The IRDA (Insurance Advertisements) Regulations, 2000 seeks to regulate and control every insurance advertisement issued by the insurer, intermediary or insurance agent. For this purpose every insurer, intermediary or insurance agent is required to maintain a system of control over the contents, form and method of dissemination of all advertisements concerning its policies and such advertisement should be filed with the Authority. As per regulations every advertisement for insurance shall state clearly and unequivocally that insurance is the subject matter of the solicitation and state the full registered name of the insurer/intermediary/insurance agent. A third party or group shall not distribute information about an insurance policy, intermediary or insurer on its letterhead.
Insurance Encyclopedia
Insurance agent
See: Agents; Imputed Knowledge.
Insurance and Freight Cost
A term of sale for goods in transit whereby the price paid by the buyer includes the insurance premium and the shipping charges.
Insurance Association of India
According to Sec. 64A of Insurance Act, 1938 all insurers carrying on insurance business in India will constitute a body corporate known as “Insurance Association of India.” The Insurance Associate of India will consist of (01) Members: All the insurers that are incorporated or domiciled in India (02) Associate Members: All Insurers incorporated and domiciled outside India. Sec. 64C of the Act provides for two Insurance Councils viz., (i) The Life Insurance Council: consisting of all the members and associate members of the association who carry on life insurance business in India, and (ii) The General Insurance Council, consisting of all the members and associate members of the association who carry on general insurance business in India.
Insurance Attorneys
An attorney who practices the law as it relates to insurance matters. Attorneys might be solo practitioners or work as part of a law firm. Insurance companies who retain attorneys to defend them against law suits might hire in-house attorneys to work for them or they might retain attorneys on an as-needed basis.
Insurance Available
Insurance that covers potential losses that would not be financially serious.
Insurance bonds
A term often used to describe investment bonds. They contain an insurance element and are single premium policies issued by insurance companies.
Insurance broker
A full-time intermediary offering a service on the basis of professional expertise and competence. The broker offers advice and arranges the insurance normally as agent for the insured but is usually remunerated by a commission from the insurer. From January 2005, insurance brokers will be regulated by the FSA.
***
An individual or firm that acts as agent for an individual, body or firm in arranging insurance cover and in presenting claims under such cover. At present only Lloyd’s brokers may arrange cover directly with or on behalf of underwriters in the underwriting room.
Insurance Bureau of Canada (IBC)
The trade association of the property/casualty insurance industry in Canada. It concerns itself with such matters as public relations, collection of statistics, and promulgation of forms. It has a substantial permanent staff but also many committees made up of volunteers from the senior ranks of insurance companies.
Insurance Business Rules FSA
(qv) rules relating to the conduct of insurance business. The FSMA empowers the FSA to make rules prohibiting an authorised person, who has permission to effect or carry out contracts of insurance, from carrying on a specified activity. Another rule empowers the FSA to make rules in relation to contracts entered into in the course of carrying on long-term insurance business particularly in regard to linked-policies (s.141(4)). It means that where the FSA has determined that a particular index is no longer permissible it can stop new policies being linked to that index. It can also require that existing linked policies should substitute a new index for the prohibited one.