INSURANCE REGULATORY AND
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
Setup in 2000 as an autonomous body
Headquartered in Hyderabad.
A) To protect the interests
B) To promote, regulate and ensure
regulatory growth of the insurance
industry and for matters connected threw
with or incidental thereto
C) Conduction of
across India in an ethical
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
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
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
Regulating investments of funds by insurance
Regulating maintenance of margin of solvency.
exercising such other powers as may be prescribed.