Recent Development in Insurance Sector and its Impact

Abstract

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.