2. INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY(IRDA)
•IRDA WAS INCORPORATED AS A STATUTORY BODY
IN APRIL 2000
•IRDAHAS THE DUTY TO REGULATE,PROMOTE AND
ENSURE THE ORDERLY GROWTH OF INSURANCE AND
REINSURANCE BUSINESS IN INDIA
3. SCOPE OF IRDA
•IRDA is responsible for the renewal, modification,
withdrawal, suspension or cancellation of this
certificate of registration.
•IRDA frames regulations on protection of policyholders'
interests.
•It offers policyholders the right to voice their complaints
against insurers or insurance companies.
•The IRDA has set up the grievance redressal cell to take
up the complaints of the policyholder.
4. IRDA provides a certificate of registration to a
life insurance company
It specifies the requisite qualifications, code of
conduct and practical training for intermediaries
or insurance intermediaries and agents.
It specifies the code of conduct for surveyors
and loss assessors;
.
5. It regulates the investment of funds by
insurance companies;
It regulates the maintenance of margins of
solvency;
It adjudicates disputes between insurers and It
promotes efficiency in the conduct of
insurance businesses;
It promotes and regulates activities of
professional organisations connected with life
insurance
6. Duties powers and functions of IRDA and other
regulations
The IRDA act give the IRDA the power to Issue
to applicants a certificate of registration and
renew,modify,withdraw,suspend or cancel such
registration.
Specify a code of conduct for surveyors and
loss assessors
Promote efficiency in the conduct of insurance
business
7. Specify the requisite qualifications,code of
conduct and practical training for intermediaries
and agents.
Promote and regulate professional organisations
connected with the insurance and reinsurance
business
Levy fees and other charges for carrying out the
purposes of this act
8. Regulate the investment of funds by insurance
companies
Adjudicate in disputes between insurance
companies and intermediaries
Specify the form of manner in which books of
accounts are to be maintained and the
statement of accounts are to be rendered by
insurance companies and intermediaries
9. •The IRDA act 1999 gives the central government
of India the power to supersede the IRDA by
issuing a notification
•Theinsurance brokers association of India (IBAI)is
the IRDA recognized apex body for all licensed
insurance brokers in India
