Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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One of the fundamental objectives of reinsurance of life and non-life insurances is to maximise retension within the country.
An insurance broker who, for remuneration, arranges reinsurance for direct insurers with insurance and reinsurance companies describes a reinsurance broker.
IBNR in insurance business means Incurred But Not Reported. It refers to the recognition that events have taken place in such a manner that they will eventually produce claims. However, these events have not yet been reported to the insurance company.
The reinsurer must have a minimum credit reting of BBB from Standard and Poor or equivalent rating of any international rating agency.
General Insurance Corporation of India has been notified as the National Reinsurer of India, Life Insurance Corporation of India (LIC) is a life Insurance company, Insurance Regulatory and Development Authority is the regulator for the Indian insurance industry, created for the supervision and development of the insurance sector in India.
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