Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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As per the principle of indemnity, for acceptable claims; insurance companies pay compensation only for the loss amount.
Solvency measures whether the insurance company can settle all the claims and still continue to be in business.
The Financial Services Authority (FSA) is the insurance regulator of the united Kingdom.
The minimum capital requirement for starting insurance business in India is Rs.100 crores.
Money laundering
is the process of bringing illegal money into an economy by hiding its illegal origin so that it appears to be legally acquired.
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IC 14 - Regulation of Insurance Business
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