodology in October 2003. Like this, the insurance sector went through a full circle of phases from being unregulated to completely regulated and then currently being partly deregulated.
The unit highlights the various definitions of law and the importance of law. It also focuses on the various sources of law, such as Enacted Law, Case Law, Common Law and Equity Law. This unit also discusses about the sources of law in India and Insurance Laws in India.
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