India Insurance Industry Governance, Risk and Compliance Report 2019 - ResearchAndMarkets.com

DUBLIN--()--The "Governance, Risk and Compliance - The Indian Insurance Industry" report has been added to ResearchAndMarkets.com's offering.

This report 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 Indian insurance industry is supervised and regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which was known as the Insurance Regulatory and Development Authority (IRDA) prior to the name change on December 30, 2014. IRDAI is an autonomous institution of the central government of India established in April 2000 under the IRDA Act 1999. It derives its power from the Insurance Act 1938, IRDA Act 1999 and the Insurance Laws (Amendment) Act 2015.

The Acts Indian government passed these Acts to regulate the insurance industry. In addition, the industry follows a set of standard market practices set by the International Association of Insurance Supervisors (IAIS). The regulatory framework ensures the protection of consumer interests as well as providing a level playing field for both domestic and international insurance companies.

Key Findings

  • 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 Governance, Risk and Compliance - The Indian Insurance Industry provides:

  • 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

Key Topics Covered:

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 Workmen's compensation insurance/employers' liability insurance

2.4.5 Professional indemnity insurance for stock brokers

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

For more information about this report visit https://www.researchandmarkets.com/r/icjvv4

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900