TAILIEUCHUNG - Insurance Law Regulations in India

In this vein UNCTADs contribution will continue to focus on: the benefits and challenges arising from international trade in insurance services, regulatory challenges arising from domestic implementation as well as in relation to the GATS, measures to overcome supply side constraints and build domestic capacity in the insurance sector, the role of the Government both as a regulator and a provider of insurance services, likely impacts of emerging global and technological trends in the insurance sector and in relation to the GATS assisting developing countries in their ongoing and evolving negotiations on insurance services and larger issues which could impact. | Insurance Law Regulations in India 10 S . Nishith Desai Associates Legal Tax Counselling Worldwide MUMBAI SILICON VALLEY 93-B MITTAL COURT NARIMAN POINT MUMBAI 400 021. INDIA TEL 91 22 282-0609 FAX 91 22 287-5792 220 CALIFORNIA AVENUE. SUITE 201 PALO ALTO CA 94306 USA TEL 1 650 325-7100 FAX 1 650 325-7300 nda@ Nishith Desai Associates 2002 For Private Circulation Only Insurance Law Regulations in India Parveen Nagree-Mahtani The author would like to thank Sandeep Farias for the invaluable advice and professional guidance and acknowledge the assistance of Suman Reddy and Pavan Kumar Duvva. Nishith Desai Associates Legal Tax Counseling Worldwide Content . A. DEVELOPMENT AND GROWTH OF THE INSURANCE INDUSTRY IN INDIA 1 1. Formation of the Insurance Industry in India 1 2. Nationalization of the Insurance Business in India 2 3. Entry of Private Players 2 B. REGULATORY AUTHORITIES 3 1. Insurance Regulatory and Development Authority 3 2. Tariff Advisory Committee 3 3. Insurance Association of India Councils and Committees 4 4. Ombudsmen 4 C. REGISTRATION OF AN INSURANCE COMPANY 5 1. General Registration Requirements 5 2. Capital Structure Requirements 5 3. Procedure for obtaining a certificate of registration 5 4. Renewal of registration 6 5. Suspension of registration 7 6. Cancellation of certificate of registration 7 7. Revival of registration 8 D. REGULATORY FRAMEWORK 8 1. Deposits 8 2. Investments 9 3. Valuation of Assets Liabilities and Solvency Margins 11 4. Submission of Returns 11 5. Actuary 12 6. Insurance Advertisements 13 7. Obligations to the Rural and Social Sector 14 8. Assignment and Nomination 15 9. Foreign Exchange laws 16 10. Taxation laws 17 Duty 18 E. INSURANCE INTERMEDIARIES 19 Agents 19 2. Insurance Surveyors and Loss Assessors 20 3. Third Party Administrators 20 F. REINSURANCE 21 1. Life Insurance 21 2. General Insurance 22 Nishith Desai Associates Legal Tax Counseling .

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