Upload
pankaj-ojha
View
227
Download
0
Embed Size (px)
Citation preview
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 1/19
PRESENTED BY:MAHANTESH, DEEPA, PRIYA, PANKAJ,
ABHAYANTH, KALLESHAPPA.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 2/19
` Insurance = Collective bearing of Risk.` Insurance, whether lif e or non-lif e, pr ovides
people with a reasonable degree of security
and assurance that they will be pr otected in
the event of a calamity or f ailure of any sort.` Basic Human trait is to be averse to the idea
of risk taking.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 3/19
` insurance is a form of risk management primarily
used to hedge against the risk of a
contingent, uncertain loss.
` Insurance is def ined as the equitable transf er of the risk of a loss, f r om one entity to another, in
exchange for payment
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 4/19
` A
s per the section 4 of IRD A
A
ct' 1999, Insurance Regulatory and Development Authority (IRD A, which was constituted by an act of par liament) specif y the composition of Authority.
` The Authority is a ten member team consisting of
(a) a Chairman;
(b) f ive whole-time members;(c) four part-time members,
(all appointed by the Government of India)
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 5/19
` Mission of IRD A as stated in the act is "to
pr otect the interests of the policyholders, toregulate, pr omote and ensure order ly
gr owth of the insurance industry and for
matters connected therewith or incidental
thereto."` In 2010, the Government of India ruled
that the Unit Linked Insurance
Plans (ULIPs) will be governed by IRD A,
and not the market regulator Securities and Exchange Board of India.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 6/19
` Section 14 of IRD A Act, 1999 lays down the
duties, powers and f unctions of IRD A.
1. Subject to the pr ovisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate,
pr omote and ensure order ly gr owth of the
insurance business and re-insurance business.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 7/19
` Without pre judice to the generality of the
pr ovisions contained in sub-section (1), the powers and f unctions of the Authority shall
include, issue to the applicant a certif icate of
registration, renew, modif y, withdraw, suspend
or cancel such registration;` pr otection of the interests of the policy holders
in matters concerning assigning of policy,
nomination by policy holders, insurable
interest, settlement of insurance claim,
surrender value of policy and other terms and
conditions of contracts of insurance;
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 8/19
` IRD A consists of a Chairman and some permanent
as well as part time members. The regulations,
however, are enacted under the guidance of a
statutory advisory committee. The advisory
committee consists of following individuals and ex-off icio authorities:
` Chairman: Hari Narayana is the current Chairman of
IRD A.
` Full-time Members: Currently, they are Mr. K K
Srinivasan (Nonlif e Member), Sri G Prabhakara (Lif e
Member), Dr R Kannan(Member, Actuary) and Sri
R.K. Nair (Member, F & I). There is pr ovision for a
panel of other members and part time members.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 9/19
` In insurance, the insurance policy is
a contract (generally a standard form contract)
between the insurer and the insured, known as
the policyholder, which determines
the claims which the insurer is legally required to pay. In exchange for payment, known as the
premium, the insurer pays for damages to the
insured which are caused by covered perils
under the policy language.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 10/19
` Insurance contracts are generallyconsidered contracts of adhesion.
` Insurance contracts are unilateral.
` Insurance contracts are governed by the
principle of utmost good f aith which requiresboth parties of the insurance contact to deal in
good f aith.
Parts of an insurance contract
Declarations, Def initions, Insuring
agreement,
Exclusions, Conditions, Endorsements.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 11/19
` The business of lif e insurance in India in its
existing form started in India in the year 1818
with the establishment of the Oriental Lif e
Insurance Company in Kolkata.` In 1914, the Government of India started
publishing returns of Insurance Companies in
India. The Indian Lif e Assurance Companies Act,
1912 was the f irst statutory measure to regulate lif e business being transacted in India
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 12/19
Milestone of Life Insurance in India1912:The Indian Lif e Assurance Companies Act enacted as the f irst statute to regulate the lif e
insurance business.` 1928:The Indian Insurance Companies Act enacted
to enable the government to collect statisticalinformation about both lif e and non-lif e insurance businesses.
` 1938:Ear lier legislation consolidated and amended toby the Insurance Act with the objective of pr otecting the interests of the insuring public.
` 1956:245 Indian and foreign insurers and pr ovident societies taken over by the central government and nationalized. LIC formed by an Act of Par liament, viz. LIC Act, 1956, with a capital contribution of Rs. 5cr ore f r om the Government of India
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 13/19
` Endowment Policy` Whole Lif e Policy
` Term Lif e Policy
` Money-back Policy
` Joint Lif e Policy` Gr oup Insurance Policy
` Loan Cover Term Assurance Policy
` Pension Plan or Annuities
` Unit Linked Insurance Plan
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 14/19
` Aviva Lif e Insurance
` Ba ja j Allianz` Bir la S un Lif e Insurance
` HDFC Standard Lif e Insurance` ICICI Prudential` ING Vysya
` Kotak Mahindra
` LIC` Max New York Lif e Insurance
` Metlif e India Insurance` Reliance Lif e Insurance` SBI Lif e Insurance` Shriram Lif e Insurance
` Tata AIG Lif e Insurance
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 15/19
` General Insurance pr ovides much-needed pr otection against unforeseen events such as
accidents, illness, f ire, burglary et al. Unlike Lif e
Insurance, General Insurance is not meant to
off er returns but is a pr otection against contingencies. Almost everything that has a
f inancial value in lif e and has a pr obability of
getting lost, stolen or damaged, can be covered
thr ough General Insurance policy.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 16/19
` Health Insurance
` Motor Insurance
` Travel Insurance
` Home Insurance
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 17/19
` In 1907, the Indian Mercantile Insurance Ltd. was established and was the f irst company to
transact all classes of general insurance business.
` In 1957, General Insurance Council (GIC), a wing of the Insurance Association of India was established The General Insurance Councilf ramed a code of conduct for ensuring f air conduct and sound business practices acr oss Non-Lif e or General insurance sector.
` General Insurance Business
(Nationalization) Act in 1972, generalinsurance business was nationalized whichcame into eff ect f r om 1st January, 1973 .
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 18/19
` The IRD A opened up the Indian insurance
market in August 2000 by inviting application
for registration pr oposals. Foreign companies were allowed entry into Indian insurance
sector with an upper ceiling on ownership of
up to 26% participation.
`
Fr om 2000 onwards, IRD A
has f ramed various regulations for carrying on insurance
business to pr otection of Indian policyholders¶
interests including the registration of Lif e &
Non-Lif e (General) Insurance companies. Just
recently, the FDI (Foreign Direct Investment)
in Indian Insurance Companies has been
increased up to 50%.
8/8/2019 Presentation on Insurence
http://slidepdf.com/reader/full/presentation-on-insurence 19/19