Submitted to: Avinash Mishra Asst.

Professor

Presented By: Sanju Mishra BBA-Semester-5

CONTENT
Introduction

of IRDA IRDA

Constitution of

Mission

statement of IRDA
IRDA duties and powers of IRDA

Objectives of Functions,

Laws and regulations

INTRODUCTION OF IRDA

In april 1993, the government of India appointed a committee of Reforms in insurance sector with Shri. R.N. Malhotra, a former governor of Reserve Bank Government of India in January 1994.In accordance with the recommendations of the committee, the government set up a regulatory body known as Insurance Regulatory and Development Authority and enacted the Act known as Insurance Regulatory and Development Act, 1999.

CONSTITUTION OF IRDA

IRDA consists of: i. A chairman ii. Not more than 5 whole time members iii. Not more than 4 part time members to be appointed by central government.

MISSION STATEMENT OF IRDA

To

protect the interest of and secure fair treatment to policyholders. To bring about speedy and orderly growth To set, promote monitor , and enforce high standards of integrity. To take actions where standards are inadequate or ineffectively enforced. To ensure speedy settlement of insured claims.

OBJECTIVES OF IRDA
i.

ii.
iii. iv. v. vi. vii.

Take care of the policyholders interest. Open the insurance sector for private sector. Ensure continued financial soundness and solvency. Regulate insurance and reinsurance companies. Eliminate dishonesty and unhealthy competition. Supervise the activities of intermediaries. Amend the insurance act 1938 ,the Life Insurance Corporation Act1956, and the General Business Act1972.

FUNCTIONS, DUTIES & POWER OF IRDA

To issue certificate of registration. To protect the interests of the policyholders. To specify requisite qualifications code of conduct and training for insurance intermediaries and agents.

To specify code of conduct for Surveyors/ Loss Assessors.

Functions Cont...

To promote efficiency in the conduct of insurance business. To supervise the functioning of Tariff Advisory Committee.

To regulate investment of funds by the insurance companies.

To undertake inspection, conduct enquiries and investigations.

Functions Cont

To specify the percentage of Life and General Insurance business. To promote and regulate professional organizations connected with the insurance and reinsurance.

To specify the form and manner for maintenance of books of accounts.

Functions Cont

To prescribe the manner and form in which accounts will be maintained and submitted by insurers and intermediaries. To regulate maintenance of margin of solvency.

Functions Cont

To levy fees & other charges for carrying out the purposes of this act. To adjudication of disputes between insurers & intermediaries or insurance intermediaries.

To specify the percentage of premium income of the insurer financial schemes for promoting & regulating professional organization.

LAWS AND REGULATIONS

Insurance Act, 1938 Life Insurance Corporation Act, 1956 Insurance Regulatory and Development Authority Act,1999

Consumer Protection Act, 1986

Income Tax Act Marriage Womens Property Act, 1874