Best Law Firms for Insurance & Reinsurance Internship in 2024

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What is Insurance and Reinsurance law practice?

For several decades after independence, the insurance industry in India was under the control of the large public sector insurance companies. With the liberalisation of the economy, several Indian players entered the insurance and reinsurance businesses; either on their own or as a joint venture with foreign players.

The insurance and reinsurance market consists of various types of businesses, such as Life insurers, General insurers, Stand-alone health insurers, Reinsurers, Insurance brokers, Corporate agents, Third party administrators, Surveyors and loss assessors, Web aggregators and Insurance marketing firms.

The Insurance Regulatory and Development Authority of India (IRDAI) was set up in 1999 as an autonomous body to regulate the insurance industry, and a structured process was introduced for licensing and registration of insurers and insurance intermediaries.

Currently, the insurance and reinsurance industry in India is governed by various legal frameworks such as:

• The Insurance Act 1938
• The Insurance Regulatory and Development Authority Act 1999
• The Indian Insurance Companies (Foreign Investment) Amendment Rules 2019
• The IRDAI (Insurance Intermediaries) (Amendment) Regulations 2019
• The IRDAI (Non-Linked Insurance Products) Regulations 2019
• The IRDAI (Unit Linked Insurance Products) Regulations 2019
• The IRDAI (Regulatory Sandbox) Regulations 2019
• The IRDAI (Insurance Brokers) Regulations 2018
• The IRDAI (Health Insurance) (Amendment) Regulations 2019
• The IRDAI (Third Party Administrator – Health Services) Regulations 2019
• The IRDAI (Re-insurance) Regulations 2018
• Foreign Exchange Management (Insurance) Regulations 2015
• The Marine Insurance Act 1963

 

The Indian insurance sector is highly regulated by the Government and the IRDAI; covering all the aspects of the business, including:

• Registration of Indian insurance companies
• The assets and solvency margins required to be maintained by insurers
• Manner of preparation of financial statements
• Issuance of capital
• Outsourcing arrangements
• Commission structures
• Insurance contracts
• Corporate governance norms

 

Best Law Firms for Insurance and Reinsurance Practice Internship in 2024 for LLB Students

This list of best law firms is sorted in alphabetical order.

• Athena Legal – New Delhi
• AZB & Partners – Mumbai, Bengaluru, Gurugram, New Delhi, Pune
• Brus Chambers, Advocates & Solicitors – Mumbai, New Delhi
• Clasis Law – New Delhi, Mumbai
• CSL Chambers – New Delhi
• Cyril Amarchand Mangaldas – Mumbai, Ahmedabad, Bengaluru, Chennai, Hyderabad, New Delhi
• Desai & Diwanji – Mumbai, Gurugram, New Delhi
• Dua Associates – New Delhi, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Mumbai, Pune
• Ezy Laws – Mumbai, Lucknow, New Delhi
• Fox Mandal & Associates – Bengaluru, Chennai, Hyderabad, Pune, Mumbai, New Delhi, Kolkata, Ahmedabad
• HSA Advocates – New Delhi, Bengaluru, Kolkata, Mumbai
• India Law Offices – New Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Kolkata, Goa, Ahmedabad, Pune, Noida, Gurugram
• Intelia Law Offices – New Delhi
• Juris Corp – Mumbai, Bengaluru, New Delhi
• Kanga & Company – Mumbai
• Khaitan & Co – Mumbai, Bengaluru, Kolkata, New Delhi, Noida
• Kochhar & Co – Mumbai, Bengaluru, Chennai, Gurugram, Hyderabad
• L&L Partners (formerly Luthra & Luthra Law Offices) – New Delhi, Mumbai, Bengaluru, Hyderabad
• Majmudar & Partners – Mumbai, Bengaluru, New York
• Mulla & Mulla & Craigie Blunt & Caroe – Mumbai, Bengaluru, New Delhi
• Phoenix Legal – New Delhi, Mumbai
• Royzz & Co Attorneys at Law – Mumbai, Pune, New Delhi, Chennai
• Shardul Amarchand Mangaldas & Co – New Delhi, Mumbai, Gurugram, Bengaluru, Ahmedabad, Kolkata, Chennai
• Tuli & Co – New Delhi, Mumbai

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