Documente Academic
Documente Profesional
Documente Cultură
Contents
[hide]
• 1 Expectations
• 2 Duties,Powers and Functions of IRDA
• 3 Advisory Committee
• 4 New IRDA Chairman
• 5 See also
• 6 External links
[edit] Expectations
The law of India has following expectations from IRDA
2. To bring about speedy and orderly growth of the insurance industry (including annuity
and superannuation payments), for the benefit of the common man, and to provide long
term funds for accelerating growth of the economy;
3. To set, promote, monitor and enforce high standards of integrity, financial soundness,
fair dealing and competence of those it regulates;
4. To ensure that insurance customers receive precise, clear and correct information about
products and services and make them aware of their responsibilities and duties in this
regard;
5. To ensure speedy settlement of genuine claims, to prevent insurance frauds and other
malpractices and put in place effective grievance redressal machinery;
(1) Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include,
(a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend
or cancel such registration;
(b) protection of the interests of the policy holders in matters concerning assigning of
policy, nomination by policy holders, insurable interest, settlement of insurance claim,
surrender value of policy and other terms and conditions of contracts of insurance;
(c) specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
(d) specifying the code of conduct for surveyors and loss assessors;
(f) promoting and regulating professional organisations connected with the insurance and
re-insurance business;
(g) levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries
and other organisations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may be
offered by insurers in respect of general insurance business not so controlled and
regulated by the Tariff Advisory Committee under section 64U of the Insurance Act,
1938 (4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
(o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organisations referred to in clause (f);
(p) specifying the percentage of life insurance business and general insurance business to
be undertaken by the insurer in the rural or social sector; and
Mr C S Rao was the second Chairman of IRDA after Mr N Rangachari as the first
Chairman. Mr K K srinivasan is the Nonlife Member of IRDA. There is provision for a
panel of other members and part time members. IRDA formed a high powered Insurance
Law Reforms Committee known as KPN Committee with important insurance advisors
like Mr N Govardhan and Dr K C Mishra as its members. There were also a few non-
advisory committee members like Mr Liaquat Khan and Mr T Viswanathan etc. Full
force and utility of various institutions like Advisory Committee and self-regulatory
organizations are not yet realized as the regulator seems to be in a long learning mode.
Due to over delegations, Individual incumbents decide the pace and extent of utilization
of prudential and statutory bodies. Research is limited to opinion seeking through legacy
channels. Market waits for revision of insurance act and establishment meaningfully
functioning regulatory organs devoid of excess delegation and subjective localization of
development agencies.
IRDA Journal is available as soft copy in its website. Unlike other Indian administrative
Regulatory Agencies IRDA is perceived as a silent regulator with activities confined to
its local existence.