Legal and Regulatory Landscape of Insurance Companies in India: A Review-Based Perspective

Author(s)	Dr. Rafana Shagaf Nakid, Mariyam Shagaf Nakid, shagaf Siddik Nakid
Country	India
Abstract	This research paper examines the legal and regulatory framework governing insurance companies in India, with a focus on the evolution of insurance regulations and the role of key regulatory bodies, including the Insurance Regulatory and Development Authority of India (IRDAI). It examines significant legislative changes, such as the Insurance Act of 1938 and the IRDAI (Insurance Advertisements and Disclosure) Regulations. It explores the impact of reforms like liberalisation, privatisation, and foreign direct investment (FDI) on market competition and growth. The study assesses legal compliance, regulatory enforcement, and alignment with global standards, addressing challenges in consumer protection, transparency, and market stability. The paper concludes with recommendations for future regulatory improvements.
Keywords	Insurance, legal and regulatory framework, legal compliance, IRDAI, India, Insurance Industry, Legislative Reforms and Consumer Protection.
Field	Sociology > Administration / Law / Management
Published In	Volume 8, Issue 4, July-August 2026
Published On	2026-08-10
DOI	https://doi.org/10.36948/ijfmr.2026.v08i04.85378

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