Annexure CD 01

MBA (Insurance & Banking)LTP/SSW/FWTOTAL CREDIT UNITS

-3---3

Course Title: Regulation of Insurance Business

Course Code:

Credit Units: 3Sr. No. Course TitleWeightage (%)Comments (if any)

1.Course Objectives: The course aims at familiarizing the students with the legal and regulatory environment of the insurance business and the importance of the same.

2.Pre-requisites:

1. Basic knowledge of principles & processes of life insurance2. Familiarity with principles and practices of non- life insurance

3.Student Learning Outcomes:

1. Student will understand the role & importance of Regulator in a sector.

2. Student will learn the role of IRDA- Regulator in insurance sector

3. Student will understand the steps initiated by IRDA by issuing regulations on various parameters.

4. They will be able to analyze, evaluate and grasp the impact of these steps on insurance sector.

4.Module I - Main Functions of IRDA & Insurance Councils

15%

Background Duties, Powers & Functions of IRDA: Insurance Councils and Executive Committees of Life and General Insurance Councils & their main function.

5.Module II - Anti Money Laundering Guidelines15%

Meaning and stages of ML, concern on ML, Legislation in India & Guidelines in Insurance & Banking sectors on ML

6.Module III - Regulatory Environment Linked & Non-linked policies15%

ULIPS in India , Evolution of Guidelines, Product Design, Unit Pricing, Riders, Changes, Cap on Charges in accordance with regulations issued in 2013.

7.Module IV - Protection of Policyholders interests12%

Presale, Point of Sales, Proposal for Insurance, Post Sale, Life Insurance Matters to be stated in Life Policy Claims settlement, General Insurance Matters to be stated in General Insurance Policy, Miscellaneous Claims Procedure

8.Module VLicensing of Insurance Brokers, Agents and Corporate Agents.12%

13%

6 %

9.Module VI Micro Insurance

IRDA (Micro Insurance) Regulations 2005 & Guidelines, Conditions Applicable to Micro Insurance Agents, Micro Insurance Products,( Life Business ( Non-Life Business

10.Module VII: Reinsurance Life & General Insurance

Objective of Reinsurance, Regulations (Life & General

11.Module VIII: Mechanisms for Dispute Resolution

Insurance company, IRDA & Insurance Ombudsman, Consumer Courts & Civil Courts12%

12.Pedagogy for Course Delivery:

1 Class room lectures

2 Case Studies

3 Group presentations by students

4 Home assignments Followed by participatory discussion in the class.

13.Assessment/ Examination Scheme:

Theory L/T (%)

Lab/Practical/Studio (%)

End Term Examination

30%

Nil

70%

Theory Assessment (L&T):

Continuous Assessment/Internal Assessment

Components (Drop down)

Group Presentation

Class Test

Class Participation

Attendance

End Term ExaminationWeightage (%)

10

10

5

5

70

Lab/ Practical/ Studio Assessment:

Continuous Assessment/Internal Assessment

End Term Examination

Components (Drop down

N I L

Weightage (%)

Text & References: IC-14 Insurance Institute of India

Insurance Act 1938 (Bare Act)

Life Insurance Corporation Act 1956 General Insurance (Nationalisation Act)

IRDA Act 1999 (Bare Act)

References:

Legal Aspects of Life Assurance IC 24

Principles of Insurance. IC 01, Insurance Instgitute of India

Life Insurance Compendium (Ashadeep Prakashan, Mumbai)

Committee of Reforms in Insurance Sector Summary of Recommendations (Govt. of India Publication)

Insurance Act 1938 (Bare Act)

The Indian Contract Act, 1872 (Bare Act)

Regulation of Insurance Business by Jan S. Hanson

Any other Study Material:

Magazines & periodicals of insurance. Web-site of I R D A ; Annual Reports of IRDA.

Articles & reports published in daily news papers.

Remarks and Suggestions:

_______________________________

Date:

Name, Designation, Organisation