India Insurance Industry – Governance, Risk and Compliance
The India insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.
The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Indian insurance industry?
The Insurance Regulatory and Development Authority of India (IRDAI) supervises the insurance industry in the country according to the Insurance Act of 1938. It is responsible for the overall development of the insurance industry, the protection of consumer interests, and the promotion of fair competition among insurance providers.
What are the key types of licenses issued in the Indian insurance industry?
The key types of insurance licenses issued in the Indian insurance industry are life insurance, general insurance, stand-alone health insurance, and reinsurance.
India insurance industry, by license type
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Which other key associations oversee the Indian insurance industry?
The key associations that oversee the Indian insurance industry are the International Association of Insurance Supervisors (IAIS), Life Insurance Council (LIC), and General Insurance Council (GIC).
International Association of Insurance Supervisors
The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
Life Insurance Council
The objective of the LIC is to transform the life insurance industry in the country into a trustworthy and profitable service. It functions through several sub-committees and represents all licensed life insurance companies operating in India. The key functions of the Life Insurance Council include promoting awareness of the principles and benefits of life insurance as well as supporting the industry to enhance customer confidence. Moreover, LIC coordinates and facilitates discussions with the government, lawmakers, and regulators, creates a platform for interaction with other organizations in the financial services sector, and acts as a mediator between the Indian life insurance industry and global markets.
General Insurance Council
The GIC represents all non-life insurance companies operating in India. It aims to develop a sustainably profitable and trustworthy non-life insurance industry that contributes to society and the country’s economy. GIC facilitates information exchanges with overseas insurance associations and collaborates with them. Furthermore, it represents the insurance industry in front of the government and related authorities for regulatory reforms and developments. It conducts insurance education, training, and certification programs as well as takes measures to prevent insurance fraud.
Market report scope
| Key license types | Life Insurance, General Insurance, Stand-Alone Health Insurance, and Reinsurance |
| Key associations | International Association of Insurance Supervisors (IAIS), Life Insurance Council (LIC), and General Insurance Council (GIC) |
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 about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about 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
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country
- 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 about various types of insurance products.
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The key types of insurance licenses issued in the Indian insurance industry are life insurance, general insurance, stand-alone health insurance, and reinsurance.
The key associations that oversee the Indian insurance industry are the International Association of Insurance Supervisors (IAIS), Life Insurance Council (LIC), and General Insurance Council (GIC).
The key regulator of the India insurance industry is Insurance Regulatory and Development Authority of India (IRDAI).
The key types of tax present in the India insurance industry are corporate income tax, corporate capital gains tax, and value added tax.
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