This document summarizes a presentation on the Insurance Regulatory and Development Authority of India (IRDA). It discusses what insurance is, the roles of insurers and insured. It outlines the evolution and nationalization of insurance in India. It describes the organizational structure, duties, and tenure of IRDA. It discusses ombudsmen for handling complaints, intermediaries like agents and brokers, and recent regulatory changes and criticisms of IRDA.
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
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Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
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• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
A Strategic Approach: GenAI in EducationPeter Windle
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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IRDA
1. INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY
PRESENTED BY:
Dr. Priya Kale( PT)
Dr. Satyam Kumar
Dr. Saujanya Kar
Dr. Tarzan Adile
PRESENTED TO:
Prof. Subodh Kandamuthan
(Associate prof., Health Studies Area)
ASCI, Hyderabad
2. WHAT IS INSURANCE??
Insurance in law and economics is a form of risk
management primarily used to hedge against the risk of
contingent loss.
Insurance is defined as the equitable transfer of the risk
of a potential loss from one entity to another, in
exchange to premium.
3. INSURER? INSURED?
An insurer, or insurance carrier, is a company selling the
insurance.
The insured, or policyholder, is the person or entity
buying the insurance policy.
4. INSURANCE EVOLUTION
1818-Oriental Life Insurance Company-1st Insurance
company.
1870-Bombay Mutual life Assurance society-1st life
insurance company.
1912-The Indian life assurance Companies act enacted
the 1st law to regulate the Life insurance Business
1928-The Indian life assurance Companies act enacted
to enable the Government to collect statistical
information about both Life and Non-Life insurance
businesses.
5. 1938-Earlier legislation consolidated and amended the
Insurance act with the objective of protecting the
interests of the insuring public.
1956-245 Indian and foreign Insurers and provident
societies are taken over by Central Government and
Nationalized.
LIC formed by an act of parliament , viz .LIC act,1956
with a capital contribution of Rs.5 crore from GOI.
6. MISSION
a)To protect the interests of
the policy holders
b)To promote ,regulate and ensure orderly
growth of the insurance industry and four
matters connected there with or incidental
there to
c)Conduction of insurance
businesses across India in an
ethical manner
7. ORGANIZATIONAL STRUCTURE
As per section 4 of IRDA Act’1999,
A chairman- Mr. T.S. Vijayan
Five full time members
Four part time members
All are appointed by GOI.
9. DUTIES & RESPONSIBILITIES
According to the Section 14 of IRDA Act of 1999 there are
certain duties:
To regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
To issue a certificate of registration and powers to renew,
modify, withdraw, suspend or cancel the registration.
Protection of the interests of the policy holders.
To specify qualifications, code of conduct and practical
training for intermediaries.
To specify the code of conduct for surveyors and loss
assessors.
10. To promote the efficiency in the conduct of insurance
business.
To promote and regulate the organizations connected
with the insurance and re-insurance business.
Levying fees and other charges for carrying out the
purposes of this Act.
To conduct enquiries and investigations for insurers,
intermediaries, insurance intermediaries and other
organizations connected with the insurance business
To control and regulate the rates, advantages, terms
and conditions that may be offered by insurers.
11. To specify the form and manner in which books of
account shall be maintained.
To regulate the investment of funds by insurance
companies.
To regulate the maintenance of margin of solvency.
Adjudication of disputes between insurers and
intermediaries.
Supervising the functioning of the Tariff Advisory
Committee.
12. To specify the percentage of premium income of the
insurer to finance schemes.
To specify the percentage of life insurance business and
general insurance business to be undertaken by the
insurer in the rural or social sector.
Exercising such other powers as may be prescribed.
13. TENURE OF OFFICE OF CHAIRPERSON
AND OTHER MEMBERS
Chairperson and every other whole-time member – 5YRS
Maximum age of chairperson is 60yrs
Maximum age of whole time member is 62yrs
Part time members- not more than 5yrs
14. REMOVAL FROM THE
OFFICE
The Central Government may remove from office any
member who-
is act as an insolvent.
has become physically or mentally incapable of acting as a
member.
has been convicted of any offence which, in the opinion of
the Central Government, involves moral turpitude.
has acquired such financial or other interest as is likely to
affect prejudicially his functions as a member.
15. Has so abused his position as to render his continuation in
office detrimental to the public interest.
No such member shall be removed under clause (d) or clause
(e) of sub-section (1) unless he has been given a reasonable
opportunity of being heard in the matter.
16. OMBUDSMAN
The institution of Insurance Ombudsman was created by
Government of India Notification dated 11th
November, 1998.
Purpose is to quick disposal of the grievances of the
insured.
The institution helps to generate and sustain the faith
and confidence amongst the consumers and insurers.
17. APPOINTMENT OF
OMBUDSMAN
The appointment has to be done with the
recommendations of the committee comprising of
Chairman, IRDA, Chairman, LIC, Chairman, GIC and a
representative of the Central Government.
18. COMPLAINTS MAY RELATE TO
Any partial or total repudiation of claims by the
insurance companies.
Dispute with regard to premium paid or payable in
terms of the policy.
Delay in settlement of claims.
Non- issuance of any insurance document to customers
after receipt of premium.
19. PROCESS OF LOSS
ADJUSTMENT
Inspection of the scene.
Identification of property insured.
Securing evidences - photographic, samples, telltale.
Examination of probable cause - process of elimination
of probable causes, acceptance of more than one
probable cause of loss, elimination of loss due to
exception or exclusion.
Verification of damage - physical evidence,
identification from physical evidence, absence of
physical evidence, nature of goods involved, properties
of goods involved, duration of fire.
20. Assessment of the damage.
Calculation of value at risk.
Assessment.
Concurrent and non-concurrent assessment.
Compliance with warranties.
Lien of financial institutions.
22. CRITICS
IRDA norm on pension products draws criticism.
The Insurance Regulatory and Development Authority's
(IRDA) new guideline mandating a guaranteed 4.5% return
on pension products has left both insurers, who offer
pension products, as well as their customers unhappy .
Insurers believe that the proposal may make pension
products unattractive to prospective buyers.
Standard insurance for rural, social sectors.
IRDA’s proposal said insurers shall be given one unit credit
for each life cover and each non-life cover for the sale of
one standard product. It also said insurers shall not be
allowed to market any other product to meet social and
rural sector obligations.
The Business Standard/ Mumbai/ September 22, 2012
23. THE ART OF FENCE SITTING
The very public spat between regulators SEBI and IRDA
concerning the now famous Unit-Linked Insurance Plans
(ULIPs).
Despite criticism over product clearance delay, IRDA won't
approve mutual fund-like pension plans
The Economic Times/Mumbai/September 25, 2012
http://www.businessandeconomy.org/2705201
0/storyd.asp?sid=5268&pageno=1
24. IRDA’S NEW HEALTH INSURANCE
REGULATIONS – A REVIEW
Insurers have a freedom to specify max. renewal age.
Insurer has to now give a min. 30 days grace period for renewal.
All health policies will now give policyholder a free-look period of
15 days.
Every proposal for health insurance product shall provide for
“nomination”. Though as per Section 39 of Insurance Act,
“nomination” is optional – however, it is highly advisable.
Insurers may provide coverage for non-allopathic treatments
provided they are taken at recognized hospitals.
Insurer has to settle claim within 30 days, cannot asked for
document in one go.
Identification card within 30days.
products with a term of 1 year of less, at least 50% of the cost of
proposal will be borne by Insurer
http://sohamfp.com/new-health-insurance-regulations/