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Market Research Report

Governance, Risk and Compliance - The Indian Insurance Industry

Published by Timetric Product code 333996
Published Content info 132 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The Indian Insurance Industry
Published: February 26, 2018 Content info: 132 Pages
Description

Timetric's '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 Timetric'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.

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 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.
Table of Contents
Product Code: IS0001RR

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 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
  • 2.5 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 107
    • 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 Timetric
  • 3.3 About Timetric
  • 3.4 Timetric'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 - Commission Payable on Single Premium Life Policy
  • Table 6: India - Commission Payable on Regular Premium Life Policy
  • Table 7: India - Commission Payable on Non Life Policy
  • Table 8: India - Compulsory Cession Limits
  • Table 9: India - Life Insurance Regulatory Framework
  • Table 10: India - Property Insurance Regulatory Framework
  • Table 11: India - Motor Insurance Regulatory Framework
  • Table 12: India - Payment of commission to insurance agents and intermediaries
  • Table 13: India - Computation Method for Motor Accident Claims
  • Table 14: India - Liability Insurance Regulatory Framework
  • Table 15: India - Commission Payable on Health Insurance Policies Offered by Life Insurers
  • Table 16: India - Commission Payable on Health Retail Insurance Policy
  • Table 17: India - Commission Payable on Health Group Insurance Policy
  • Table 18: India - Premium Rates for Motor Third-Party
  • Table 19: India - Employee Compensation Benefits
  • Table 20: India - Factors for Calculation of Required Solvency Margin
  • Table 21: India - Surcharge for the Financial Year 2017
  • Table 22: India - Corporate Tax Rates for the Financial Year 2017

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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