Non-admitted insurance: Prohibited, except when coverage is not available locally and authority is given by The Reserve Bank of India.

Premium tax paid by insured: 10% service tax. For marine cargo and hull, stamp duties are charged.

Regulator: The Insurance Regulatory and Development Authority (IRDA).

Overview: The Indian election at the beginning of the year is expected to bode well for the liberalisation of the country’s insurance market. The hope is that a stable coalition government could push through economic modernisation.

Overall risk rating: high