Regulations of Insurance Business
Insurance Institute of India: Licentiate Examination
The most popular Licentiate elective. Covers IRDAI regulations, the Insurance Act 1938, and the regulatory framework governing insurance in India.
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IC-14 exam at a glance
| Level | Licentiate, optional paper |
|---|---|
| Credit points | 20 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
| Exam sessions | Usually March, June, September, December |
398 practice + 159 Enhanced Practice
Across 10 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Development of Insurance Legislation in India and Insurance Act 193833 + 12 Enhanced questions33 + 12 Enhanced
How insurance law developed in India, nationalisation, reforms and the Insurance Act 1938.
2IRDAI Functions and Insurance Councils33 + 15 Enhanced questions33 + 15 Enhanced
Powers and functions of IRDAI and the Insurance Councils.
3IRDAI and its Licensing Functions56 + 20 Enhanced questions56 + 20 Enhanced
Licensing of agents, corporate agents, brokers, surveyors and other intermediaries.
4Regulations on Conduct of Business I54 + 20 Enhanced questions54 + 20 Enhanced
Conduct of business rules, rural and social sector duties, and micro-insurance.
5Regulations on Conduct of Business II55 + 20 Enhanced questions55 + 20 Enhanced
IRDAI rules for health insurance: registration, products, standard terms and portability.
6Policy Holders Rights of Assignment, Nomination and Transfer35 + 15 Enhanced questions35 + 15 Enhanced
Nomination, assignment and transfer of policies, and the ban on rebates.
7Protection of Policyholders Interest33 + 20 Enhanced questions33 + 20 Enhanced
How IRDAI protects policyholders, from fair sale to complaint handling.
8Dispute Resolution Mechanism33 + 10 Enhanced questions33 + 10 Enhanced
Resolving disputes through consumer commissions and the Insurance Ombudsman.
9Financial Regulatory Aspects of Solvency Margin and Investments33 + 12 Enhanced questions33 + 12 Enhanced
Solvency margin rules and how insurers must invest their funds.
10International Trends in Insurance Regulation33 + 15 Enhanced questions33 + 15 Enhanced
How insurance is regulated in other countries and international trends.
Draws from all 398 questions across every chapter, so no two attempts are the same.
The Advanced Mock Test draws from 159 Enhanced Practice questions.
IC-14: frequently asked questions
Is IC-14 compulsory?
No. IC-14 is an optional Licentiate paper worth 20 credit points. You take it with IC-01 and either IC-02 or IC-11 to reach 60 credit points.
What is the pass mark for IC-14?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-14 exam?
2 hours. It is an online exam with multiple choice questions.
What does IC-14 cover?
Insurance law and regulation in India: the Insurance Act 1938, IRDAI, licensing of intermediaries, policyholder protection and dispute resolution.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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