pib- irda and its role
TRANSCRIPT
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IntroductionIntroduction
Insurance Regulatory and DevelopmentInsurance Regulatory and Development
Authority (IRDA) in 1999.Authority (IRDA) in 1999.
With the birth of IRDA, the Govt. amendedWith the birth of IRDA, the Govt. amended
the Insurance Act, 1938, the Lifethe Insurance Act, 1938, the Life
Insurance Corporation Act, 1956, and theInsurance Corporation Act, 1956, and the
General Insurance Business Act 1972.General Insurance Business Act 1972.
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IntroductionIntroduction
It may be called the InsuranceIt may be called the Insurance
Regulatory Development Authority Act,Regulatory Development Authority Act,
1999.1999.
It Extend to the Whole of India.It Extend to the Whole of India.
Its controlled by Central Govt.Its controlled by Central Govt.
IRDA is like asIRDA is like as Company.Company.
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Composition of AuthorityComposition of Authority
The authority shall consist of the followingThe authority shall consist of the following
membermember
A ChairpersonA Chairperson
Not more than five wholeNot more than five whole--time membertime member
Not more than four part time member.Not more than four part time member.
Duration or tenure of member.Duration or tenure of member.
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Duties, power and FunctionDuties, power and Function
1. Authority shall have the duty to regulate,1. Authority shall have the duty to regulate,
promote, and ensure orderly growth ofpromote, and ensure orderly growth of
Insurance business and ReInsurance business and Re--insuranceinsurancebusiness.business.
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Duties, power and Function (Duties, power and Function (Sub sec (1)Sub sec (1)))
1.1. Issue to the applicant a certificate ofIssue to the applicant a certificate of
registration, renew, modify, suspend orregistration, renew, modify, suspend or
cancel such registration.cancel such registration.
2.2. Protection of interest of the policyholder inProtection of interest of the policyholder in
matter concerningmatter concerning assigning of policy,assigning of policy,
nomination of policy, insurable interest,nomination of policy, insurable interest,
settlement of insurance claim, surrendersettlement of insurance claim, surrendervaluevalue andand other term and conditionother term and condition ofof
contract of Insurancecontract of Insurance
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Duties, power and Function (Duties, power and Function (Sub sec (1)Sub sec (1)))
3.3. Specifying requisite qualification, code ofSpecifying requisite qualification, code of
conduct and practical training for insuranceconduct and practical training for insurance
agent.agent.
4.4. Specifying the code of conduct for surveyors andSpecifying the code of conduct for surveyors andloss assessors.loss assessors.
5.5. Promoting efficiency in the conduct of insurancePromoting efficiency in the conduct of insurance
business.business.
6.6. Promoting and regulating professionalPromoting and regulating professional
organizations connected with insurance and reorganizations connected with insurance and re--
insurance businessinsurance business
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Duties, power and Function (Duties, power and Function (Sub sec (1)Sub sec (1)))
7.7. Fees and other charges for carrying outFees and other charges for carrying out
the purposes of this Act.the purposes of this Act.
8.8. Calling for information form, undertakingCalling for information form, undertaking
inspection of, conducting enquiries andinspection of, conducting enquiries and
investigation including audit of insurers,investigation including audit of insurers,
insurance intermediaries (agents).insurance intermediaries (agents).
9.9. Specifying the form and manner in whichSpecifying the form and manner in whichbooks of account shall be maintained.books of account shall be maintained.
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Duties, power and Function (Duties, power and Function (Sub sec (1)Sub sec (1)))
10. Regulating investment of fund by10. Regulating investment of fund by
insurance companies.insurance companies.
11. Regulating maintenance of margin of11. Regulating maintenance of margin of
solvency.solvency.
12. Handling the disputes b/w insurers and12. Handling the disputes b/w insurers and
insurance intermediaries.insurance intermediaries.
13. Supervising the functioning ofTariff13. Supervising the functioning ofTariff
Advisory committee.Advisory committee.
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Duties, power and FunctionDuties, power and Function (Sub sec (1))(Sub sec (1))
14. Specifying the %age of premium income of14. Specifying the %age of premium income ofthe insurer to finance scheme for promotingthe insurer to finance scheme for promotingprofessional organization.professional organization.
15 Specifying the life insurance business and15 Specifying the life insurance business andgeneral insurance business to begeneral insurance business to beundertaken by insurer in the rural or socialundertaken by insurer in the rural or socialsector.sector.
16. Exercise such other power may be16. Exercise such other power may beprescribed.prescribed.
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Grants by CentralGovt.Grants by CentralGovt.
Fund called IRDA fund.Fund called IRDA fund.
Accounts and AuditAccounts and AuditAudited by the comptroller and AuditorAudited by the comptroller and Auditor--
general of India.general of India.