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Regulatory Framework (2)

Regulatory Framework (2)

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Published by pankajgupta

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Published by: pankajgupta on Dec 27, 2008
Copyright:Attribution Non-commercial

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04/01/2012

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Regulatory Framework
 
 
The Need for Regulation
Better distribution of social benefits.To shape and monitor the market.To check mismanagement, deception, fraud etc.To ensure that the insurance company hasadequate professional capability, is financiallysound, holds adequate reserves and invests itsfunds adequately.To check reckless rate wars, undercutting,unhealthy links with industrial houses anddisregard for prudential norms.
 
 
Objectives of Regulation
Regulations are general set of principlescovering minimal requirements for best practicesin the areas of licensing, prudential regulationsand requirements, supervisory powers,managing asset quality and loss provisioningand most importantly, enhancing corporategovernance in insurance organisations.All regulatory arrangements try to createsystems whereby alarm signals are triggered ingood time in respect of insurance institutionsdrifting towards insolvency and mismanagementso that timely corrective ness can be applied.

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