Insurance Law

INSURANCE AND LOSS SURVEYORS : Insurance Surveyors and Loss Assessors (Licencing, Professional Requirements and Code of Conduct) Regulations, 2000 provides rules for Insurance Surveyors and Loss Assessors in India. Application for, […]

Powers of Appointed Actuary : (1) An appointed actuary shall have access to all information or documents in possession, or under control, of the insurer if such access is necessary for […]

Duties and obligations of Appointed Actuary : In particular and without prejudice to the generality of the foregoing matters, and in the interests of the insurance industry and the policyholders, the […]

Absolute Privilege of Appointed Actuary : (1) An appointed actuary shall enjoy absolute privilege to make any statement, oral or written, for the purpose of the performance of his functions as […]

Disclosure Norms in Websites of Insurance Companies : IRDA requires insurance companies to publish the following in their websites periodically: (a) Financial statements, viz., Revenue Account, Profit & Loss Account, […]

Publication in News Paper : Insurers have also been required to publish the Balance Sheet, Profit & Loss Account, Revenue Account and Key Analytical Ratios on an half yearly basis in […]

ACTUARIAL AND OTHER CERTIFICATIONS : Who is an Actuary? An actuary is an expert who applies mathematical and statistical methods for assessment of financial and other risks relating to various contingent […]

The Required Traits to be an Actuary : I. One must have a natural problem solving ability II. Be able to see situation from different vantage points, III. Develop lateral […]

Information after the point of sale : While providing information to the consumer at the point of sale is critical, the responsibility of the insurance companies does not stop there. In […]

Consumer Responsibility : The Financial Services and Markets Act (FSMA) 2000 of UK states that ‘consumer protection’ objective must have regard to ‘the general principle that consumers should take responsibility for […]