The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. Following the recommendations of the Malhotra Committee, in 1999 the Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April … Read more IRDAI
A private annuity is an arrangement in which the client transfers property to an individual or entity in return for a promise of fixed periodic payments for the rest of the client’s life. In private annuities, the person or entity assuming the payment obligation is not in the business of selling annuities.
A distribution method that allows a variable annuity contract owner to periodically receive a specified amount as a partial withdrawal from the annuity contract value prior to the annuity starting date. Unlike lifetime annuity payments, systematic withdrawals continue until the contract value is exhausted. Systematic withdrawals are taxable to the extent they represent investment gain … Read more Systematic Withdrawal Plan
A comprehensive charge levied by an investment manager or investment advisor to a client for providing a bundle of services, such as investment advice, investment research and brokerage services. Wrap fees allow an investment advisor to charge one straightforward fee to their clients, simplifying the process for both the advisor and the customer.
X-share variable annuity contracts credit an additional amount or bonus to the contract value. The amount is calculated as a percentage of purchase payments added to the contract at, or subsequent to, contract issue. Contract charges may be higher in X-share products.
The price of an insurance policy, typically charged annually or semiannually.
Reassumption by a Ceding Company of a portfolio.
Since 1957 the major players in the world Reinsurance market have met at the Rendez-Vous de Septembre in Monte-Carlo. For more than sixty years now, the Rendez-Vous de Septembre has brought together the major players in the world Reinsurance markets in Monte-Carlo including reinsurers, insurers and brokers and also attracted a large number of lawyers, bankers, … Read more Rendez-Vous de Septembre
A percentage or dollar amount that a homeowner must pay before the insurance policy kicks in when a major natural disaster occurs. These large deductibles limit an insurer’s potential losses in such cases, allowing it to insure more property. A property insurer may not be able to buy reinsurance to protect its own bottom line … Read more Catastrophe Deductible
The length of time covered by the insurance, as shown on the current Certificate of Insurance.