Indian Insurance Industry - Governance, Risk and Compliance

Indian Insurance Industry - Governance, Risk and Compliance



It’s Indian 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 It’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.

Key Highlights

- IRDAI regulates the Indian insurance industry
- 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.

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.


1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Third-party liability insurance for owner of hazardous facilities
2.4.2 Motor third party liability insurance
2.4.3 Professional indemnity insurance for insurance brokers and web aggregators
2.4.4 Workmens compensation insurance/employers’ liability insurance
2.4.5 Professional indemnity insurance for stockbrokers
2.4.6 Aviation carriers liability insurance
2.4.7 Liability insurance for ships with respect to oil pollution
2.4.8 Mandatory insurance for emigrants (Pravasi Bharatiya Bima Yojana - PBBY)
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Insurance Regulatory and Development Authority of India
2.5.3 The Life Insurance Council
2.5.4 The General Insurance (GI) Council
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer


List Of Tables


Table 1: Insurance Industry Definitions
Table 2: India - Insurance Regulatory Framework Key Features
Table 3: India - Sum Insured or Premium Limit for Electronic Policies
Table 4: India - Percentage of Allowable Expenses
Table 5: India - Payment of Commission to insurance agents and intermediaries
Table 6: India - Commission Payable on Health Insurance Policies Offered by Life Insurers
Table 7: India - Commission Payable on Health Retail Insurance Policy
Table 8: India - Commission Payable on Health Group Insurance Policy
Table 9: India - Commission Payable on Single Premium Life Policy
Table 10: India - Commission Payable on Regular Premium Life Policy
Table 11: India - Commission Payable on Non-Life Policy
Table 12: India - Life Insurance Regulatory Framework
Table 13: India - Property Insurance Regulatory Framework
Table 14: India - Motor Insurance Regulatory Framework
Table 15: India - Computation Method for Motor Accident Claims
Table 16: India - Liability Insurance Regulatory Framework
Table 17: India - Commission, Rewards and Distribution Fees for Long-term Motor Insurance Policies
Table 18: India - Premium Rates for Motor Third-Party
Table 19: India - Proposed Premium Rates for Motor Third-Party
Table 20: India - Employee Compensation Benefits
Table 21: India - Factors for Calculation of Required Solvency Margin
Table 22: India - Surcharge for the Financial Year 2020
Table 23: India - Corporate Tax Rates for the Financial Year 2020


List Of Figures


Figure 1: India - Insurance Supervision and Control at Various Levels
Figure 2: India - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 3: India - Judiciary System


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