Chennai, Dec 5 The proposal to shift the legislative powers and vest them with insurance regulator and several other amendments proposed to the two insurance laws have raised many an eyebrow in the insurance sector.
They also wondered about the legality of the amendments proposed.
"The industry as a whole is surprised at the gamut of the amendments proposed," an industry official told on the condition of anonymity.
"The proposed amendments are a mixed bag. Those who are initiated, would shudder to think that many of the provisions empowering the sectoral regulator to make subordinate legislations would not muster legal scrutiny on the ground of the vice of excessive delegation of powers," D. Varadarajan, a Supreme Court advocate and member of the KPN
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