It is shifting or transferring of a risk of loss or
damage from owners and there by sharing of
losses by all members of the group.
A contract of insurance is a contract by which
one party undertakes to make good the loss
of another in consideration of some of money
on the happening of a specified event. For eg:
Fire accident or Death
Proposal or Offer
Good Faith (uberrimae fide)
Principle of Indemnity
Mitigation of Loss
Life Insurance Policy
General Insurance Policy
Establishing and authority to protect the
interest of the insurance policy.
To regulate promote and insure orderly
growth of insurance industry and matters
connected there with or incidental there to.
To amend the insurance Act, Life Insurance
Act and General Insurance Act.
To regulate promote and ensure orderly growth of
To maintain proper accounts and prepare annual
statements of accounts as prescribed by central
To submit all financial statements to the central
government within 9 months from completion of
To follow the direction issued by central
IRDA has all powers of administration.
Power to appoint the staff and officers require to
conduct the business of the Authority smoothly.
Power to hold the property and acquire the
Power to issue a certificate of registration, renew,
modified, cancel such registration to the applicant.
Promoting efficiency in the conduct of Insurance