Governance framework for participating business

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By Philip Jackson, Richard W. Holloway, Sanket Kawatkar, Shamit Gupta | 19 November 2014
As the growth of new participating products continues to outpace other product lines in India, there has been a greater need to put in place a sound governance framework. A year ago, some regulation and guidance was adopted. With this backdrop, Milliman conducted a survey of the Appointed Actuaries of life insurance companies in India, to ascertain their experience and the practices adopted. Out of the existing 24 life insurance companies in India, we received responses from 10 companies. Although some progress has been made, there is still scope to significantly strengthen the existing governance framework, which is important to ensure an orderly growth of participating business in India.