P742 - INSURANCE
REGULATION AND COMPLIANCE (NON-LIFE)
Background
Insurance,
though a matter of contract between two parties, is nevertheless of concern
to the public and hence needs to be regulated. The fundamental purpose of
insurance regulation / law is to protect the public, consumers and
policyholders. Regulation also shapes the structure and conduct of industry and
therefore the performance of insurers. Historically, the industry has been
shaped by legal principles, practices, and laws with insurance to become one of
the highly regulated industries. The regulatory architecture plays a major role
in the growth of insurance sector. Rapid
advances in digital technology are also transforming the insurance industry
landscape, creating opportunities and challenges for all stakeholders.
In
order to cope with the regulations, insurers often adopt a mind-set of a routine
nature of mandatory compliances with a result they are unable to draw optimum
benefit out of regulations. However, insurers need to appreciate the philosophy
behind the regulations, widen their awareness of trends and develop
understanding of various regulations to ensure proper compliance.
Objectives
The
programme aims to equip the participants with understanding and knowledge of
Ø
Principles,
rationale, and various roles of the Insurance Regulatory & Development
Authority
Ø
Market
conduct norms and other prudential norms
Ø
Measures
for compliance of regulation
Contents
Ø
Introduction
to Insurance Regulations
Ø
Role
of Insurance Regulator
Ø
Regulations
on Consumer protection, Market Conduct, solvency approaches, Product, Pricing,
Distribution and Promotion
Ø
Ensuring
safety and soundness of insurers - Risk management Regulations, Corporate
Governance
Ø
Technology,
Innovation and Regulations
Participants’ Profile : Junior
and Middle level Officials of public and private sector General Insurance
Companies,
Duration:
2 Days
Dates:
29.09.2022-30.09.2020