III IC-14 study plan
III IC-14 · Give each week a clear focus.
8 weeks · About 7 hours per week
Indian insurance legislation and the regulatory framework & Insurance Act, 1938
Trace the constitutional and statutory basis of insurance regulation in India, listing each major statute and its role.
Outline the structure of the Insurance Act, 1938: registration, capital, deposits, investments, returns, and penalties.
Explain how the IRDA Act, 1999 changed the regulatory architecture created by the Insurance Act, 1938.
Build a glossary of 20 statutory terms with section-level references and plain-language definitions.
Your checkpoint
A two-page comparative note plus a 20-item glossary that maps Insurance Act, 1938 provisions to the corresponding regulator or government function.
Insurance Act, 1938 & IRDA Act, 1999 and IRDAI regulations
Summarise the chapters of the Insurance Act, 1938 dealing with licensing, management, accounts, and investigation.
Outline the IRDA Act, 1999: establishment, composition, duties, powers, and functions of IRDAI.
Compare the roles of IRDAI, the Central Government, and the courts in the regulatory framework.
Draft and score a 15-question self-test on statutory sections and regulatory bodies.
Your checkpoint
A 15-question self-test with answer key and a recorded score of at least 12/15.
IRDA Act, 1999 and IRDAI regulations & Public sector insurers: LIC Act, 1956 and GIC Act, 1972
Classify major IRDAI regulations by purpose: registration, solvency, investments, product filing, and intermediaries.
Summarise the LIC Act, 1956 and GIC Act, 1972: formation, capital, functions, and special provisions.
Compare the statutory framework for public sector insurers with that for private insurers under the Insurance Act, 1938.
Tabulate at least 10 differences between LIC/GIC Act entities and IRDAI-regulated companies.
Your checkpoint
A comparison matrix covering LIC Act, GIC Act, and IRDAI-regulated insurers across at least 8 criteria.
Public sector insurers: LIC Act, 1956 and GIC Act, 1972 & Other statutes affecting insurance (Marine Insurance Act, Motor Vehicles Act, Consumer Protection Act)
Explain the mandate and structure of LIC and GIC under their Acts, including subsidiaries and reinsurance role.
Outline the Marine Insurance Act, 1963: insurable interest, disclosure, warranties, and total loss.
Outline Motor Vehicles Act provisions on compulsory third-party insurance and claims.
Summarise Consumer Protection Act, 2019 provisions relevant to insurance services.
Your checkpoint
A one-page fact sheet for each of the Marine, Motor, and Consumer Protection statutes, with at least 5 exam-ready points each.
Other statutes affecting insurance (Marine Insurance Act, Motor Vehicles Act, Consumer Protection Act) & Regulation of insurance intermediaries and distribution channels
Solve 10 application questions on Motor and Marine insurance claims using statutory rules.
Classify insurance intermediaries under IRDAI regulations: agents, brokers, corporate agents, web aggregators, and TPAs.
Explain licensing, code of conduct, and commission rules for each intermediary type.
Draft a checklist of 12 compliance obligations for an insurance broker.
Your checkpoint
A 12-item intermediary compliance checklist naming the applicable regulation for each item.
Regulation of insurance intermediaries and distribution channels & Corporate governance, anti-money laundering and fraud risk management
Compare distribution channels by licensing route, remuneration, and regulatory obligations.
Outline corporate governance requirements for insurers: board composition, committees, and fit-and-proper criteria.
Summarise AML/CFT obligations: KYC, suspicious transaction reporting, and record keeping.
Identify fraud risk indicators across underwriting, claims, and distribution.
Your checkpoint
A one-page AML/KYC process flow plus a 10-indicator fraud red-flag list.
Corporate governance, anti-money laundering and fraud risk management & Policyholder protection, grievance redressal and the Insurance Ombudsman
Explain the Insurance Ombudsman scheme: appointment, jurisdiction, complaint procedure, and awards.
Summarise policyholder protection provisions on grievance redressal, policy servicing, and claim settlement timelines.
Compare internal grievance redressal, the IRDAI grievance portal, and the Ombudsman route.
Draft a 10-step complaint escalation flowchart for a policyholder.
Your checkpoint
A complaint escalation flowchart with a statutory or regulatory reference at each step.
Indian insurance legislation and the regulatory framework & Insurance Act, 1938 & IRDA Act, 1999 and IRDAI regulations & Public sector insurers: LIC Act, 1956 and GIC Act, 1972 & Other statutes affecting insurance (Marine Insurance Act, Motor Vehicles Act, Consumer Protection Act) & Regulation of insurance intermediaries and distribution channels & Corporate governance, anti-money laundering and fraud risk management & Policyholder protection, grievance redressal and the Insurance Ombudsman
Revise weak areas recorded in the weekly error log across all eight domains.
Complete two timed mock papers of 50 questions each under exam conditions.
Review answer explanations and correct factual gaps in the revision notes.
Create a one-page final revision sheet of 25 high-yield points.
Your checkpoint
Two timed mock papers with scores recorded, plus a final revision sheet of 25 points.
Milestones
Week 2: Score at least 12/15 on the statutory self-test and explain three provisions of the Insurance Act, 1938 without notes.
Week 4: Complete a 30-question mixed set on domains 1-5 and score at least 21/30; review every wrong answer.
Week 6: Complete a 30-question mixed set on domains 5-7 and score at least 21/30; update the weak-area log.
Week 8: Score at least 60% on both timed mocks and at least 70% on a final 40-question mixed set.