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India Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published Sep 19, 2023
Length 263 Pages
SKU # GBDT18295088

Description

India Insurance Industry - Governance, Risk and Compliance


Summary

GlobalData’s ‘India Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in India.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in India, including -
  • An overview of the insurance regulatory framework in India.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
  • Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Key Highlights
  • IRDAI regulates the Indian insurance industry
  • The practice of non-admitted insurance is limited to the reinsurance segment.
  • Composite insurance is not permitted in the Indian insurance industry.
  • IRDAI is planning to adopt risk-based solvency requirements for insurance companies operating in India.
Scope
  • The report covers details of the insurance regulatory framework in India.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in India.
  • Track the latest regulatory changes, and expected changes impacting the Indian insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

263 Pages
INDIA
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
About GlobalData
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List of Tables
Table 1: MTPL premium rates specified for the 2022-2023 financial year
Table 2: India - Non-admitted reinsurance rating requirements
Table 3: Pertaining to Directorship [Refer Proviso to Regulation 6(7)(iii)]
Table 4: Factors for Calculation of Required Solvency Margin(Liability)
Table 5: Factors for Calculation of Required Solvency Margin(Motor)
Table 6: Factors for Calculation of Required Solvency Margin(Healthcare)
Table 7: Factors for Calculation of Required Solvency Margin(Aviation)
Table 8: Factors for Calculation of Required Solvency Margin(Marine)
Table 9: Factors for Calculation of Required Solvency Margin(Engineering)
Table 10: Factors for Calculation of Required Solvency Margin(Business Interruption)
Table 11: Factors for Calculation of Required Solvency Margin(Property)
Table 12: Factors for Calculation of Required Solvency Margin(Energy - Oil Rig)
Table 13: Factors for Calculation of Required Solvency Margin(Energy - Operational Energy)
Table 14: Factors for Calculation of Required Solvency Margin(Clinical Trials)
Table 15: Factors for Calculation of Required Solvency Margin(Transit)
Table 16: Factors for Calculation of Required Solvency Margin(Professional Risks)
Table 17: Factors for Calculation of Required Solvency Margin(Employers' Liability/workers compensation)
Table 18: Factors for Calculation of Required Solvency Margin(Personal Accident)
Table 19: Factors for Calculation of Required Solvency Margin - Property
Table 20: India – Corporate Tax Rates for The Financial Year 2023
Table 21: India – Minimum Alternate Tax Rates for The Financial Year 2023
Table 22: India – Computation Method for Motor Accident Claims
Table 23: Workmen's compensation insurance/employers’ liability insurance
Table 24: MTPL premium rates specified for the 2022-2023 financial year will come into effect from June 2022
Table 25: India – Commission Payable on Health Insurance Policies Offered by Life Insurers
Table 26: India – Commission Payable on Health Retail Insurance Policy
Table 27: India – Commission Payable on Health Group Insurance Policy
Table 28: India – Payment of commission to insurance agents and intermediaries
Table 29: Commission Payable on Single Premium Life Policy(Group Life)
Table 30: Commission Payable on Regular Premium Life Policy(Group Life)
Table 31: Commission Payable on Single Premium Life Policy
Table 32: Commission Payable on Regular Premium Life Policy

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