Insurance Law & Regulation

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Insurance Law & Regulation

  1. 1.  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
  2. 2.  Proposal or Offer  Acceptance  Communication  Consideration
  3. 3.  Good Faith (uberrimae fide)  Insurable Interest  Principle of Indemnity  Risk  Mitigation of Loss  Contribution
  4. 4.  Life Insurance Policy  General Insurance Policy
  5. 5.  Reinsurance  Double Insurance
  6. 6. Objectives:  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.
  7. 7.  To regulate promote and ensure orderly growth of Insurance Business.  To maintain proper accounts and prepare annual statements of accounts as prescribed by central government.  To submit all financial statements to the central government within 9 months from completion of financial year.  To follow the direction issued by central government.
  8. 8.  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 property.  Power to issue a certificate of registration, renew, modified, cancel such registration to the applicant.  Promoting efficiency in the conduct of Insurance Business.

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