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Irda

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Anant Garg
Anant Garg

The Insurance Regulatory and Development Authority (IRDA) is the apex regulatory body for the insurance sector in India. It was established in 2000 by an act of Parliament to regulate and promote the insurance industry. IRDA's key responsibilities include protecting policyholders' interests, developing the insurance industry, and ensuring insurers conduct business ethically. The Authority consists of 10 members including a Chairman and 5 whole-time members appointed by the Indian government. It regulates all insurance companies, agents, brokers and other intermediaries operating in India.

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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY By : Anant Garg
Insurance finds a place in writings of Manu ( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ) Formation of Oriental Insurance Company in Calcutta in 1818. Madras Equitable started Life Insurance in 1829. The Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) started in the Bombay Residency. Formation of Indian Life Assurance Companies Act in 1912. In 1914, the Government of India started publishing returns of Insurance Companies in India. Life Insurance Sector nationalized & formation of LIC on 19th Jan, 1956 . General Insurance Business Act passed in 1972. A committee formed under R.N.Malhotara in 1993 for reforms in Insurance Sector & hence formation of IRDA took place in 1999 as autonomous body. IRDA incorporated as statutory body in April 2000.
Regulatory apex body in the country for the insurance sector. Setup in 2000 as an autonomous body Headquartered in Hyderabad.
A) To protect the interests of policyholders B) To promote, regulate and ensure regulatory growth of the insurance industry and for matters connected threw with or incidental thereto C) Conduction of insurance businesses across India in an ethical manner
As per the section 4 of IRDA ACT 1999, Insurance Regulatory & Development Authority which was constituted by an act of parliament specify the composition of authority The Authority is a ten member team consisting of A) Chairman B) Five whole time members C) Four part time members (all are appointed by the Indian government)
Issue, renew, modify, withdrew and cancel the certificate of registration. Protection the interests of the policy holders. Promoting and regulating professional organizations connected with insurance and re-insurance business
POWERS Levying fees and other charges for carrying out the purposes of this Act. Specifying the form and manner in which the books of account shall be maintained and statements of accounts shall be tendered by insurance intermediaries.
FUNCTION Regulating investments of funds by insurance companies. Regulating maintenance of margin of solvency. exercising such other powers as may be prescribed.
Insurance Companies Insurance Advisory Committee Agents Insurance Ombudsman IRDA Insurance Brokers Tariff Advisory Committee Insurance Associations Third Party Administrator Surveyors and Loss Accessory
Irda

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Irda

  • 1. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY By : Anant Garg
  • 2. Insurance finds a place in writings of Manu ( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ) Formation of Oriental Insurance Company in Calcutta in 1818. Madras Equitable started Life Insurance in 1829. The Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) started in the Bombay Residency. Formation of Indian Life Assurance Companies Act in 1912. In 1914, the Government of India started publishing returns of Insurance Companies in India. Life Insurance Sector nationalized & formation of LIC on 19th Jan, 1956 . General Insurance Business Act passed in 1972. A committee formed under R.N.Malhotara in 1993 for reforms in Insurance Sector & hence formation of IRDA took place in 1999 as autonomous body. IRDA incorporated as statutory body in April 2000.
  • 3. Regulatory apex body in the country for the insurance sector. Setup in 2000 as an autonomous body Headquartered in Hyderabad.
  • 4. A) To protect the interests of policyholders B) To promote, regulate and ensure regulatory growth of the insurance industry and for matters connected threw with or incidental thereto C) Conduction of insurance businesses across India in an ethical manner
  • 5. As per the section 4 of IRDA ACT 1999, Insurance Regulatory & Development Authority which was constituted by an act of parliament specify the composition of authority The Authority is a ten member team consisting of A) Chairman B) Five whole time members C) Four part time members (all are appointed by the Indian government)
  • 6. Issue, renew, modify, withdrew and cancel the certificate of registration. Protection the interests of the policy holders. Promoting and regulating professional organizations connected with insurance and re-insurance business
  • 7. POWERS Levying fees and other charges for carrying out the purposes of this Act. Specifying the form and manner in which the books of account shall be maintained and statements of accounts shall be tendered by insurance intermediaries.
  • 8. FUNCTION Regulating investments of funds by insurance companies. Regulating maintenance of margin of solvency. exercising such other powers as may be prescribed.