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Top Law Firms in Mumbai - Khaitan Legal Associates

Check out the expertise of top lawyers in mumbai at Khaitan Legal Associates

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Top Law Firms in Mumbai - Khaitan Legal Associates

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  1. Indian Insurance Industry And 100 Billion Threshold

  2. Introduction While numbers certainly reveal something, they may not relay the complete story. India has crossed a significant milestone by reaching USD 100 billion threshold, however there is immense potential for the market to grow. The insurance regulator IRDAI with support from the Government of India has taken a multifaceted approach towards developing the local insurance market.

  3. Creation of reinsurance hub The Indian reinsurance sector has a good number of players (both domestic and cross border reinsurers) to promote a healthy and competitive market for reinsurance, and it is expected that the capacity will increase which will result in to the establishment of a reinsurance hub in India in near future.

  4. Risk based capital regime The regulator is currently weighing the option of shifting calculation of capital of insurance companies to a risk based regimes from a solvency denominated regime. This will ensure light touch supervision for entities that manage their risk well and will allow them to maintain minimum capital to support its overall business operations in consideration of its size and risk profile.

  5. Innovation Sandbox innovative companies, in a way that provides InsurTech in particular and the Fintech sector as a whole with flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection and managing risks in a controlled environment. IRDAI has recently released the ‘Report of the Committee on Regulatory Sandbox’ which recommends that a regulatory test environment is needed to foster growth in the insurance value chain and increase the pace of the most

  6. Government Schemes The Government of India has launched various social insurance schemes under various insurance segments that have instrumentally created more insurance penetration and sectoral growth. Schemes like Pradhan Mantri Fasal Bima Yojana, Ayshmna Bharat and much more is making a huge impact on the industry.

  7. For More Information Visit www.khaitanlegal.com

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