International Monetary FundWorld Bank2013-10-012013-10-012013-08https://hdl.handle.net/10986/15963This assessment of India's compliance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) was carried out as part of the 2011 Financial Sector Assessment Program (FSAP). Although this is the second FSAP for India, this is the first external assessment of India's compliance with the ICPs. The Insurance Regulatory and Development Authority (IRDA) have principal responsibility for insurance regulation and supervision in India, although the central government also has some reserve supervisory powers. This assessment is based upon information made available to the assessor in preparation for and during the June 2011 FSAP mission. The assessment has also been informed by discussions with regulators and market participants. The assessment employs the 2003 version of the IAIS insurance core principles and methodology and is based on the essential criteria (EC) listed in that document.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING STANDARDACCOUNTING STANDARDSACTUARIESASSET LIABILITY MANAGEMENTASSET POSITIONASSET-LIABILITY MATCHINGAUDIT COMMITTEEAUDITORSBALANCE SHEETBANK ACCOUNTBANK EXPOSUREBANK EXPOSURESBANK LINKAGESBANKING SECTORBASIS POINTSBONDSBROKERBROKERAGEBROKERSBUY-BACKSCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL REQUIREMENTSCENTRAL GOVERNMENTCENTRAL GOVERNMENT DEBTCHECKSCOMMERCIAL PAPERCOMPETITIVE MARKETCONSUMER EDUCATIONCONSUMER PROTECTIONCONSUMERSCORE BUSINESSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCOVERAGECREDIT RATINGSDEBTDEBT HOLDINGSDEBT INSTRUMENTSDEBT SECURITIESDEFICITSDEMOGRAPHICDERIVATIVESDIRECT ACCESSDIRECT INSURANCEDIRECT INSURANCE COMPANIESDISCOUNT RATEDISCOUNT RATESDIVIDENDSDOMESTIC INVESTORSDOMESTIC REGULATORDUE DILIGENCEEMERGING MARKETSEMPLOYEE BENEFITENFORCEMENT POWERSEQUITY MARKETEXIT MECHANISMSEXPENDITUREEXPENSE RATIOEXPENSE RATIOSEXPOSUREEXPOSURESFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL REPORTINGFINANCIAL RETURNSFINANCIAL SECTORFINANCIAL SECTOR INFRASTRUCTUREFINANCIAL STABILITYFINANCIAL SYSTEMFISCAL DISCIPLINEFRAUDFRAUDSFUND MANAGERSGENERAL INSURANCEGOVERNMENT BONDSGOVERNMENT GUARANTEEGOVERNMENT PAPERGOVERNMENT SECURITIESGROWTH RATESHEALTH INSURANCEHOLDINGHOLDING COMPANYHOLDINGSINCOMEINCOME LEVELINCOME LEVELSINDIVIDUAL MARKETINDIVIDUAL SECURITIESINDUSTRIAL COUNTRIESINFLATIONINFORMATION FLOWSINFORMATION SHARINGINFRASTRUCTURE INVESTMENTSINSURANCEINSURANCE ACTIVITYINSURANCE BROKERSINSURANCE COMPANIESINSURANCE CORPORATIONINSURANCE INDUSTRYINSURANCE LAWINSURANCE MARKETINSURANCE PENETRATIONINSURANCE PREMIUMSINSURANCE PRODUCTSINSURANCE REGULATIONINSURANCE REGULATIONSINSURANCE SUPERVISIONINSURANCE SUPERVISORSINSURERINSURERSINTEREST RATEINTEREST RATESINTERNAL AUDITINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL BANKINTERNATIONAL INSURANCEINTERNATIONAL INSURANCE GROUPSINTERNATIONAL INVESTMENTSINTERNATIONAL PORTFOLIOINTERNATIONAL STANDARDSINVESTMENT ACTIVITIESINVESTMENT ASSETSINVESTMENT GOVERNANCEJOINT VENTURESJURISDICTIONJURISDICTIONSLAWSLEGAL FRAMEWORKLEVEL PLAYING FIELDLEVYLIABILITYLIFE INSURANCELIFE INSURANCE COMPANIESLIFE INSURANCE COMPANYLIFE INSURANCE PRODUCTLIFE INSURERSLOCAL CAPACITYMARKET CAPMARKET CONDITIONSMARKET INFRASTRUCTUREMARKET PARTICIPANTSMARKET PERFORMANCEMARKET PLAYERSMARKET PRICESMARKET PRICINGMARKET RETURNSMARKET SHAREMARKET SHARESMARKET STRUCTUREMARKET VALUEMONETARY FUNDMONEY LAUNDERINGMONOPOLYMORTGAGESMOTOR INSURANCEMUTUAL FUNDMUTUAL FUND ASSETSNEW PRODUCTSOPERATIONAL RISKSOUTPUTPENSIONPENSION LAWPENSION PRODUCTPENSION PRODUCTSPENSION PROVISIONPENSION SYSTEMPENSIONSPORTFOLIOSPRICE COMPETITIONPRIVATE SECTOR DEVELOPMENTRAPID GROWTHREAL GROWTH RATEREGISTRATION REQUIREMENTSREGULATORREGULATORSREGULATORY BODIESREGULATORY CONSTRAINTSREGULATORY FORBEARANCEREGULATORY FRAMEWORKREGULATORY OVERSIGHTREINSURANCEREPORESERVERESERVE BANKRESERVESRETIREMENT SAVINGSRETURNRISK MANAGEMENTRISK PROFILESRULE OF LAWSAVINGSSECURITIESSECURITIES MARKETSSHAREHOLDERSHAREHOLDERSSKILLS SHORTAGESSOLVENCYSOLVENCY REQUIREMENTSSTARTUPSTOCK EXCHANGESTOCK INDEXSTOCK MARKETSTOCK MARKETSSUPERVISORY AUTHORITYSUPERVISORY POWERSSUSTAINABILITYSYSTEMIC RISKTAXTERM DEPOSITSTERRORISMTRANSACTIONTRANSPARENCYTRUST FUNDSUNDERWRITERUNDERWRITINGURBAN DEVELOPMENTVALUATIONVALUATIONSWARRANTSWITHDRAWALWorld Bank10.1596/15963