TMCnet News

Research and Markets: Governance, Risk and Compliance - The Indian Insurance Industry

[July 23, 2015]

Research and Markets: Governance, Risk and Compliance - The Indian Insurance Industry

Research and Markets (http://www.researchandmarkets.com/research/34lrs2/governance_risk) has announced the addition of the "Governance, Risk and Compliance - The Indian Insurance Industry" report to their offering.

'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 operations of insurance and reinsurance companies and intermediaries.

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

Key Highlights

- The Indian insurance industry is regulated and governed by the Insuranc Regulatory and Development Authority of India (IRDAI).

- The practice of non-admitted insurance is limited to the reinsurance segment.

- FDI limit in the Indian insurance industry was increased from 26% to 49% with the enactment of the Insurance Law (Amendment) Act 2015 in March 2015.

- Composite insurance is not permitted in the Indian insurance industry.

- The Insurance Laws (Amendment) Bill 2015 was passed on March 12, 2015.

- IRDAI is planning to adopt risk-based solvency requirements for insurance companies operating in India.

Key Topics Covered:

1 Introduction

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.4 Compulsory Insurance

2.5 Supervision and Control

2.6 Non-Admitted Insurance Regulations