An Integrated Legal Framework For The Detection And Deterrence Of Insurance Fraud In India: Evaluating Statutory Norms And Regulatory Practices
- IJLLR Journal
- Aug 6
- 1 min read
G. Ponmani, Research Scholar, Faculty of Law, Dr. MGR Educational and Research Institute
ABSTRACT
The insurance business, by its very nature, is susceptible to fraud. Insurance is a risk distribution system that requires the accumulation of liquid assets in the form of reserve funds that are, in turn, available to pay loss claims. This research paper begins with a prologue on Insurance fraud and its types. This paper goes on to examine the Legislative measures relating to Insurance fraud, such as the legislation to Combat Insurance Fraud, and its regulatory authorities in India. This paper further analyses the Legislative measures taken by the Indian Authority in combating Insurance Fraud. This paper also analyses the various Insurance Regulatory Authorities regulating and licensing the insurance and reinsurance industries in India. This paper aims to give a comprehensive analysis of the challenges, opportunities, and prospects of the Insurance sector in India. Finally, suggestions for further research and the limitations of the study are given.
Keywords: Insurance, Insurance fraud, Risk management, policyholders, Insurance Regulatory and Development Authority
