There is no conformity in life, so it is better to have a safety net. This safety net is usually preferred by individuals, corporations, organisations etc., to safeguard them against any loss. The insurance policy as a safety net assures the party that their money is safe even if they incur any loss. With the advancement in society, people have started to undertake the insurance of almost all the things in today’s times almost everything under the sun can be insured. The insurance companies can also get themselves insured, known as reinsurance. The insurance sector was in the public interest during the pandemic as many people lost their lives and almost all insurance policies. Many petitions were filed in the court regarding the same; various rulings were given by the courts. Through this article, the author discusses the regulatory framework of the laws of insurance in India and the regulatory authority. The regulatory authority issues regulations for the insurance companies to comply with, and the same is discussed. The authority further providesfor a dispute resolution scheme that promotes alternative modes of dispute settlement. The article further discusses the regulations implemented during Covid-19 to combat the pandemic.
