Governance, Risk and Compliance - The Indian Insurance Industry

Jun, 2016   |   83  Pages   |   Timetric   |   Format : PDF
Synopsis
'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 Timetrics 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 countrys 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, permitte
Table of Contents
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 Regulations
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
2.5 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 Types 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
2.8 Solvency margins
2.8.1 Reserve requirements
2.8.2 Investment regulations
2.8.3 Statutory return requirements
2.8.4 Fee structure
2.9 Taxation
2.9.1 Insurance premium or policy taxation
2.9.2 Withholding taxes on premium paid overseas
2.9.3 Corporate tax
2.9.4 VAT
2.9.5 Captives
2.1 Legal System
2.10.1 Introduction
2.10.2 Access to court
2.10.3 Alternative dispute resolution
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetrics 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 Commission Payable on Non-Life Insurance Policy
Table 6: India Life Insurance Regulatory Framework
Table 7: India Commission Payable on Single Premium Life Policy
Table 8: India Commission Payable on Regular Premium Life Policy
Table 9: India Property Insurance Regulatory Framework
Table 10: India Compulsory Cession Limits
Table 11: India Motor Insurance Regulatory Framework
Table 12: India Liability Insurance Regulatory Framework
Table 13: India Commission Payable on Health Insurance Policies Offered by Life Insurers
Table 14: India Commission Payable on Health Retail Insurance Policy
Table 15: India Commission Payable on Health Group Insurance Policy
Table 16: India Premium Rates for ThirdParty (TP) Liability Insurance
Table 17: India Employee Compensation Benefits
Table 18: India Factors for Calculation of Required Solvency Margin
Table 19: India Surcharge for the Financial Year 2016
Table 20: India Other Corporate Tax Rates for the Financial Year 2016

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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