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  2. 2.  Insurance Regulatory & Development Authority is the controlling and regulatory apex body in the country for insurance sector and its chairman and members are appointed by Government of India. IRDA’s HQ is located at Hyderabad.
  3. 3. a) To protect the interests of the policyholdersb) To promote, regulate and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto c) Conduction of insurance businesses across India in an ethical manner. IRDA Group 1 7/1/2012 3
  4. 4. As per the section 4 of IRDA Act 1999, Insurance Regulatoryand Development Authority (IRDA, which was constituted byan act of parliament) specify the composition of AuthorityThe Authority is a ten member team consisting of (a) a Chairman; (b) five whole-time members; (c) four part-time members,(all appointed by the Government of India) 4
  5. 5.  The insurance sector in India has been thrown open to the private sector. In the non life sector, IRDA would give preference to companies providing health insurance. All the powers presently exercised under the insurance act 1938 by the controller of insurance (COI) will be transferred to the IRDA The act gives statutory status for the interim insurance regulatory authority(IRA).set Up by the central government through a resolution passed in jan 1996
  6. 6.  on foreign promoters, the maximum of 26 percent will always be operational. They will thus be unable to hold any equity beyond this ceiling at any stage.
  7. 7.  Registration Protection Qualification Code of conduct Efficiency Fees Information Terms of business Books of accounts
  8. 8.  Life Insurance Premium from Rs.400 crores in 1956 to Rs.201351 crores in 2007-08 with 29 % growth General Insurance Premium from Rs.200 crores in 1972 to Rs.27823 crores in 2007- 08 with 11.72 % growth
  9. 9. Sector Growth % of GDPAgriculture 2.6 17.5Industry 8.9 26.8Services 10.7 55.7(Fin.& 11.7 14.7Insurance)
  10. 10.  Irda (licensing of agents) regulation 2000 Irda (surveyors & loss assessors ) regulation, 2000 Irda (insurance advertisement & disclosures) regulation, 2000
  11. 11.  Irda (obligations of insurers to rural sectors) regulation, 2000 Irda (investments) regulation, 2000 Irda (third party administrators) regulation 2001 Irda (protection of policyholder’s interest ) regulations, 2002 Irda ( licensing of corporate agents) regulations 2002
  12. 12.  Detariffing in General Insurance from 1.1.2007 leading to greater price war & new products in future Banks entering insurance market through joint ventures with foreign finance majors 12
  13. 13. Increasing Role of Insurance Brokers Bank assurance Corporate Agency IT intervention & uses 13
  14. 14. Greater Job Opportunities For thousands of Insurance Managers, IT Professionals For lacs of Insurance Advisors For Insurance Professionals For Risk Managers For Underwriters For claim Settlements 14
  15. 15.  Increasing No. of Insurance companies & Intermediaries Increasing Awareness about Insurance Growth in GDP Increasing No. of Middle Class 15
  16. 16.  Vast No. of uninsured population Underinsurance Untapped potential for General Insurance 16
  17. 17.  Increasing awareness about Health Insurance Increasing awareness about Personal Line Insurance like House, Shop, Personal Accident Market flooded with new insurance products 17
  18. 18. Presented by : Jeevitha & Shruthi MBA IV SEM VIMS