Lawyers in Mumbai - Khaitan Legal Associates

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Growth of the Indian Insurance Industry

• Approach Towards Developing the Local Insurance
  Market

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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.
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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.

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Innovation Sandbox

• 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
  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.

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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. In
  April, 2016, the Government of India had
  launched Pradhan Mantri Fasal Bima Yojana
  (PMFBY), the flagship scheme of the government
  for agricultural/ crop insurance in India.
  Enrolments under the Pradhan Mantri Suraksha
  Bima Yojana (PMSBY) reached 130.41 million in
  2017- 18.

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