I.r.d.a

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I.r.d.a

  1. 1. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY PRESENTED BY: B.SAI KIRAN (12NA1E0036)
  2. 2.  Insurance in law and economics is a form of risk management primarily used to hedge against the risk of contingent loss.  Insurance is defined as the equitable transfer of the risk of a potential loss from one entity to another, in exchange to premium. 06-05-2014 11:16:35
  3. 3.  An insurer, or insurance carrier, is a company selling the insurance.  The insured, or policyholder, is the person or entity buying the insurance policy. 06-05-2014 11:16:35
  4. 4.  1818-Oriental Life Insurance Company-1st Insurance company.  1870-Bombay Mutual life Assurance society- 1st life insurance company.  1912-The Indian life assurance Companies act enacted the 1st law to regulate the Life insurance Business  1928-The Indian life assurance Companies act enacted to enable the Government to collect statistical information about both Life and Non-Life insurance businesses. 06-05-2014 11:16:35
  5. 5.  The Act was passed in 1999. "To Protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. "
  6. 6. a)To protect the interests of the policy holders b)To promote ,regulate and ensure orderly growth of the insurance industry and four matters connected there with or incidental there to c)Conduction of insurance businesses across India in an ethical manner 06-05-2014 11:16:35
  7. 7. As per the section 4 of IRDA Act 1999, IRDA specify the composition of authority as a ten member team consisting of,  A Chairperson.  Not more than five whole – time members.  Not more than four part – time members. (All appointed by the Govt. Of India)
  8. 8. 06-05-2014 11:16:35
  9. 9. The Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. 1. Registration (licensing) including renewal of registration of insurance companies. 2. Licensing of insurance intermediaries such as agents, surveyors and loss assessors, third party administrators, brokers, etc. 3. Official approval of agent’s training institutions.
  10. 10. According to the Section 14 of IRDA Act of 1999 there are certain duties:  To regulate, promote and ensure orderly growth of the insurance business and re-insurance business.  To issue a certificate of registration and powers to renew, modify, withdraw, suspend or cancel the registration.  Protection of the interests of the policy holders.  To specify qualifications, code of conduct and practical training for intermediaries.  To specify the code of conduct for surveyors and loss assessors. 06-05-2014 11:16:35
  11. 11.  The Insurance Advisory Committee shall consist of not more than twenty-five members excluding ex-officio members to represent the interests of commerce, industry, transport, agriculture.  The Chairperson and the members of the Authority shall be the ex officio Chairperson and ex officio members of the Insurance Advisory Committee.
  12. 12.  Insurers have a freedom to specify max. renewal age.  Insurer has to now give a min. 30 days grace period for renewal.  All health policies will now give policyholder a free-look period of 15 days.  Every proposal for health insurance product shall provide for “nomination”. Though as per Section 39 of Insurance Act, “nomination” is optional – however, it is highly advisable.  Insurers may provide coverage for non-allopathic treatments provided they are taken at recognized hospitals.  Insurer has to settle claim within 30 days, cannot asked for document in one go.  Identification card within 30days.  products with a term of 1 year of less, at least 50% of the cost of proposal will be borne by Insurer 06-05-2014 11:16:35
  13. 13. 06-05-2014 11:16:35

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