Students are quite aware that for the purpose of Examination a cut off period of six months would be applicable in case of any legislative amendment(s) in the relevant subject(s) for the purpose of applicability to the relevant examination. In this connection, we wish to inform to inform you that the Insurance Laws (Amendment) Act, 2015 an act further to amend the Insurance Act, 1938 will be applicable for the November, 2015 examination. This Amendment Act is deemed to have come into force on 26th December, 2014 though it was passed by the Lok Sabha on 4th March, 2015, by the Rajya Sabha on 12th March, 2015 and receiving the assent of the President on 20thMarch, 2015.
The Amendment Act, 2015 paved the way for major reforms in the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.
Keeping in view of the applicability for the November, 2015 (Final Examinations), the Board of Studies has revised the existing reading material in the relevant Chapter 23 of Module 2 of Paper 4 (Corporate and Allied Laws) for the Final Course. Students appearing for the November, 2015 Final examinations may kindly download the said revised reading material from the BOS (Knowledge Portal) straightway without waiting for the publication of the revised reading material which is likely to be published only in January, 2016. This will enable them to facilitate reading and understanding of the latest amendments in the existing Insurance Act, 1938 keeping in view the forthcoming November, 2015 Final Examination. Accordingly, the existing material on the Insurance Act, 1938 in the study Module No. 2 stands withdrawn and revised material on this Chapter would be applicable for the November, 2015 examination.