law of life insurance in india: a study of legislative...
TRANSCRIPT
LAW OF LIFE INSURANCE IN INDIA:
A STUDY OF LEGISLATIVE POLICIES AND JUDICIAL RESPONSE
PAGES Declaration i
Certificate ii
Acknowledgement iii-iv
Preface v-vi
Table of Cases vii-xii
Abbreviations xiii-xv
CHAPTER-I INTRODUCTORY 1-20
A. GENERAL 2
B. STATEMENT OF THE PROBLEM 5
C. RESEARCH HYPOTHESIS 7
D. OBJECTIVES OF THE STUDY 8
E. REVIEW OF THE EXISTING
LITERATURE
9
1. Books
2. Articles
3. Micellaneous
10
12
14
F. RESEARCH METHODOLOGY 15
G. CHAPTER SCHEME 18
CHAPTER-II
LIFE INSURANCE: CONCEPT,
NATURE AND SCOPE
21-58
A. GENERAL 22
B. MEANING AND DEFINITION 22
C. SCIENCE OF LIFE INSURANCE 25
D. INSURABLE INTEREST AND
LIFE INSURANCE
26
1. Definition and Nature of
Insurable Interest
2. Necessity of Insurable Interest
3. Insurable Interest and Life
policies
27
29
31
E. CONTRACT OF LIFE
INSURANCE
34
1. Nature of Life Insurance Contract
2. Formation of Life Insurance
Contract
3. Performance of Life Insurance
Contract
4. Discharge of Life Insurance
Contract
34
35
38
43
F. KINDS OF LIFE INSURANCE 45
1. Term Assurance
2. Pure Endowment
3. Annuity (Pension) Plan
4 Unit Linked Insurance Plan
5 Whole Life Policy
6 Whole Life Policy- Limited
Payment
7 Convertible Term Insurance
Policy
8 Convertible Whole Life
Assurance Policy
9 Pure Insurance
10 Mortgage Redemption Policy
11 Endowment Assurance Policy
12 Money Back Policy
46
46
46
47
47
47
48
48
48
49
49
50
G. DIFFERENCE BETWEEN LIFE
INSURANCE AND OTHER
INSURANCES
50
H. ADVANTAGES OF LIFE
INSURANCE
51
1. Covers Risk of Death
2. Encouragement of Compulsory
Savings
3. Facilitation of Liquidity
4. Provision of Profitability
5. Assistance in Odd Situations
6. Easy Settlement and Protection
against Creditors
7. Facilitation of Loan
8. Tax Relief
9. Mental Peace
10. Awareness Towards Good
Health
51
52
52
52
52
53
53
53
53
53
I. THE CONCEPT OF RE-
INSURANCE AND DOUBLE
INSURANCE
54
1. Reinsurance
2. Double Insurance
54
56
J. REVIEW 57
CHAPTER-III
UNDERWRITING OF RISK AND
SETTLEMENT OF CLAIMS
59-100
A. GENERAL 60
B. UNDERWRITING OF RISK 60
1. Meaning and Definition of Risk
2. Risk Covered in Life Insurance
Policy
3. Circumstances affecting Insurable
Risk
4. Meaning and Definition of
Underwriting
5. Need and Importance of
Underwriting
6. Underwriting Process
7. Doctrine of Utmost Good Faith
61
61
62
65
65
67
70
C. SETTLEMENT OF LIFE
INSURANCE CLAIMS
77
1. Meaning and Definition of Claim
2. Pre-Requisite of Claims
3. Types of Claims
4. Claims in Certain Special
Circumstances
5. Persons Entitled to Claim
6. Evidence of Title
7. Amounts Recoverable
8. Disputes in Claim Settlement
9. Defenses Taken By Insurers to
Escape Liability
10. Delay in Claim Settlement
11. Claim Management
78
78
79
83
85
86
88
89
90
92
97
D. REVIEW 99
CHAPTER-IV
LIFE INSURANCE IN INDIA
101-148
A. GENERAL 102
B. ORIGIN AND HISTORY 102
1. Origin of Life Insurance in
Europe
2. Origin of Life Insurance in India
103
104
C. GROWTH AND DEVELOPMENT 104
1. Early Period (1800-1900)
2. Mushroom Growth (1901-1912)
3. Struggle and Steady Growth
(1913-1937)
4. Boom and Nationalization (1956-
1999)
5. Era of Privatization (Post IRDA
Act, 1999)
105
105
106
106
106
D. LIFE INSURANCE
CORPORATION OF INDIA
107
1. Nationalization of Life Insurance
Business
2. Establishment of Life Insurance
Corporation (1956)
107
109
E. NEW ECONOMIC POLICY, 1991 117
1. Indian Insurance: Shortcomings
2. Liberalization and Globalization
3. Malhotra Committee: Major
Recommendations
118
119
120
F. INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY
(IRDA), 1999
123
1. Mission Statement of IRDA
2. Salient Features of IRDA Act
G. ENTRY OF PRIVATE LIFE
INSURANCE COMPANIES
125
H. CHANGES IN LIFE INSURANCE
MARKET
127
1. Factors Responsible
2. Changing Market Structure
3. Changes in Management
127
128
129
I. SOCIAL SECURITY IN INDIA 129
1. Meaning
2. Importance
3. Historical Background
4. Life Insurance and Social
Security
5. Role of State
6. Social Security Laws in India
7. Social Insurance
8. Social Insurance Schemes in
India
130
131
131
132
134
135
136
137
J. FDI IN INSURANCE SECTOR 140
1. Meaning
2. Current Status of FDI in India
3. Need of FDI
4. Advantages of FDI
5. Disadvantages
6. Major Issues
141
141
143
144
145
146
K. REVIEW 147
CHAPTER-V
REGULATION OF LIFE
INSURANCE INDUSTRY
149-184
A. GENERAL 150
B. ROLE OF REGULATORY
FRAMEWORK
151
C. DEVELOPMENT OF INSURANCE
REGULATION IN INDIA
153
1. The Indian Companies Act, 1883
2. The Provident Societies Act,
1912 and the Life Insurance
Companies Act, 1912
3. The Indian Insurance Companies
Act, 1928
4. The Insurance Act, 1938
5. The Insurance (Amendment) Act,
1950
6. The Life Insurance Corporation
Act, 1956
7. The General Insurance
Corporation Act, 1972
8. The Insurance Regulatory and
Development Authority, 1999
9. The Insurance Law
(Amendment) Bill, 2008
10. The Life Insurance Corporation
(Amendment) Bill, 2009
153
153
154
155
157
157
158
159
159
160
D. A BRIEF REVIEW OF
INSURANCE REGULATIONS IN
THE 20TH
CENTURY
160
E. RECOMMENDATIONS OF LAW
COMMISSION
162
1. Changes in Definitions
2. Deletion of Provisions of the
Insurance Act, 1938
3. Merger of Relevant Provisions
4. Repudiation
5. Assignment and Transfer
6. Nomination
7. Penalties
8. Grievance Redressal Machinery
9. Investigating Mechanism and
Substitution of Judiciary
162
162
163
163
164
165
165
166
167
F. RECOMMENDATIONS OF K.P.N
COMMITTEE
167
1. Repudiation
2. Assignment
3. Nomination
4. Investment
5. Capital
6. Solvency Margins and Deposits
7. Tariff Advisory Committee
8. Insurance Surveyors
9. Raising Foreign Direct
Investment Cap
10. Appointed Actuary
168
168
168
168
168
169
169
169
169
169
G. INSURANCE REGULATORY
REGIME AND INSURERS
170
1. Regulation of Insurer under
Company Law
2. Regulation of Insurer under Law
of Contract
170
171
3. The Insurance Act, 1938 and the
Insurer
4. Regulation by Central
Government
5. Regulations of SEBI
6. Insurer under IRDA Act, 1999
7. Insurer under Regulations of
IRDA
171
171
172
172
173
H. REVIEW 183
CHAPTER-VI
GRIEVANCE REDRESSAL
MECHANISM OF INSURANCE
INDUSTRY
185-212
A. GENERAL 186
B. GRIEVANCE REDRESSAL CELL
OF INSURER
187
1. Introduction
2. Characteristics
3. Procedure
187
187
188
C. GREIVANCE REDRESSAL CELL
OF IRDA
190
1. General
2. Salient Features
3. Functioning
190
191
192
D. DIRECTORATE OF PUBLIC
GRIEVANCES
193
1. Introduction
2. Course of Action
3. Features
193
193
194
E. CONSUMER FORUMS 195
1. General
2. Characteristics
3. Case Law
195
196
198
F. OMBUDSMAN 201
1. Introduction
2. Salient Features
3. Working
201
202
204
G. ARBITRATION ON QUANTUM 204
1. General
2. Important Features
3. Process
204
205
206
H. LOK ADALATS 207
1. Introduction
2. Characteristic Features
3. Working
207
208
209
I. CIVIL COURTS 210
J. REVIEW 210
CHAPTER-VII
LIFE INSURANCE SECTOR:
MANAGEMENT, SUPERVISION
AND GOVERNANCE
213-241
A. GENERAL 214
B. GOVERNANCE THROUGH
REGULATION, SUPERVISION
AND RISK CAPITAL
215
1. Introduction
2. Risk-Based Regulation
3. Solvency Regulation
215
215
216
C. ETHICAL BUSINESS PRACTICES 218
IN LIFE INSURANCE
1. Introduction
2. Ethics in Business
3. Ethical Issues in Life Insurance
Selling
4. Market Conduct Practices in
Indian Life Insurance Industry
218
219
220
222
D. CORPORATE GOVERNANCE
AND LIFE INSURANCE
224
1. Introduction
2. Definition
3. Scope of Corporate Governance
4. Corporate Governance Initiatives
in Life Insurance Industry
224
225
226
227
E. CORPORATE SOCIAL
RESPONSIBILITY
228
1. Introduction
2. Definition
3. Dimensions of CSR
4. CSR in Life Insurance Companies
5. CSR Activities of LIC
228
229
231
233
235
F. SELF REGULATORY
ORGANISATION (SRO)
236
1. Introduction
2. Importance of SRO in Life
Insurance Industry
3. Life Insurance Council as SRO
236
237
238
G. REVIEW 239
CHAPTER-VIII
CHALLENGES AND
OPPORTUNITIES
242-280
A. GENERAL 243
B. CURRENT SCENARIO OF LIFE
INSURANCE INDUSTRY
243
1. Huge Insurance Market in India
2. Customer Service
3. Distribution Channels
4. Banc Assurance
5. Production Innovation
6. Rural Marketing
7. Information Technology
8. Merger and Acquisition
9. Policyholders’ Awareness and
Knowledge
10. Job Opportunities
243
244
244
245
245
246
246
247
247
248
C. FORECAST OF LIFE INSURANCE
MARKET
248
1. Confederation of Indian Industry
(CII), New Delhi
2. Monitor Company, USA
3. National Insurance Academy
(NIA), Pune
4. Swiss Re Forecast
249
249
249
250
D. CHALLENGES BEFORE THE
LIFE INSURANCE INDUSTRY
250
1. Promoting Life Insurance
Literacy
251
2. Differentiated Focus on Diverse
Market Segment
3. Developing Need Based Products
4. Just Pricing of the Products
5. Protecting the Mortality Shocks
6. Demand Pull Distribution
7. Managing Customers’ Choice
8. Investment Management
9. Optimization of Technological
Efficiency
10. Management of Human Capital
11. Knowledge Management
12. Managing Training Activities
13. Managing Research Activities
14. Optimizing Benefits of
Regulation and Self Regulation
15. Improving Governance
Efficiency
251
252
252
253
253
254
255
255
256
256
257
257
258
258
E. OPPORTUNITIES FOR
EXPANSION
259
1. High Rate of Growth of GDP
2. Domestic Savings
3. Disposable Income
4. Booming Capital Market
5. Vast Untapped Insurance
Potential
6. High Level of Confidence of
Investors
7. Low Level of Penetration and
260
260
260
261
261
262
262
Density but High Gravity Rate
8. Advertisement
9. Rural Market
10. Low Level of Coverage
11. Recent Regulatory Development
12. Operation of LIC
262
263
263
264
264
F. EMERGING HEALTH
INSURANCE MARKET IN INDIA
264
1. Meaning
2. Scope of Health Insurance Policy
3. Importance of Health Insurance
4. Evolution of Health Insurance
5. Current Health Insurance Scene
in India
6. Consumer and Social Perspective
on Health Insurance
7. Role of Regulators
8. Further Steps to Improve Health
Insurance
265
266
268
269
270
274
275
276
G. REVIEW 278
CHAPTER-IX CONCLUSION AND
SUGGESTIONS
281-312
A. CONCLUSION 282
B. SUGGESTIONS 298
BIBLIOGRAPHY 313-326
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DEDICATED TO
My loving grandparents, who despite their heavenly presence keep
on guiding me on the path of honesty, hard work and humility.
Their wisdom and simplicity has been the foundation of peace and
content in my life.
TABLE OF CASES
1. Amicable Insurance Society v. Bolland (1830), 4 Bligh N.S.194 HL.
2. Archana Sharma v. Union of India, 2013 (3) PLR, 393 (P & H) DB.
3. Asia Assurance Co. v. Kortiya Devi, (1936) Cal. 437.
4. Baljit Kaur v. Life Insurance Corporation of India, Division Office Jeevan Parkash,
Model Town Road through its Sr. Divisional Manager, 2012 (2) RCR (Civil) 237.
5. Beresford v. Royal Insurance Co. Ltd., (1935) AC 586.
6. Bernarsi Das v. New India Assurance Co. Ltd., AIR (1959) Pat.
7. Branch Manager, LIC of India, Mahboobnagar and others v. Mittapally Rama Rao :
Law Finder DOC ID # 506297 Insurance Act, 1938, Sec. 64 (o) – It is a fundamental
principle of insurance law that utmost good faith must be observed in disclosing all
material facts to the insured at the time of entering into the contract of insurance.
8. Castillon v. Preston, (1883) 11 QBD 380.
9. Chandulal v. I.T. Commissioner, A.I.R 1967 SC.
10. Chunilal Hardware & Anr. V. United India Insurance Co. Ltd., 1997 (1) GCD (CPC)
29.
11. City Bank v. Sovereign Assurance Co., (1884) 32 WR 658.
12. Cosfard Union v. Poor Law & Local Officers Mutual Guarantee Asso. Ltd., (1910)
103L.T 463.
13. D Kathandoramuswamy v. United India Insurance Co. Ltd., 1962 1 CPR 553 (TN).
14. Dalby v. London and India Life Assurance Company, (1884)15 CB 365.
15. Department of Trade & Industry v. St. Christopher Motorist Asso. Ltd., (1974) 1Ch D
395.
16. Godsall v. Baldero, (1807) 9 East 72.
17. Gould v. Curtis, 1913 3 KB 84.
18. Grigbsy v. Russel, (1911), 222 US 149.
19. H.B. Gowaramma v. The Life Insurance Corporation, 2007 ( ) ACJ, 1087.
20. Harshad J Shad v. LIC, 1997 111 CPJ 9 (S).
21. Insure Policy Plus Service v. LIC of India, 2007(109) Bom LR 559.
22. Ishwar Chandra & Ors. v. The Oriental Insurance Co. Ltd. & Ors., 2007 (2) RCR
(Civil) 370 (S.C.).
23. Karri Mahalaxmi v. Divisional Manager, Oriental Insurance Company Limited, 2004
(4) Andh LD (Cons. Reports) 9.
24. Keeling v. Pearl Assurance Co. Ltd., (1923) 129 L.T. 573.
25. Kulta Ammal v. Oriental Govt. Security Life Assurance Co. Ltd., AIR 1954 Mad. 636.
26. Lakshmi Insurance Co. Ltd. v. Bibi Padmavathi, AIR (1961) Punj 253, 2599.
27. Leyland Shipping Co. Ltd. v. Norwich Union Fire Insurance Society Ltd., (1917) 1 KB
873.
28. Liberty National Life Insurance Co. v. Weldon, 267Ala. 171, 100 So. 2d 696 (1957).
29. LIC and others v. Shika Bhattacharya, 2007 (2) ( WBLR) 189.
30. LIC of India v. Chatur Beharilal, 1991 1 CPR 156 (Rajasthan).
31. LIC of India v. Kamalvathi, 1984 (2) SCC 719.
32. LIC of India v. Nalini Joshi, 1994 CPR 465 & 466 (NC).
33. LIC of India v. Ramkrishna Manikrao Pisodkor, 2000, III CPJ 363 (Maharastra).
34. LIC of India v. Shantabai Rajabhai Desai, (2000) 111 CPJ 152 (Maharastra).
35. LIC of India v. Shyam Dulari Devi Agarwal, 1992 II CPJ 461 (NC).
36. LIC of India v. Sushma Singh, 1994 1 CPJ 143 (NC).
37. LIC of India, Sec’bad and another v. Banavath Kamlee, 2000 ( ) Andh LD (Cons.
Reports) 96. (Law Finder Doc Id # 505299).
38. LIC of India, Warangul and another v. Komuravelli Rama Ratnam, 2000 (1) Andh LD
(Cons. Reports) 25. (Law Finder Doc Id # 50653).
39. Life Insurance Corporation of India and others v. O.P. Bhallah and others, 1989 AIR
(Patna) 269.
40. Life Insurance Corporation of India and others v. Kunari Devi, 2010 (1) WBLR, 609.
41. Life Insurance Corporation of India v. Shakuntala Bai, AIR 1975, A.P. 68.
42. Life Insurance Corporation of India v. Shantabhai Rajabhai Desai, (2000) III CPJ 152
(Maharastra).
43. Life Insurance Corporation of India v. Smt. Mohinder Kaur (State Consumer Disputes
Redressal Commission Punjab) (FB), 2007 (2) RCR (Civil), 127.
44. Life Insurance Corporation v. Smt. B. Kusuma T.Rao; (1991) 70 Comp Cas 86.
45. Life Insurance Corporation v. Smt. G.M. Channabasemma, AIR 1991 SC 392.
46. Life Insurance Corporation v. Suresh Kumar, 234 S.C. AIR 2011.
47. Lucena v. Craufard, (1806) 2 B & P 269 HL.
48. M.K Shah v. Yorkshire Insurance Co., AIR 1938 Bom. 161.
49. M/S Azeel International Pvt. Ltd. v. M/S United India Insurance Co. Ltd., 2005 AIR
(Allahabad) 398.
50. M/S Oriental Insurance Company Ltd. v. Kitbokson War and Ors. 2008 AIR (Guahati)
77.
51. M/S Shree Ram Swara Centre v. State of Bihar and Ors., 2007 AIR (Patna) 97.
52. Mackenzic v. Coulson, 1869 LR 8 Eg. 369.
53. Mathupalli Venkata Subbarao v. Lakshminarasamma, AIR 1954 Mad 222.
54. Medical Defence Union Ltd. v. Department of Trade, (1979) 2 CH D 421.
55. Mithoolal Naik v. LIC of India, AIR 1962 SC 214.
56. Molton v. Camroux, (1849)2 Exch 487.
57. Motilal Meghwal v. United India Assurance Co.Ltd., 1995 11 CPJ 38, 41 (NC).
58. Mrs. Elizebath Mathew and others v. Shri Vasdev and Delhi Transport Corporation,
1990 AIR (Delhi) 121, 2001 (3) RCR (Civil), 591 (P & H).
59. Mushtaq Ahmad Sumji v. Divisional Manager, Oriental Insurance Company and
another, 2005 AIR (J & K) 66.
60. National Insurance Co. Ltd. v. Surat Singh and others, 2009 (3) AICJ, 400.
61. National Insurance Company Ltd. v. M.R. Shantamma and others, 2008 (4) ACJ, 2287.
62. Nazir Singh v. Life Insurance Co. Ltd. and another, 2013 (1) PLR, 328.
63. New India Assurance Co. Ltd. and another v. State of A.P. and others, 2009 (78) AIC,
280.
64. New India Assurance Co. Ltd. Nagpur v. Anjanabai Parsharam Jadhav, AIR 2006
(NOC) 343 Bom.
65. New India Assurance Co. Ltd. v. Mahesh Kumar Nikhara, 1993 11 CPJ 645(M.P.).
66. New India Assurance Co. Ltd. v. Prabhu Lal, 2008 (1) RCR (Civil) 198 (S.C.).
67. Northern India Insurance Co .v. Kahayalal, AIR 1938 Lah. 561.
68. Oriental Got Security life Assurance Co. Ltd. v. Vanteddu Ammiraju, (1935) 35 Mad.
162.
69. Oriental Insurance Co. Ltd. v. Methi and others, 2003 ( ) ACJ 2008.
70. Oriental Insurance Co. Ltd. v. Sonkali 2013 (3) AICJ, 343.
71. Parpati Bai v. Life Insurance Corporation of India, 2006 ( ) ACJ, 241.
72. Pearl Life v. Johnson, (1909) 2 K.B.288.
73. Peerless General Finance & Investment Co. Ltd. v. Vadakala Komaramma, 1998 ( )
Andh LD (Cons. Reports) 33. (Law Finder Doc Id # 505402).
74. Powell v. Dewy, (1898) 123 Log NC.
75. Prudential Insurance v. Inland Revenue Commissioner, (1904) 2 K.B. 658.
76. Purshottam N. Gurjar v. United India Insurance Co. Ltd., 1997 (1) GCD (CPC) 45.
77. R.K. Industries v. New India Assurance Co.Ltd., 1995 11 CPJ 87,89 (NC).
78. Raj Narayan Das v. Maha Patra, (1881) 7 Cal.594.
79. Regulation 8 (4) of LIC Regulations, 1981.
80. Sabita Devi v. Usha Devi, AIR 1984 SC 346 ; (1935) 35 Mad 162.
81. Shahab Ahmad v. Senior Divisional Manager, Life Insurance Corporation of India,
Muzaffarpur Division, LIC of India and others, 2013 (3) PLJR, 876.
82. Shankar Soni v. LIC of India : Law Finder Doc = Id # 485374.
83. Smt. Munni Devi Silwant v. Life Insurance Corporation of India, Bhopal and others,
2007 (58) AIC, 908.
84. Smt. Sujata Agarwal v. Zonal Manager, Life Insurance Corporation of India and
others, 2012 ( ) ACJ, 800, 2011 AIR (Orissa) 66.
85. Smt. Sujata Chakrabarty v. LIC of India, AIR 2007 (NOC) 2159 (NCC).
86. Sumitra Kaur and another v. New India Assurance Co. Ltd. and another, 2013 ( )
ACJ 2462 (Law Finder Doc Id # 49459).
87. The National Insurance Co. Ltd v. Omparkash Aggarwal, 2000 1 CPR 567 (Delhi).
88. The Oriental Fire and General Insurance Co. Ltd., Lashkar v. Ram Singh and others,
1995 (1) ACJ, 26.
89. The Oriental Insurance Company Limited v. Abdul Kaleel & Anr. 2013 ( ) AAC,
1897.
90. Thomson v. Weems, (1884) 9 AC 671, 681.
91. Tyrie v. Fletcher, (1777) 2 Cowp 666.
92. Umedilal Agarwal v. United India Assurance Co. Ltd., 1991 1 CPR 34 (Raj.).
93. United India Insurance Co. Ltd. v. Madan lal Mantoo, 2003 AIR (J & K) 36.
94. United India Insurance Co. Ltd. v. MKJ Corporation, 1996 111 CPJ 8 (SC).
95. United India Insurance Co. Ltd. v. Mrs. Janabai Maruti Lohar, 2006 (5) All LJ,
Allahabad High Court.
96. Usha Kumari Ranawat v. Senior Divisional Manager, LIC of India and another, 2011(
) ACJ, 2505 (S.C.).
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ABBREVIATIONS
1. ADR
2. AIDS
3. AIG
4. AIR
5. AII ER
6. BC
7. BOP
8. CII
9. CIT
10. Co.
11. Cr.L.J
12. CRM
13. Cr.P.C
14. CSR
15. DLT
16. Edu.
17. EHRR
18. Fcsl
19. FICCI
20. GATT
21. GDP
22. GRAs
23. HDFC
24. HDS
25. HIV
26. IAT
27. ICAI
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Alternative Dispute Resolution
Acquired Immuno Deficiency Syndrome
American International Group
All India Reporter
All England Law Reports
Banking Cases
Balance of Payments
Confederation of Indian Industry
Commissioner of Income Tax
Company
Criminal Law Journal
Customer Relationship Management
Criminal Procedure Code
Corporate Social Responsibility
Delhi Law Times
Education
European Human Right Report
Frontline Capital Services Limited
Federation of Indian Chambers of Commerce and Industry
General Agreement on Tariffs and Trade
Gross Domestic Product
Grievance Redressal Authorities
Housing Development Finance Corporation
Household Domestic Savings
Human Immuno Deficiency Virus
Insurance Appellate Tribunal
Institute of Chartered Accountants of India
28. ICICI
29. ICFAI
30. ICPR
31. ILR
32. ING
33. Inc.
34. IPC
35. IRDA
36. JILI
37. KULR
38. LCI
39. L ed.
40. LIC
41. Ltd.
42. MNCs
43. NCAER
44. NGOs
45. NIA
46. No.
47. NOC
48. OECD
49. RBI
50. SARS
51. SBI
52. SC
53. SCC
54. SEBI
55. SRO
56. UP
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Industrial Credit and Investment Corporation of India
Institute of Chartered Financial Analysts of India
Indian Council for Philosophical Research
Indian Law Reports
International Netherlands Group
Incorporated
Indian Penal Code
Insurance Regulatory and Development Authority
Journal of Indian Law Institute
Kashmir University Law Review
Law Commission of India
Lawyers Edition
Life Insurance Corporation of India
Limited
Multi National Corporations
National Commission of Applied Economic Research
Non Government Organizations
National Insurance Academy
Number
No Objection Certificate
Organization for Economic Cooperation and Development
Reserve Bank of India
Severe Acute Respiratory Syndrome
State Bank of India
Supreme Court
Supreme Court Cases
Securities and Exchange Board of India
Self Regulatory Organization
Unpublished
57. USA
58. ULIP
59. Vol.
60. WWW
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United States of America
Unit Linked Plan
Volume
World Wide Web
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