III IC-14

Yes. III lists the subject as "IC 14 - Regulations of Insurance Business"; the hyphenated IC-14 form is simply shorthand used in timetables and study groups. It is a professional examination subject in III's programme, not an agent licensing test. Check III's syllabus page and the IC 14 addendum before you begin.

Anyone whose work touches insurance compliance: insurer operations and audit staff, agents and corporate agents, brokers, surveyors, and candidates progressing through III's professional examinations. It is also useful for lawyers and risk professionals who need the Indian statutory framework in one place rather than scattered across individual Acts.

Eight areas: the overall legislative and regulatory framework; the Insurance Act, 1938; the IRDA Act, 1999 and IRDAI regulations; the LIC Act, 1956 and GIC Act, 1972; other statutes affecting insurance; regulation of intermediaries and distribution channels; governance, anti-money laundering and fraud risk management; and policyholder protection and the Insurance Ombudsman.

Those details are not fixed on the III pages reviewed here. III's Examination Handbook and its Examinations Regulations carry the authoritative pattern, duration and passing requirements, and both are revised from time to time. Verify them on the III site for your own session rather than relying on figures quoted in older forums or coaching notes.

III runs professional examinations in sessions rather than continuously. Its prize-winner pages are organised by "Session 1 & 2" for each year, and the current online examination schedule is published under Examinations > Time Table. Check that schedule for the IC 14 date and the registration window that applies to you.

Confirm this from III's Examination Handbook for your session rather than from second-hand sources, because the pattern is set centrally and can change. Whatever the format, regulation questions reward precise recall of which statute or regulation contains a provision, so practise distinguishing the Insurance Act, 1938 from the IRDA Act, 1999 and from IRDAI regulations.

Use both. III publishes study material and maintains an Addendum page where IC 14 updates are posted, including an English and a Hindi version. The material gives you structure and exam orientation; the current Act and IRDAI regulation text gives you accuracy, because regulations move faster than any printed book.

Build the frame first: the regulatory framework, then the IRDA Act, 1999, then the Insurance Act, 1938. Add the entity statutes (LIC Act, 1956 and GIC Act, 1972), then the applied areas: other statutes affecting insurance, intermediaries and distribution, governance and fraud. Finish with policyholder protection and the Ombudsman, which draw on everything before them.

Three recurring ones: attributing a requirement to the wrong statute, quoting a limit or time period that has since been amended, and ignoring the addendum so that superseded provisions are reproduced from memory. A fourth is treating the Ombudsman and consumer-forum routes as interchangeable when the eligibility conditions and remedies differ.

Everything sits under the Examinations menu on the III website: Syllabus for the subject contents, Regulations and Examination Handbook for rules, Time Table for the online examination schedule, and Apply for Examination for registration. Study material, price lists and the IC 14 addendum are under the Study Material menu. III is the only authoritative source.