UNDER THE AUSPICES OF IRDAI AN INSTITUTRE OF

SURVEYORS HAS BEEN CONSTITUTED TO REGULATE THE

ACTIVITIES OF SURVEYOYRS

MAX: LOSS:

50K MOTOR OWN DAMAGE

1 LAKH IN OTHER GENERAL POLICY

UNITED KINGDOM IS THE LARGEST INSURANCE MARKET

IN THE YEAR 1871, THE LLOYDS ACT WAS FORMED TO SET

UP THE CORPORATIOMN OF LLOYED

TODAY LLOYED IS REGARDED AS A GREAT INTERNATIONAL

INSURANCE CENTER

IN 1858, AN ASSOCIATION OF ENGLISH AND SCOTTISH FIRE

OFFICERS WAS FORMED WHICH CAME TO BE KNOWN AS FIRE

OFFICERS COMMITTEE WHICH SINCE THEN HAS BEEN THE

CENTRAL TARIFF INSTITUTION FOR FIRE INSURANCE

THE EMPLOYERS’ LAIBILITY ACT 1880 WHICH MADE

EMPLOYERS LIABLE UNDER SOME CIRCUMSTANCES TO PAY

COMPENSATIONS
Risk Engineer : A common definition - or probably more correct

description - of the Risk Engineer is that of the 'Eyes of the underwriter'.

A reinsurance company that sells reinsurance to Reinsurance Company is a

'retrocessionaire'.

A reinsurance company that buys reinsurance from a Reinsurance

Company is a 'retrocedent'.

The insurance, market comprises a number of role-players like insured,

intermediary, insurer, reinsurer, etc., as also the lawyers, consultants,

surveyors, etc.

ROLES IN INSURANCE:

1. REGULATOR: INSURANCE REGULATORY AND

DEVELOPMENT AUTHORITY OF INDIA

IRDA HAS GOT THE AUTHORITY TO FRAME REGULATIONS

RELEVANT TO PROPER FUNCTIONING OF THE INDUSTRY

LIKE ADEQUACY OF PREMIUM RATES, LIMITS ON

EXPENSES, GUIDELINES ON INVESTMENTS, PROTECTION

OF POLICY HOLDERS, RIGHTS, SOLVENCY LIMITS ECT.

2. INSURERS: TO MANAGE CAPITAL AT AN OPERATIONAL

LEVEL INSURERS HAVE 2 KEY ROLES:

A. THAT OF THE UNDER WRITERS;

B. THAT OF THE CLAIM HOLDERS

3. REINSURER:

THE REINSURER IS THE NEXT LINE OF DEPENDENCE FOR

THE INSURANCE COMPANY,WISHING TO PROTECT ITS

BALANCE SHEET. ITS INSURANCE OF INSURANCE.

4. INSURED: WITHOUT THE INSURED THERE WILL BE OF

COURSE NO INSURANCE.

5. INTERMEDIARIES: DEVELOPMENT OFFICER/ INSURANCE

AGENT

ACTUARY IS EFFECTIVELY A HIGH LEVEL

MATHEMATICIAN WHO PERFORMS ACTUARIAL ANALYSIS

OF CORRELATION BETWEEN THE CLAIMS AND PRICING

STRUCTURES AT MACRO LEVEL, GOING DOWN TO THE

MICRO LEVEL OF PARTICULAR TRADE/RISK

CLASSIFICATIONS . HE IS EXPERIENCED IN REVIEWING

AND ANALYSING INSURANCE OPERATIONS, CLAIMS,

 RESERVING, UNDERWRITTING PROCEDURES AND

REINSURANCE PROGRAMES.

6. ANCILLARY ROLES:

a. Professional valuers

b. Insurance lawyers

c. Technical consultants

d. Insurance software spl

EDUCATIONAL INSTITUTES:

a. Insurance institute of India- Mumbai

b. National Insurance Academy- Pune

c. Institute of Actuaries of India

In 2014, there were 28 non-life insurance companies transacting

business in India.

Reinsurance companies themselves also purchase reinsurance, a practice

known as retrocession.
Insured segment can be further divided into retail individual, SME and

large corporates.

Insurance Regulatory and Development Authority of India (IRDAI) is the

regulatory body for insurance sector in India created by a special

enactment in the parliament viz IRDA Actreinsurer

General Insurance Corporation (GIC) commenced business operations in

1973.

The risk engineer is known as 'the eyes of the underwriter'.

Actuaries examine / suggests the pricing of insurance products.

Direct Broker - Acting as an intermediary between the insured and the

insurer

Reinsurance Broker - Acting as an intermediary between the insurer and

reinsurer

Composite Broker - One who acts as Direct Broker as well as Reinsurance

Broker
Underwriter decide whether insurance cover is to be granted or not. If

cover is to be given then the underwriters will decide at what terms,

conditions and exceptions.