GNLU: Certificate Course On 'Insurance Law And Practice' [9th to 17th April 2024]

The GNLU Centre for Banking and Financial Laws (GCBFL) is a centre of excellence that promotes research and training in the discipline of banking and financial laws. The Centre was established in 2008 and has played an essential role in bringing industry, civil society, government and other stakeholders together to design and implement strategies in this area. It has also contributed to investor protection, financial literacy, and financial inclusion by fostering learning in banking and financial laws.

About the Course:

The COVID-19 pandemic and the recent natural disasters have shown us that our world is full of uncertainties and risks. Individuals, families, businesses, properties, and assets are exposed to different types and levels of risks. These include the risk of loss of life, health, assets, property, etc. As it is not always possible to prevent unwanted events, the financial market has developed products that protect individuals and businesses against such losses. Insurance is a financial product that reduces or eliminates the cost or effect of loss caused by different risks and compensates with monetary resources. It is a social device that safeguards people's interests from loss and uncertainty.

Apart from protecting individuals and businesses, it also contributes to the general economic growth of society by providing stability to the functioning of the process. The insurance industries develop financial institutions and reduce uncertainties by improving financial resources. Further, it strengthens the functioning of businesses and generates long-term financial resources for industrial projects. Among other things, it also encourages savings among individuals and creates employment for millions.

Considering the significance of the insurance sector for people from Law and other disciplines as a specialized area of their expertise, the GNLU Centre for Banking and Financial Laws (GCBFL), in Co-partnership with Manupatra Academy, is offering a Certificate Course on "Insurance Law and Practice." This certificate course is designed to provide an opportunity for participants interested in the field but with no access to this type of specialized content to upgrade their competencies, skills and knowledge. The participants can be students and research scholars from any discipline, practitioners, academicians and other working professionals as a broad approach is adopted in the certificate course. The certificate course will enhance employability in the following fields: life insurance, re-insurance, general insurance such as health, motor vehicle, marine, fire and miscellaneous, insurance finance, and risk management.

This course covers various facets of the insurance regime. It will develop an in-depth and consolidated understanding of the subject, which is highly relevant for practice and research. It will also aim to reduce the gap between theories and practice with the help of the multitude of laws and regulations governing it. Participants will learn about the practical aspects of insurance law, such as policy wording, compliances and regulations. They will also explore various contemporary areas, such as Insurance and IFSC, Disaster Risk Financing and Insurance, Cyber Security in Insurance and FEMA implications in the Insurance Sector.

Course Objectives:

• To create a forum for discussions among the different stakeholders participating in the course for greater understanding and appreciation of the diverse interests of all parties and the need for a proactive approach to solve existing issues in the insurance law field.
• To explore issues relating to insurance claims disputes, analyze their causes and consequences, and discuss their prevention and effective resolution.
• To develop an analytical perspective on the existing insurance law framework with the help of global best practices.
• To reduce the gaps between theories and practice in the insurance law regime and see how the judiciary and regulators have responded.
• To develop appreciative faculties among the participants about the contemporary issues in insurance law.
• To debate the challenges and concerns the insurance industry faces to evolve innovative solutions that create a win-win situation between all parties.

Course Content:

The certificate course will include sessions on:

• Fundamentals of Insurance Contract
• General Principles of Insurance Law
• Insurance Regulations in India
• Marine Risk Financing and Insurance: Challenges and Opportunities
• Use of Compliance Tool: To Handle and Monitor Compliance under Insurance Laws in India
• Claims and Computation
• Practitioner's Perspective of Insurance Contracts
• Assignment and Nomination of Policy
• Arbitration in Insurance

• IRDAI Regulatory Framework for Insurance Companies.
• Policy Wordings and Drafting
• Reinsurance
• Cyber Security in Insurance
• FEMA Implications in the Insurance Sector.
• Disaster Risk - Financing & Insurance
• Insurance & IFSC
• Other Practical Areas of Life and General Insurance

Scheme of Evaluation:

• After completion of the course, there shall be a graded assessment based on the overall content of all the course sessions.
• The graded assessment will be of 50 multiple-choice questions, consisting of 50 marks (1 mark each).
• A participant can attempt the graded assessment only once.
• It shall be mandatory for the participants to obtain a minimum of 50% marks in the MCQ test to complete the course successfully.
• Lastly, the participants must maintain a minimum of 75% attendance overall to complete the course successfully.
• Only the participants who obtain a minimum of 50% marks in the MCQ test and fulfil the attendance requirement will be awarded the Certificate of Participation.

Grading Scheme:

Percentage Grade

Above 80% O

70% to 80% A

60% to 70% B

50% to 60% C

Below 50% FAIL

Delivery & Duration:

• The coursework will start on 9th April 2024 (Tuesday) and end on 17th April 2024 (Wednesday).
• The course will be offered through virtual mode (Cisco Webex platform). The link will be shared with the participants after their registration is confirmed.
• Reading/reference materials may be provided to the participants.
• There will be approximately 20 sessions of one and a half hours each.
• A detailed coursework schedule will be shared with registered participants by 7th April 2024 (Sunday).
• Internship opportunities will be provided to law students.

Eligible Participants:

• Students enrolled in a 5-year integrated Law program/3-year LL.B.
• Students enrolled in 1-year/2-year post-graduation in Law.
• Graduate and Post-Graduate students in Economics, Management, Finance, Commerce, and other disciplines.
• Research Scholars from Law, Economics, Management, Finance, Commerce, and other disciplines.
• Academicians.
• Working Professionals such as Practicing Advocates, Company Secretaries, etc.
• Officers from Central/State Governments and other statutory bodies/authorities.

Course Fee:

• GNLU Students and Research Scholars: Rs. 1500
• Non-GNLU Students and Research Scholars: Rs. 2500
• Academicians, Practitioners and other Working Professionals: Rs. 3500

(The Course Fee is inclusive of GST)

How to Apply?

• Interested participants must apply through the Google Form by scanning the QR Code below or clicking here.
• Kindly fill out the form with correct and accurate details and upload the payment receipt/screenshot.
• Please use a valid email id for registration. This email id will be used for all communication related to the course.
• The course fee can be paid by scanning the QR Code below or clicking here.

Important Dates:

• Last date for payment and registration: 7th April 2024 (Sunday)
• Confirmation of payment and registration: 8th April 2024 (Monday)
• Commencement of Certificate Course: 9th April 2024 (Tuesday)
• Completion of Certificate Course: 17th April 2024 (Wednesday)

Contact Details:

For any query or clarification, you can email at gcbfl@gnlu.ac.in

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