Question

What information is typically required to be provided under the heading "Reinsurance" when filing a group term product with IRDA of India?

a.

Description of the product's features and target market.

b.

Financial projections and pricing assumptions used by the Appointed Actuary.

c.

Reinsurance arrangement, retention limits, terms of reinsurance, and name of reinsurer(s).

d.

Proposal form and sales literature.

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Reinsurance arrangement, retention limits, terms of reinsurance, and name of reinsurer(s). Explanation:Under the heading "Reinsurance," insurers are typically required to provide information about the reinsurance arrangement for the group term product. This includes details such as retention limits of the insurers, terms of reinsurance (including premium rates and commissions), and the name of the reinsurer(s). Additionally, any recapture provision related to reinsurance may also need to be described. This information is important for understanding the reinsurance structure and its impact on the group term product.

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Q. What information is typically required to be provided under the heading "Reinsurance" when filing a group term product with IRDA of India?
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