The Act provides that, if the death of a person is caused by wrongful act neglect or default, an action for damages is maintainable by the legal heirs of the deceased against the party causing injury. Damages are awarded by the court in proportion to the financial loss resulting from such death to the survivors. The Act abolished the long standing rule of common law according to which a civil action for damages ends with the death of any of the person, on whom or by whom the tort was committed.

The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA came into force on the 1st day of June, 2000. consolidate and amend the law relating to foreign exchange [image file=Image00005.gif] facilitating external trade and payments [image file=Image00005.gif] promoting the orderly development and maintenance of foreign exchange market in India [image file=Image00005.gif] 49 sections in the Act [image file=Image00005.gif] The Act also provides provisions for payment of premium on marine policies covering exports, imports, shipments between countries outside India, claims on exports, claims on imports, and claims on policies covering merchanting trade (trade between two countries outside India) [image file=Image00005.gif] In addition the Rules provides for guidelines for settlement of Overseas Mediclaim by Overseas TPA/Service Provider in the currency of the respective country and its reimbursement by the Indian Insurer who had collected premium in Indian currency.Act: General Insurance Business (Nationalization) Act, 1972 : This Act came into force on 1st January, 1973 with the following objective: To provide for the acquisition and transfer of shares of Indian Insurance companies and undertakings of other existing Insurers.To serve better the needs of the economy by securing the development of general Insurance business in the best interests of the community.To ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment.For the regulation and control of such business and for maters connected therewith or incidental thereto.Act: Indian Contract Act, 1872 : A Contract of Insurance is an agreement whereby one party, called the insurer, undertakes, in return for an agreed consideration, called the premium to pay the other party, namely, the insured, a sum of money or its equivalent in kind upon the occurrence of a specified event resulting in loss to him. Insurance contracts like other contracts are governed by the general principles of the Law of Contract as codified in the Indian Contract Act, 1872. As in other contracts, the essential elements in a contract of insurance are (i) Offer and acceptance, (ii) Consideration (iii) Agreement between the parties (iv) Capacity of the parties, and (v) Legality of the contract. These are codified and governed by the Indian Contract Act.

This Act defines Factory and provides for regulations for governing factories. This Act also provides for Various provisions of safety for various types of machinery, plant etc. in factories.

Similar to Factories Act. Defines mines and provides for regulations to ensure safety and security in mines.

Indian Port Trust Act is applicable to all minor ports other than 13 major ports as defined and covered in Indian Ports (Major Ports) Act, 1963. Each Port Trust has to have its own rules and is governed by the respective State Government. There are minor differences from one state to another as regards time limit for filing a notice of loss on the ports.

There are 13 Major Ports Kandla, Mumbai, Jawaharlal Nehru Port (Nhava Sheva), Marmugao, Kochi, New Mangalore, Tuticorin Chennai, Ennore, Visakhapatnam, Paradip, Kolkata-Haldia and Port Blair. All the major parts fall under the purview of the Major Port Trust Act 1963 which defines the liability of Port Trust Authorities for loss of or damage to goods whilst in their custody and prescribes time limits for filing monetary claim on, or suit against, the Port Trust Authorities.

This Act defines the liability of the Government for loss, mis-delivery, delay of or damage to any postal article in course of transmission by post.

The Act provides that a Policy of Insurance be stamped in accordance with the schedule of rates prescribed.

The Inland Steam-Vessels Act, 1917 as amended in 1977, provides for the application of the provision of Chapter VIII of the Motor Vehicles Act, 1939 in relation to Insurance of mechanically propelled vessels against third party risks. The Act makes it compulsory for owners or operators of inland vessels to insure against legal liability for death or bodily injury of third parties or of passengers carried for hire or reward and for damage to property of third parties. The limits of liability are also prescribed.

The Act applies to the General Insurance Corporation of India and the four Subsidiary companies subject to exceptions, restrictions and limitation as specified by the Central Government under powers conferred by Section 35 of the General Insurance Business (Nationalization) Act. The important provisions of the Act relate, among other things, to registrations, accounts and returns investments, limitations in expenses of Management, prohibition of rebates, powers of investigation, licensing of Agents, licensing of surveyors, advance payment of premium and Traffic Advisory Committee.