Recent Development in Insurance Sector and its Impact
Keywords:
Globalization; Liberalization; PrivatizationAbstract
In last several years the economic process for the development under the elaboration of the of liberalization, privatization and globalization has been adopted by the global mechanism e.g. developed and developing countries of the world but at the present scenario poses the significant challenges for the satisfaction of the consumer’s in the sector of the insurance banking sector so on as on insurance sector and there services are always becomes are area of controversial because of the existing law and policies are not formulated with the residing problem in the electronic and digital word. This paper is examined the pattern of the insurance law and policies with the earlier impact of protection of consumers right’s on consumer protection act. The structural arrangement and functioning of the redressal board and consumer forum and the challenges persistent under context of the digitalization work with providing cyber security. In order to make the balance between consumer protection and economic development by adopting an effective insurance enforcement laws and governance and it is necessary to re-examine the existing insurance law and policies related to consumer protection for achieving the economic goal and ensuring the rights of the consumers for upcoming years.
References
1. Arena, “Does Insurance Market Activities Promote Economic Growth? A Cros s- Country Study of Industrialized and Developing Countries,” World Bank Policy Research Paper 4098, 2006, pp. 1- 3. JBIL (2019) 41-46 © Law Journals 2019. All Rights Reserved Page 46
2. Beck, Thorsten / Webb, Ian, draft from October 2002, Economic, Demographic and Institutional Determinants of Life Insurance Consumption acr oss Countries, World Bank and International Insurance Foundation
3. Aditi Mittal and Sumit Gupta “Emerging role of information technology in banking sector’s development of India” Acme International Journal of Multidisciplinary, Volume – I, Issue – IV April – 2013 ISSN: 2320 – 236X
4. Deolalkar G.H. “The Indian Banking Sector on the Road to Progress “
5. Indian Banking 2010 Special issue 2004, vol. 26 No I, IBA bulletin, IBA Mumbai.
6. Indian banks: performance benchmarking report FY12 results kpmg.com/in.
7. Kapoor N.D. Elements of Mercantile Law – Sultan Chand & Sons, New Delhi, 2006.
8. Reddy, Y.V. (1998) "Financial Sector Reforms: Review and Prospects". RBI Bulletin, December
9. Vijayaragavan S.P., Karthik B., Kiran T.V.U., Sundar Raj M., Robotic surveillance for patient care in hospitals, Middle - East Journal of Scientific Research, v - 16, i -12, pp -1820-1824, 2013.
10. Vijayaragavan S.P., Karthik B., Kiran Kumar T.V.U., Sundar Raj M., Analysis of chaotic DC-DC converter using wavelet transform, Middle - East Journal of Scientific Research, v -16, i -12, pp -1813- 1819, 2013.
11. Sundararajan M., Optical instrument for correlative analysis of human ECG and breathing signal, International Journal of Biomedical Engineering and Technology, v-6, i-4, pp-350-362, 2011.
12. Kiran Kumar T.V.U., Karthik B., Improving network lifetime using static cluster routing for wireless sensor networks, Indian Journal of Science and Technology, v -6, i -SUPPL5, pp -4642- 4647, 2013.
13. Karthik B., Kumar T.K., Dorairangaswamy M.A., Logashanmugam E., Removal of high-density salt and pepper noise through modified cascaded filter, Middle - East Journal of Scientific Research, v-20, i-10, pp-1222-1228, 2014. Cite this Article Aman Raj Srivastava , Trishla Singh. Recent Development in Insurance Sector And Its Impact. Journal of Banking and Insurance Law. 2019; 2(1): 41–46p.
