Indian General insurance Bootcamp

--------------------------------------------------- 📌 CHAPTER TIMESTAMPS & KEY SUMMARY POINTS --------------------------------------------------- 00:00 - Introduction & Industry Foundations • General insurance is a contract of indemnity (excluding life insurance) that restores the insured to their pre-loss financial position [2, 3]. • IRDAI serves as the single regulatory body governing product approvals (via File & Use / Use & File norms) and market conduct [2, 4, 5]. • Motor and Health insurance form the majority of the total general insurance premium in India [3]. 03:15 - Distribution Channels in India • Agents and corporate agents act on behalf of the insurer, whereas brokers represent the policyholder and owe a duty of best advice [6, 7]. • Corporate agents (including Bancassurance partners) are capped by IRDAI to a maximum of 3 insurer tie-ups per line of business [8, 9]. • Expenses of Management (EoM) regulations cap total intermediary commission and operational expenses as a percentage of premium [6, 7]. 06:45 - Underwriting Principles & Coinsurance • Underwriting is anchored on five core legal principles: Utmost Good Faith, Insurable Interest, Indemnity, Contribution, and Subrogation [10-12]. • Modern rating engines automate standard retail risk pricing, while complex commercial risks require human underwriter referral rules [12, 13]. • Under the 2019 IRDAI Lead Insurer framework for coinsurance, the lead insurer issues the policy, handles claims, and recovers proportionate shares from follower insurers [14, 15]. 10:30 - Policy Issuance & Claims Lifecycle (FNOL to Settlement) • Mandatory KYC under AML/CFT guidelines must be completed prior to policy issuance [16, 17]. • Claims follow a standardized 5-step journey: First Notice of Loss (FNOL) → Registration → Survey/Assessment → Admissibility Decision → Settlement [18-23]. • IRDAI sets strict Turn-Around-Time (TAT) benchmarks, including a 30-day target for claim settlement post-document receipt [17, 23]. 14:20 - Reinsurance Structures (Proportional vs. Non-Proportional) • Reinsurance transfers vertical risk from primary insurers (cedants) to reinsurers like GIC Re to protect solvency and expand underwriting capacity [24-26]. • Proportional reinsurance (Quota Share, Surplus) shares premiums and claims in fixed ratios; Non-Proportional reinsurance (Excess of Loss, Stop Loss) responds only after losses cross a set retention threshold [27-30]. 18:00 - Lines of Business (LOB) Overview • Motor: Combines voluntary Own Damage (OD) coverage (capped at Insured Declared Value - IDV) with statutorily mandatory Third-Party (TP) liability under the Motor Vehicles Act, 1988 [31-35 • Health: Offers cashless/reimbursement hospitalisation, subject to standardised waiting periods, portability rights, and lifetime renewability [36-38]. • Fire & Marine: Standard Fire & Special Perils (SFSP) and Industrial All Risk (IAR) protect property; Marine Cargo relies on Institute Cargo Clauses (ICC A, B, C) and General Average principles [39-42]. • Crop & Specialty: PMFBY crop insurance uses Area Yield Index and weather parameters; Specialty lines like Cyber, Aviation, and Liability (D&O, CGL) are written on claims-made bases and placed via international facultative markets [43-51]. #IRDAI #InsurTech #IndianInsurance #FinanceGuide 📌 Would you like me to write a pinned comment to boost viewer interaction on your video once it's live? Ask a question or create something (1)