DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/430ffc/government_guideli) has announced the addition of the "Government Guidelines and Mandates for Indian Insurance" report to their offering.
India's rapid rate of economic growth over the past decade has been one of the most significant developments in the global economy. This growth traces its origin in the introduction of economic liberalization in the early 1990s, which has equipped India to exploit its economic potential and substantially raise the living standard of its people.
Together with other financial services, insurance services contributed 7% of the country's GDP in 2009. A well developed and evolved insurance sector is a boon for economic development as it provides long-term funds for infrastructure development and concurrently strengthens the risk-taking ability of the country. Further, insurance has been a notable employment generator, not only for the insurance industry, but it has also created significant demand for a range of associated professionals such as brokers, insurance advisors, agents, underwriters, claims managers and actuaries.
The Indian life insurance industry stands at the threshold of launching its Phase III growth. The phase is marked by bringing the industry to a stable position, ensuring stable profitable growth. Most large players will now look to decelerate the pace of distribution growth and increase their focus on the retention of channel partners as well as improve channel productivity. Further, insurance companies are working toward improving persistence.
At this cross section, the role of the regulator becomes critical. The Insurance Regulatory and Development Authority (IRDA) is in the finalization stage vis-a-vis most of its regulations, which would be instrumental in navigating the future course of the insurance industry. IRDA has introduced certain regulations to help improve disclosures, profitability and capital as well as ensure consumer protection. Further, the regulator is amid finalizing the norms for the initial public offering (IPO) of insurance companies. In a sector where none of the players are listed, the IPO of insurance companies could be a milestone in the future growth of the sector.
To summarize, the Indian insurance industry is poised for a quantum leap in performance with unprecedented growth opportunities, notwithstanding a temporary sliding growth curve. The stage is now well poised for the real show to commence.
Key Topics Covered:
- Industry Overview
- Regulatory Authorities
- Regulatory Framework
- Insurance Intermediaries
- Re-Insurers
- Principles of Insurance Laws
- Registration of Insurance Company
- Recent Regulatory Developments Governing the Current Market Share
For more information visit http://www.researchandmarkets.com/research/430ffc/government_guideli