The Insurance Institute of India is the sole
national apex body for
insurance underwriters
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
in
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...
established in 1955 in
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the secon ...
. It is under the
ownership
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...
of
Ministry of Finance,
Government of India
The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
.
It was created for the purpose of
regulation
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. ...
and
licensing
A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit).
A license is granted by a party (licensor) to another party (licensee) as an element of an agreeme ...
of
insurance underwriting profession in India. The institute conducts examinations at various levels. It is the professional institute in India devoted solely to insurance-underwriting education.
Certificates and diplomas are awarded by the institute to successful candidates. These are recognised by the government of India, the
Insurance Regulatory and Development Authority
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance indu ...
), and insurers in India and abroad. These qualifications are recognised by similar institutes in the UK, Canada and the United States, for grant of exemption from some of their papers. The Sri Lanka Insurance Institute and the Royal Insurance Corporation of Bhutan are also affiliated to the institute.
References
{{reflist
External links
Insurance Institute of IndiaOfficial website of Insurance Institute of India
Insurance Institute of IndiaMore information on Insurance Institute of India.
Financial services companies established in 1955
Companies based in Mumbai
Insurance schools in India
1955 establishments in Bombay State