#IRDA Insurance regulatory development and authority is the statutory, independent, and apex body that governs and supervises the insurance industry in India. Organizational Setup of IRDA OBJECTIVES OF IRDA FUNCTIONS OF IRDA #OMBUDSMAN POWERS OF OMBUDSMAN Complaints Can Be About #RBI Reserve Bank of India is the central bank of India. The reserve bank of India was established on 1st April 1935, under the reserve bank of India act,1934. This bank was constituted as a private shareholders bank with a fully paid-up share capital of Rs.5crores, divided into 5,00,000 fully paid up shares of Rs.100 each. Bank was nationalized with effect from January 1949 under the reserve bank Act,1948. The entire share capital of the bank was acquired by the central government after giving adequate compensation to the shareholders. Thus, from 1st January 1949, the reserve bank of India became a state-owned institution. MANAGEMENT OF RBI OBJECTIVES FUNCTIONS OF RBI

1. Topic-
IRDA and RBI

2. Insurance Regulators And
Development Authority

3. Introduction
IRDA - Insurance regulatory development and
authority is the statutory, independent and apex
body that governs and supervise the insurance
industry in India.
It was constituted by parliament of India act
called insurance regulatory and development
authority of India (IRDA of India) after the formal
declaration of insurance laws (amendment)
ordinance 2014, by the president of India Pranab
Mukherjee on december 26,2014.

4. Organizational Setup of IRDA
 IRDA is a ten-member body that consists of:
 One Chairman (for five years and maximum age of 60
years)
 Five whole-time members (for five years and maximum
age of 62 years)
 Four part-time members (not more than five years)
 The chairman and the members of IRDA are appointed
by the Government of India.
 Present chairman of IRDA is Subhash Chandra
Kuntia.

5. •To promote the
interest and rights of
policy holders.
•To ensure speedy
settlement of genuine
claims and to prevent
frauds and
malpractices.
•To promote and
ensure the growth of
Insurance Industry.
•To bring transparency
and orderly conduct of
in financial markets
dealing with
insurance.
OBJECTIVES OF IRDA

6. FUNCTIONS OF IRDA
Section 14 of IRDAAct,1999 lays down the duties and
functions of IRDA:
It issues the registration certificates to insurance
companies and regulates them.
It protects the interest of policy holders.
It provides license to insurance intermediaries such as
agents and brokers after specifying the required
qualifications and set norms/code of conduct for them.
It promotes and regulates the professional organisations
related with insurance business to promote efficiency in
insurance sector.

7. It regulates and supervise the premium rates and terms
of insurance covers.
It specifies the conditions and manners, according to
which the insurance companies and other intermediaries
have to make their financial reports.
It regulates the investment of policyholder's funds by
insurance companies.
It also ensures the maintenance of solvency margin
(company's ability to pay out claims) by insurance
companies.

8. OMBURDSMAN
The Insurance Ombudsman scheme was created by the
Government of India for individual policyholders to have their
complaints settled out of the courts system in a cost-effective,
efficient and impartial way.
Insurance Ombudsman’s offices
have been established in 17 cities
all over India, each with its own
jurisdiction. You have to
approach Ombudsman under
whose jurisdiction the insurance
company office against whom
you are making a complaint
falls.

9. POWERS OF OMBUDSMAN
(a)Any partial or total repudiation of claims by an insurance
(b) Any dispute in regard to premium paid or payable in
terms of the policy.
(c) Any dispute on the legal construction
of the policies in so far as such disputes
relate to claims.
(d) Delay in settlement of claims;
(e) Non-issue of any insurance document
to customers after receipt of premium.

10. Complaints Can Be About
 Delay in settlement of claims.
 Any partial or total repudiation of claims by the life
insurer, general insurer or the health insurer.
 Any dispute about premium paid.
 Misrepresentation of policy terms and conditions.
 Legal construction of insurance policies.
 Policy servicing related grievance against insurers.
 Non issuance of insurance policy after receipt of
premium in life insurance and general insurance including
health insurance.
 Any other matter resulting from the violation of
provisions of the insurance Act, 1938.

11. RBI

12. INTRODUCTION
 Reserve Bank of India is the central bank of India .The reserve bank
of India was established on 1st April 1935,under the reserve bank of
India act,1934.
 This bank was constituted as a private shareholders bank with a fully
paid up share capital of Rs.5crores,divided into 5,00,000 fully paid up
shares of Rs.100 each.
 Bank was nationalized with effect from January ,1949 under the
reserve bank Act,1948.
 The entire share capital of the bank was acquired by the central
government after giving adequate compensation to the share holders .
 Thus ,from 1st January 1949,reserve bank of India became a state
owned institution.

13. MANAGEMENT OF RBI
 One governor and 4 deputy governors appointed by
the government of India for a period of 5 years.
 4 directors nominated from the local boards located
at,mumbai,kolkata,chennai and new Delhi.
 10 other directors nominated by government of India whose
term is 4 years.
 An official of the government of India to attend the meetings of
the central board.

14. OBJECTIVES
•To regulate the issue of currency in India
•To maintain and manage the foreign exchange reserves of the
country
• To establish monetary stability in the country.
• To develop financial structure of the country on the basis of the
national economic social objectives and policies.

15. FUNCTIONS OF RBI
• Issue of currency.
• Banker to the government.
• Banker to the banks.
• Custodian of foreign exchange reserve of the
country.
• Regulation and control of credit.
• Training in banking.
• Collection and publication of statics.

16. THANK YOU