Post by Sapphire Capital on Jan 21, 2009 22:23:47 GMT 4
Insurance Products: Regulatory Facade
Veena
The Icfai University
Icfai University Journal of Insurance Law, Vol. VII, No. 1, pp. 46-57, January 2009
Abstract:
Insurance Product is an insurance policy having various terms and conditions embedded in the insurance contract which describes the acceptance of the risk for a valuable consideration. The concept of insurance product designing has three important components - defining the scope and application of the policy vis-a-vis risk selection, pricing the product and marketing the product. The first two components include the process of underwriting of the policy and the last component is more associated with advertisement and sale of the product. All the above components are to be made within the legal framework to avoid the complexities and protect the interest of the prospective policyholder. The Insurance Regulatory and Development Authority (IRDA) has paid a lot of attention in this regard and notified the guidelines which ought to be followed compulsorily. Unless the product is submitted to the IRDA and gets the approval, no insurance company will introduce the same into the market. The author makes an attempt to analyze various provisions that are associated with the designing of insurance products.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1324583
Veena
The Icfai University
Icfai University Journal of Insurance Law, Vol. VII, No. 1, pp. 46-57, January 2009
Abstract:
Insurance Product is an insurance policy having various terms and conditions embedded in the insurance contract which describes the acceptance of the risk for a valuable consideration. The concept of insurance product designing has three important components - defining the scope and application of the policy vis-a-vis risk selection, pricing the product and marketing the product. The first two components include the process of underwriting of the policy and the last component is more associated with advertisement and sale of the product. All the above components are to be made within the legal framework to avoid the complexities and protect the interest of the prospective policyholder. The Insurance Regulatory and Development Authority (IRDA) has paid a lot of attention in this regard and notified the guidelines which ought to be followed compulsorily. Unless the product is submitted to the IRDA and gets the approval, no insurance company will introduce the same into the market. The author makes an attempt to analyze various provisions that are associated with the designing of insurance products.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1324583