The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. It was established by an act of Parliament in 1999. IRDAI aims to protect policyholders' interests and ensure the orderly growth of the insurance sector for the benefit of customers. The document outlines IRDAI's mission and composition, as well as its powers and obligations such as issuing certifications to insurance companies. It also lists some major life and general insurance firms in India.

1. INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA
Compiled By:
Akshay Sood

2. INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY OF INDIA
TOPICS TO BE DISCUSSED :-
1) INSURANCE AND ITS HISTORY
2) IRDAI (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF
INDIA)

3. Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange
for payment. It is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss.. An insurer, or insurance carrier, is a company selling the insurance;
the insured, or policyholder, is the person or entity buying the insurance policy. The amount
of money to be charged for a certain amount of insurance coverage is called the premium. Risk
management, the practice of appraising and controlling risk, has evolved as a discrete field of
study and practice…
INSURANCE

4. HISTORY OF INSURANCE
Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long
ago as the 3rd and 2nd BC. In India, insurance has a deep-rooted history. It finds mention in the
writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings
talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine.

5. TYPES OF INSURANCE
Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are
known as perils. Different kinds of insurance are as follows:-
1) Auto Insurance
2) Accident, Sickness, and Unemployment Insurance
3) Health Insurance
4) Life Insurance
5) Property Insurance
6) Marine Insurance etc.

6. ABOUT IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory
body which regulates and develops the insurance industry in India. It was constituted by a Parliament
of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by
the Government of India.. it serves as an Authority to protect the interests of holders of insurance
policies, to regulate, promote and ensures growth of the insurance industry IRDA role is to protect
rights of policy holders & they provide registration certification to life insurance companies &
responsible for renewal, modification, cancellation & suspension of this registered certificate.

7. MISSION STATEMENT OF THE AUTHORITY
Ø To protect the interest of and secure fair treatment to policyholders;
Ø To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation
payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the
economy;
Ø To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence
of those it regulates;
Ø To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place
effective grievance redressal machinery;
Ø To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a
reliable management information system to enforce high standards of financial soundness amongst market players;
Ø To take action where such standards are inadequate or ineffectively enforced;
Ø To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the
requirements of prudential regulation

8. COMPOSITION OF AUTHORITY
As per the section 4 of IRDAI Act' 1999, Insurance Regulatory and Development Authority of
India (IRDAI, which was constituted by an act of parliament) specify the composition of
Authority
The 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)

9. OBLIGATIONS OF IRDAI UNDER THE RTI ACT
2005
• The RTI ACT, 2005 :-
The Government of India has enacted the Right to Information Act, 2005 which has come into effect from October
13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information
under control of public authorities to promote transparency and accountability in these organizations.
• Obligations of IRDAI :-
The Insurance Regulatory and Development Authority of India (IRDAI) is a public authority as defined in the Right to
Information Act, 2005. As such, the Insurance Regulatory and Development Authority of India is obliged to
provide information to members of public in accordance with the provisions of the said Act.
The right to information includes access to the information which is held by or under the control of any public
authority and includes the right to inspect the work, document, records, taking notes, extracts or certified copies
of documents / records and certified samples of the materials and obtaining information which is also stored in
electronic form.

10. DUTIES, POWERS AND FUNCTIONS OF IRDAI
Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such
registration
Protection of the interests of the policy holders in matters concerning assigning of policy, nomination
by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other
terms and conditions of contracts of insurance
 Specifying requisite qualifications, code of conduct and practical training for intermediary or
insurance intermediaries and agents
Specifying the code of conduct for surveyors and loss assessors
Promoting efficiency in the conduct of insurance business
Promoting and regulating professional organisations connected with the insurance and re-insurance
business
Levying fees and other charges for carrying out the purposes of this Act
Calling for information from, undertaking inspection of, conducting enquiries and investigations
including audit of the insurers, intermediaries, insurance intermediaries and other organisations
connected with the insurance business

11. DUTIES, POWERS AND FUNCTIONS OF IRDAI
Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers
in respect of general insurance business not so controlled and regulated by the Tariff Advisory
Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
Specifying the form and manner in which books of account shall be maintained and statement of
accounts shall be rendered by insurers and other insurance intermediaries
Regulating investment of funds by insurance companies
Regulating maintenance of margin of solvency
Adjudication of disputes between insurers and intermediaries or insurance intermediaries
Supervising the functioning of the Tariff Advisory Committee
Specifying the percentage of premium income of the insurer to finance schemes for promoting and
regulating professional organizations referred to in clause (f)
Specifying the percentage of life insurance business and general insurance business to be undertaken
by the insurer in the rural or social sector

12. A FEW LIFE INSURERS INCLUDED IN IRDAI
Name of the Company Address
Bajaj Allianz Life Insurance Company Limited GE Plaza, Airport Road , Yerawada Pune 411 006
Life Insurance Corporation of India Yogakshema, Jeeva Bima Marg, Post Box No. 19953 MUMBAI 400 02
Max Life Insurance Co. Ltd 11th Floor, DLF Square , Jacaranda Marg, DLFCity , Phase-II, GURGAON
122002
HDFC Standard Life Insurance Co. Ltd 19th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road,
Mahalaxmi,
Mumbai - 400 011
ICICI Prudential Life Insurance Co. Ltd ICICI Prulife Towers, 108, Appasaheb Marathe Marg, Prabhadevi, Mumbai-
400025.
Exide Life Insurance Company Limited ING Vysya Home, 5th Floor, #22 Mahatma Gandhi Road Bangalore-560 001
Kotak Mahindra Old Mutual Life Insurance Limited 4th Floor, Vinay Bhavya Complex,159 A, CST Road, Kalina, Santacruz
(East),Mumbai: 400098
Tata AIA Life Insurance Company Limited 14th Floor, TOWER – A, Peninsula Business Park Senapati Marg Mumbai
400013
Aviva Life Insurance Company India Limited Aviva Tower, Sector Road, Opposite Golf Course, DLF-Phase V, Sector-43,
Gurgaon - 122 003
SBI Life Insurance Co. Ltd Natraj, MV Road & Western Express Highway Junction, Andheri (East),
Mumbai 400069
PNB Met life India Insurance Co. Ltd. Brigade Seshamahal, No. 5, VaniVilas Road ,Basavanagudi, BANGALORE-
560004

13. A FEW GENERAL INSURERS INCLUDED IN IRDAI
Name of the Company Address
Bajaj Allianz General Insurance Co. Ltd. GE Plaza, Airport Road, Yerawada, Pune411 006
The Oriental Insurance Co. Ltd. A-25/27, Asaf Ali Road
New Delhi 110 002.
United India Insurance Co. Ltd 24, Whites Road
CHENNAI – 600 014.
Reliance General Insurance Co. Ltd 570, Naigaum Cross Road , Next to Royal Industrial Estate,
Wadala(West), MUMBAI – 400 031
Tata AIG General Insurance Co. Ltd. Peninsula Business Park Tower A, 15th Floor,
G.P. Marg, Lower Parel, Mumbai - 400 013, India
Agriculture Insurance Co. of India Ltd. 13th Floor, 14 K.G. Marg, Connaught Place, New Delhi - 110001
L&T General Insurance Company Limited City 2, Plot No.177, CST Road, Kalina, Santacruz (East), Mumbai – 400 098
Magma HDI General Insurance Company Limited Magma House, 24 Park Street, Kolkata – 700 016
Religare Health Insurance Company Limited D-3, District Centre, Saket, New Delhi – 110 017.
National Insurance Co. Ltd. 3, Middleton Street, P.B. No. 9229, KOLKATA 700071
The New India Assurance Co. Ltd. New India Assurance Bldg. 87, M.G. Road, Fort,
Mumbai 400 001.

14. “CAUTION”
IRDA is not involved in any direct or
indirect selling of insurance and strictly
does not promote any company and its
policy of Insurance selling. IRDA is a
regulatory body to keep a check on the
insurance issuing companies.

15. THANK YOU