Insurance Patents: Indian Scenario

Abstract

The importance of intellectual property is well recognized in various industries but the Indian insurance industry has not yet opened its door to intellectual property. Whereas insurance companies world-wide are patenting various aspects of insurance products, the Indian insurance industry finds excuse in the argument that the Patents Act in India does not allow insurance products to be patented.<br>The paper explores various forms of intellectual property, with special emphasis on patents, which can be used to protect insurance methods and products. It attempts to undo the misconceptions about patenting insurance products and suggests by example, that insurance products can be protected under computer programs category.