IC14 - LICENTIATE: Regulation of Insurance Business
IC14, also known as the Licentiate examination in Regulation of Insurance Business, is designed to educate individuals on the construction and introduction of the insurance business. This examination is conducted by the Insurance Institute of India (III) and aims to provide candidates with a comprehensive understanding of the crucial aspects of regulating insurance business.
Significance of Regulating Insurance Business
Regulating insurance business is essential for entities operating in the insurance sector. It ensures that insurers conduct their commercial activities in a manner that safeguards the interests and security of their customers in a truthful and unbiased manner. Regulation also deals with the structure and compliance required for insurance companies to operate effectively within the environment.
The IC14 program is designed to cover various aspects that help in understanding the crucial facets of regulating insurance business. The program is divided into four main sections:
1. Structure of Regulation of Insurance Business
This section outlines the primary roles of insurance companies and their functioning. It provides information on the rules and regulations applicable to the insurance industry.
2. Registration and Regulation of Insurance Companies
This section covers the process of registration of insurance companies and the necessary regulations for their operation. It focuses on processes such as service provision, premium, and claims settlement.
3. Catastrophe and Accident Insurance
This section provides guidelines for the regulation and discipline of insurance operations related to catastrophes and accidents. It specifically emphasizes on processes related to service provision, monitoring, and compliance.
4. Business Conduct of Insurance Business
This section centers on important issues related to the business conduct of insurance companies, such as marketing, promotion, and customer service.
Preparation for IC14
To excel in the IC14 examination, candidates need to devote themselves to understanding the rules and regulations governing business conduct. Here are some excellent suggestions:
1. Comprehensive Understanding of the Entire Curriculum
First and foremost, grasp the entire curriculum. This will clarify what is expected of you in the examination.
2. Utilize Official Study Material
Utilize the official study material provided by the Insurance Institute. These resources are designed to cover various crucial topics and assist candidates in comprehension.
3. Regular Practice