Governance, Risk and Compliance - The Indian Insurance Industry

 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 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 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 Third–Party (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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