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Governance, Risk and Compliance – The Indian Insurance Industry

Governance, Risk and Compliance – The Indian Insurance Industry

Synopsis

Timetric’s 'Governance, Risk and Compliance – The Indian Insurance Industry' 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 Timetric’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.

Summary

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 India.
  • 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.
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
  • 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.
Key Highlights
  • The Indian insurance industry is regulated and governed by IRDAI.
  • The practice of non-admitted insurance is limited to the reinsurance segment.
  • Foreign direct investment (FDI) limit in the Indian insurance industry was increased from 26% to 49% with the enactment of the Insurance Law (Amendments) Act 2015 in March 2015.
  • 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.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table India - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
      • Table India - Sum Insured or Premium Limit for Electronic Policies
      • Table India - Percentage of Allowable Expenses
      • Table India - Commission Payable on Single Premium Life Policy
      • Table India - Commission Payable on Regular Premium Life Policy
      • Table India - Commission Payable on Non Life Policy
      • Table India - Compulsory Cession Limits
    • Legislation and Market Practice by Type of Insurance
      • Life Insurance
        • Table India - Life Insurance Regulatory Framework
      • Property Insurance
        • Table India - Property Insurance Regulatory Framework
      • Motor Insurance
        • Table India - Motor Insurance Regulatory Framework
        • Table India - Payment of commission to insurance agents and intermediaries
        • Table India - Computation Method for Motor Accident Claims
      • Liability insurance
        • Table India - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
        • Table India - Commission Payable on Health Insurance Policies Offered by Life Insurers
        • Table India - Commission Payable on Health Retail Insurance Policy
        • Table India - Commission Payable on Health Group Insurance Policy
    • Compulsory Insurance
      • Third-party liability insurance for owner of hazardous facilities
      • Motor third party liability insurance
        • Table India - Premium Rates for Motor Third-Party
        • Table India - Premium Rates for Motor Third-Party
        • Table India - Premium Rates for Motor Third-Party
      • Professional indemnity insurance for insurance brokers and web aggregators
      • Workmen's compensation insurance/employers' liability insurance
        • Table India - Employee Compensation Benefits
      • Professional indemnity insurance for stock brokers
      • Aviation carriers' liability insurance
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Insurance Regulatory and Development Authority of India
      • The Life Insurance Council
      • The General Insurance (GI) Council
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
        • Table India - Factors for Calculation of Required Solvency Margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table India - Surcharge for the Financial Year 2017
        • Table India - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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