Serving the Cause of Public Interest Indian
Author : pasty-toler | Published Date : 2025-06-23
Description: Serving the Cause of Public Interest Indian Actuarial Profession 25th India Fellowship Seminar Expenses of Management of Insurers transacting life insurance business Regulations 2016 its impact on Life Insurance Guide Mr Sabyasachi
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Transcript:Serving the Cause of Public Interest Indian:
Serving the Cause of Public Interest Indian Actuarial Profession 25th India Fellowship Seminar Expenses of Management of Insurers transacting life insurance business Regulations, 2016 & it’s impact on Life Insurance Guide Mr. Sabyasachi Sarkar Presented by Ashish Taneja – Member ID: 10309 Atul Setia – Member ID: 11632 Simon Henderson www.actuariesindia.org 2 Agenda Background Regulations in detail Comparison with Rule 17 D Impact on the Life Insurance Industry Case Study – What is happening in other countries? www.actuariesindia.org 3 Agenda Background Regulations in detail Comparison with Rule 17 D Impact on the Life Insurance Industry Case Study – What is happening in other countries? In News www.actuariesindia.org 5 Key Milestones Section 17 D, Insurance Rules, 1939 Insurance Laws (Amendment) Bill, 2008 Final Notification, May 2016 Exposure Draft, Dec 2015 Standing Committee Recommendations, 2011 Amendments, 2014 Exposure Draft, Jan 2016 (commission change) www.actuariesindia.org 6 Background Regulations in detail Comparison with Rule 17 D Impact on the Life Insurance Industry Case Study – What is happening in other countries? Agenda 7 www.actuariesindia.org Type of product Age of life insurer Premium payment term for the product EoM limits vary by Defining Expenses of Management (EoM) 8 EoM limits for different types of products (1/3) www.actuariesindia.org Pension and Annuity products Single premium policies - 5% of all single premium Non-single premium policies - 10% of all first year’s premium and 4% of all renewal premiums 0.5% of annuities paid during the year Pure risk products Single premium policies - 10% of all single premium for both Individual and Group products Non-single premium policies – Limits vary by premium payment term : 1/20th of 1% of average of the total sum assured for paid-up policies on which no further premiums are payable 1/100th of 1% of the total sum assured of lapsed policies under the revival period at the beginning of the year www.actuariesindia.org 9 EoM limits for different types of products (2/3) Savings products Single premium policies - 5% of all single premium for both Individual and Group products Non-single premium policies – Limits vary by premium payment term and duration of life insurer’s business : 1/20th of 1% of average of the total sum assured for paid-up policies on which no further premiums are payable 1/100th of 1% of the total sum assured of lapsed policies under the revival period at the beginning of the year www.actuariesindia.org 10 EoM limits for different types
