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...Law commission of india consultation paper on revision the insurance act regulatory development june can also be downloaded from http lawcommissionofindia nic in comments and suggestions sent to th member secretary before july by email vnathan or mail room no a wing floor shastri bhavan new delhi index introduction legislative regime background recent changes malhotra committee report legal authority irda powers functions developments after need for grounds some tentative plan revisions provisions proposals merger into definitions deletions other amendments obligations insurers under interests policyholders supply copies proposal medical reports notice given options lapsing policy not called question ground mis statement three years holders elect directors life agents appointed as companies assignment transfer policies partial nomination policyholder payment money court tariff advisory composition tac i power control rates advantages terms conditions respect risk than general ii requir...