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  • International Monetary Fund. Monetary and Capital Markets Department
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    Abstract

    This paper discusses key findings of the assessment of India’s compliance with the International Association of Insurance Supervisors Insurance Core Principles (ICP). Indian Regulatory and Development Authority (IRDA) has so far decided that India is not yet ready for a full transition to cutting-edge international approaches owing to informational and skills shortages and a continuing lack of international consensus. Certain prudential ICPs come under this heading, and IRDA will need to augment its resources in its core supervisory departments if it is to introduce a rigorous corrective action and enforcement regime built on a risk-based approach to the capital and operational management of insurers.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 13/265.

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    Length: 89
    Date of creation: 29 Aug 2013
    Date of revision:
    Handle: RePEc:imf:imfscr:13/265

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    Related research

    Keywords: Insurance regulations; Insurance supervision; Financial Sector Assessment Program; Reports on the Observance of Standards and Codes; India; insurance companies; life insurance; life insurers; reinsurance; policyholders; underwriting; risk management; insurance industry; health insurance; internal controls; insurance brokers; general insurance; consumer protection; insurance products; life insurance companies; capital requirements; insurance activities; accounting standards; applications; insurance supervisors; insurance statistics; securities markets; solvency requirements; level playing field; insurance law; risk assessment; group health insurance; insurance premiums; actuarial science; annual accounts; bodily injury; credit ratings; actuarial reports; underwritings; legal framework; supervisory system; risk management system; regulation of insurance; informed decisions; transfer of business; insurance policies; risk profiles; reinsurance companies; motor insurance; financial reporting; supervisory authorities;

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