Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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During the nationalisation era the non-life insurance landscape was dominated by the four public sector insurers with GIC as their holding company. In 2000, GIC's role was changed to national re-insurer and its four subsidiaries were restructured as independent companies.
The insurance, market comprises a number of role-players like insured, intermediary, insurer, reinsurer, etc., as also the lawyers, consultants, surveyors, etc.
Reinsurance companies themselves also purchase reinsurance, a practice known as retrocession.
Insured segment can be further divided into retail individual, SME and large corporates.
Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body for insurance sector in India created by a special enactment in the parliament viz IRDA Act, 1999.
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