Annexure CD 01

MBA (Insurance & Banking)

Course Title: Regulation of Insurance Business

P/S

SW/F
W

Course Code:

-3

TOTAL
CREDIT
UNITS
3

Credit Units: 3
Sr. No.

Course Title

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.
Pre-requisites:
1. Basic knowledge of principles & processes of life insurance
2. Familiarity with principles and practices of non- life insurance
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.
Module I - Main Functions of IRDA & Insurance Councils

2.
3.

4.

Weightage
(%)

Comments (if any)

5.

6.

7.

8.
9.

Background Duties, Powers & Functions of IRDA: Insurance Councils and 15%
Executive Committees of Life and General Insurance Councils & their main
function.
Module II - Anti Money Laundering Guidelines
Meaning and stages of ML, concern on ML, Legislation in India & Guidelines
in Insurance & Banking sectors on ML
15%
Module III - Regulatory Environment Linked & Non-linked policies
ULIPS in India , Evolution of Guidelines, Product Design, Unit Pricing, Riders,
15%
Changes, Cap on Charges in accordance with regulations issued in 2013.
Module IV - Protection of Policyholders interests
Presale, Point of Sales, Proposal for Insurance, Post Sale, Life Insurance
Matters to be stated in Life Policy Claims settlement, General Insurance 12%
Matters to be stated in General Insurance Policy, Miscellaneous Claims
Procedure
Module V
12%
Licensing of Insurance Brokers, Agents and Corporate Agents.
Module VI Micro Insurance
IRDA (Micro Insurance) Regulations 2005 & Guidelines, Conditions
13%
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

12%
Insurance company, IRDA & Insurance Ombudsman, Consumer Courts &
Civil Courts
Pedagogy for Course Delivery:
1 Class room lectures
2 Case Studies
3 Group presentations by students

12.

4 Home assignments Followed by participatory discussion in the class.

6%

13.

Assessment/ Examination Scheme:

Theory L/T (%)
Lab/Practical End Term Examination
/Studio (%)
30%
Nil
70%
Theory Assessment (L&T):
Continuous Assessment/Internal Assessment
Components
(Drop down)
Weightage (%)

Group
Presen
tation
10

Class
Test
10

Class
Particip
ation
5

Attendan End Term

ce
Examination
5

70

Lab/ Practical/ Studio Assessment:

Continuous Assessment/Internal Assessment
Components (Drop
down
Weightage (%)

N I L

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