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Top Law Firms in Mumbai - Khaitan Legal Associates

Khaitan Legal Associates is one of the top law firms in mumbai.

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Top Law Firms in Mumbai - Khaitan Legal Associates

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  1. Indian Insurance Industry And100BillionThreshold

  2. Introduction Whilenumberscertainlyrevealsomething,theymaynotrelaythecomplete story.IndiahascrossedasignificantmilestonebyreachingUSD100billion threshold,howeverthereisimmensepotentialforthemarkettogrow. TheinsuranceregulatorIRDAIwithsupportfromtheGovernmentofIndiahas taken a multifaceted approach towards developing the local insurance market.

  3. Creationofreinsurancehub TheIndianreinsurancesectorhasagoodnumberofplayers(bothdomestic andcrossborderreinsurers)topromoteahealthyandcompetitivemarketfor reinsurance,anditisexpectedthatthecapacitywillincreasewhichwillresult intotheestablishmentofareinsurancehubinIndiainnearfuture.

  4. Riskbasedcapitalregime Theregulatoriscurrentlyweighingtheoptionofshiftingcalculationofcapital ofinsurancecompaniestoariskbasedregimesfromasolvencydenominated regime.Thiswillensurelighttouchsupervisionforentitiesthatmanagetheir riskwellandwillallowthemtomaintainminimumcapitaltosupportitsoverall businessoperationsinconsiderationofitssizeandriskprofile.

  5. InnovationSandbox IRDAIhasrecentlyreleasedthe‘ReportoftheCommitteeonRegulatory Sandbox’whichrecommendsthataregulatorytestenvironmentisneededto fostergrowthintheinsurancevaluechainandincreasethepaceofthemost innovativecompanies,inawaythatprovidesInsurTechinparticularandthe Fintechsectorasawholewithflexibilityindealingwithregulatoryrequirements andatthesametimefocussingonpolicyholderprotectionandmanagingrisksin acontrolledenvironment.

  6. GovernmentSchemes TheGovernmentofIndiahaslaunchedvarioussocialinsuranceschemesunder various insurance segments that have instrumentally created more insurance penetrationandsectoralgrowth. SchemeslikePradhanMantriFasalBimaYojana,AyshmnaBharatandmuch moreismakingahugeimpactontheindustry.

  7. ForMoreInformationVisit www.khaitanlegal.com

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