Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Sole national re-insurer - General Insurance Corporation of India. Other stakeholders in Indian Insurance market include approved insurance agents, licensed Corporate Agents, Brokers, Common Service Centres, Web-Aggregators, Surveyors and Third Party Administrators servicing Health Insurance claims.
As per current FDI norms the current FDI limit for insurance sector is 74%.
Insurance is an agreement by which one party called the 'insured' pays a stipulated consideration called 'premium' to the other party called the 'insurer', in return for which the insurer agrees to pay a defined amount of money or provide a defined service if a covered event occurs during the policy term.
Insurance is a contract under which the insurer, in exchange for payments from the insured, agrees to reimburse the losses of the insured on occurrence of a specific event.
IRDA is the regulator of insurance business in India. It is a national agency of the Government of India formed by an Act of Parliament known as the IRDA Act 1999.
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