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Awards of Ombudsman. Panel of Actuaries. List of brokers. LIST of Surveyors. Whom to contact. Press Notifications. List of TPAs. List of Web Aggregators. List of Insurance Repositories. Handbook of IR. All Insurance companies are required to publish financial results and other information in the prescribed formats in newspapers and on their websites at periodic intervals. The IRDAI had issued micro Insurance regulations for the protection of low income people with affordable Insurance products to help cope with and recover from common risks with standardised popular Insurance products adhering to certain levels of cover, premium and benefit standards.
These regulations have allowed Non Governmental Organisations NGOs , Self Help Groups SHGs and other permitted entities to act as agents to Insurance companies in marketing the micro Insurance products and have also allowed both life and non-life insurers to promote combi-micro Insurance products.
The Regulations framed by the Authority on the obligations of the insurers towards rural and social sector stipulate targets to be fulfilled by insurers on an annual basis. In terms of these regulations, insurers are required to cover year wise prescribed targets i in terms of number of lives under social obligations; and ii in terms of percentage of policies to be underwritten and percentage of total gross premium income written direct by the life and non-life insurers respectively under rural obligations.
Insurance Regulatory Framework: 1. Life Insurance Companies - Both public and private sector Companies b. Re-Insurance Companies d. Agency Channel e. Section 25 of IRDAI Act, lays down for establishment of Insurance Advisory Committee consisting of not more than twenty five members excluding the ex-officio members. The Chairperson and the members of the Authority shall be the ex-officio members of the Insurance Advisory Committee. The objects of the Insurance Advisory Committee shall be to advise the Authority on matters relating to making of regulations under Section Every Regulation approved by the Authority is notified in the Gazette of India.
Every Regulation so made is submitted to the Ministry for placing the same before the Parliament. Actuarial valuation of the liabilities of life Insurance business and forms for filing of the actuarial report; Provisioning for liabilities in case of non-life Insurance companies Manner of investment of funds and periodic reports on investments Maintenance of solvency Market conduct issues C.
Supervisory Role: 1. These include the following: To grant licenses to re Insurance companies and Insurance intermediaries To protect interests of policyholders, To regulate investment of funds by Insurance companies, professional organisations connected with the re Insurance business; maintenance of margin of solvency; To call for information from, undertaking inspection of, conducting enquiries and investigations of the entities connected with the Insurance business; To specify requisite qualifications, code of conduct and practical training for intermediary or Insurance intermediaries, agents and surveyors and loss assessors To prescribe form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other Insurance intermediaries; D.
Prudential approach: Reporting, Risk monitoring and intervention: 1. Solvency of Insurers: In order to monitor and control solvency requirements, it has been made mandatory to the insurers to submit solvency report on quarterly basis. Its name was Triton Insurance, a company founded by some British in Calcutta. For over a century, the market had been dominated by representation offices and branches of foreign, mostly, British, insurers.
The marginalization of local companies pushed the Indian government to nationalize life insurance activities in For its part, non-life insurance was not nationalized until Life Insurance Corporation LIC was established in , taking over the portfolio of national and foreign companies.
LIC had tapped into life operations monopoly from to the late s and the opening of the insurance sector to private investors. Read also Specificities of the Indian insurance market.
In the non-life insurance, the portfolios of the companies present on the market in were pooled up into four large national companies whose head offices are based in the four corners of the country:. GIC, created in , intervened on the market as a national reinsurer and shareholder of the four direct companies. The government will not reopen the doors of the Indian insurance market to the private sector until the early s.
The entry into activity in of the Insurance Regulatory and Development Authority IRDAI marked the end of State monopoly and the opening of the market to private and foreign investment. Read also India: Economic indicators.
FR EN. Create an account Login. Last update: November 12, 17h Insurance history in India. Indian insurance dates back to the days of ancient India legislation.
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