The proposed amendments to the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999 alters the basic structure of the insurance laws that was derived from the Malhotra Committee on Insurance Reforms, said .
Any amendments to Indian insurance laws should not change their basic structure that was derived from the Malhotra Committee on Insurance Reforms, said experts.Low penetration of insurance in India cannot be linked to statutory capital and .
The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to examine the capital needs of different types of insurers to increase the insurance penetration in the country, said a senior official.The IRDAI is .