Law Commission for stringent penalties for insurance frauds

NEW DELHI: The Law Commission is likely to include stringent penalties to tackle serious frauds in its consultative paper for reviewing all existing insurance laws.
"The Indian Penal Code is not sufficient to tackle serious frauds in insurance sector. We may have to have tighter laws to tackle such menace as insurance appease to be a rich mine field for scamsters," Law Commission''s member secretary TK Viswanathan told reporters after an insurance conference here.
He said the commission, which was reviewing Insurance Act of 1938, IRDA Act of 1999 and LIC Act, would come up with a "consultative paper" next month.