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” 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 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.
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
- 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.