Page 4 - MARKETING & PUBLIC RELATIONS EBOOK IC88

 International traders run the risk of political turmoil. New governmets will have new
commercial policies. Exchange rates may fluctuate creating unexpected looses.
 This is made possible through what is known as reinsurance, whereby the insurance
company reduces its risk with other insurers.

F. Regulation
 Prior to 2000, the insurance industry was subject to regulation by the controller of
insurance, an official appointed by the govt of India, under the provisions of the
insurance act 1938.
 In the year 2015, 244 reinsurers and 90 Lloyds syndicate were alloted unique
identification by IRDA.
 The Indian market terrorism risk insurance pool was formed in April 2002. The limit
of indemnity per locaton was fixed at Rs. 750 cr to start with.
 The IRDA has also set up the Indian motor third party declined risk insurance pool
(DR pool) with effect from 1.4.2012. The total premium received by the pool in
2014-2015 was Rs. 314 cr.

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