Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Micro-insurance is a term related to insurance charaterised by low premium and designed to serve low income people.
The maximum remuneration limit for a micro insurance agent for non-life insurance business is 15% of the premium.
According to the advertising guidelines issued by the IRDAI, where the performance data for a fund is not available for at least one calendar year, the past performance of the fund must not be shown.
Micro-insurance is based on the concept of pooling.
The minimum number of members comprising a group should be 20 for both life and non-life micro-insurance products.