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Insurance & Re-Insurance
About Insurance Industry
The insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors, and third party administrators servicing health insurance claims.
Government Initiatives:
The Government of India has taken a number of initiatives to boost the insurance industry. Some of them are as follows:-
- National Health Protection Scheme will be launched under Ayushman Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million vulnerable families.
- Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2017-18.
- The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue redesigned initial public offering (IPO) guidelines for insurance companies in India, which are to looking to divest equity through the IPO route.
- IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds that are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors for the banks.
Major players in Indian Insurance Industries
- Life Insurance Corporation of India
- Tata AIG General Insurance
- Bajaj Allianz General Insurance
- New India Assurance
- ICICI Prudential Life Insurance
- IFFCO TOKIO General Insurance
- ICICI Lombard General Insurance
- Oriental Insurance
- Birla Sun Life Insurance
- HDFC Standard Life Insurance
Rules & Regulation
- Insurance Ombudsman Rules, 2017
- Indian Insurance Companies (Foreign Investment) Amendment Rules, 2016
- Indian Insurance Companies (Foreign Investment) Amendment Rules, 2015
- IRDAI (Regulation of Insurance Business in Special Economic Zone) Rules,2015
- Notification on exemption of certain provisions of Insurance Act,1938 for carrying Insurance Business in SEZ.
- Indian Insurance Companies (Foreign Investment) Rules, 2015
- IRDA Salary and Allowances payable to and other Terms and Conditions of Services of Chairperson and other Members Amendment Rules, 2012
- Actuaries-Election to the council rules, 2008
- Actuaries(Procedure for Enquiry of Professional and Other Misconduct) Rules, 2008
- Actuaries Nomination of Member to the council rules 2008
- IRDA Rules-Chairperson Salary-Amendment, 2000
- IRDA Rules-Chairperson Salary, 2000
- LIC rules 1956
- Insurance Rules, 1939
Legal services of Preach Law LLP
The firm provides advice on cutting-edge issues that cover multiple legal and business disciplines. Our expertise and understanding of the business is the foundation for providing full range of legal services including:
- Arbitrations & Litigation
- Foreign Investments
- Regulatory
- Structuring
- Offset policy
- Compliances
- Joint Ventures
- Contracts
- Teaming Agreements
- Auction/Bid Management etc.
- Sourcing/Supply and Service Agreements
- Review/ Appeal of Administration Decisions
