INSURANCE REGULATORY DEVELOPMENT AUTHORITYBHANU DIXIT
IRDA is the statutory, independent body that governs and supervises the insurance industry in India. It was established in 2000 by the Insurance Regulatory and Development Authority Act, 1999. IRDA regulates the insurance industry, issues licenses, protects policyholders, and promotes growth of the insurance sector. It aims to ensure speedy settlement of claims, prevent fraud and malpractices, and bring transparency to the insurance market. The organization is headed by a Chairman and has 10 members. IRDA seeks to balance effective regulation with ensuring the development of the insurance industry in India.
The Insurance Regulatory and Development Authority (IRDA) is India's insurance regulatory body established in 1999 by the IRDA Act. IRDA regulates, promotes, and ensures the orderly growth of the insurance sector. It aims to protect policyholders' interests, promote an ethical insurance industry, and regulate and supervise insurers, agents and other insurance intermediaries. IRDA has powers to issue certificates, specify conduct codes and qualifications, control rates and terms, adjudicate disputes, and more. It is headed by a 10-member board including a Chairman and members appointed by the government.
The IRDA was established in 1996 and formally constituted in 2000 as the regulator of India's insurance industry. Originally called the Insurance Regulatory Authority, it was later renamed the Insurance Regulatory and Development Authority to reflect its broader role in promoting growth of the Indian insurance market. The IRDA frames regulations and guidelines, and works to facilitate market integration, attract players, and align the domestic market with global standards, while protecting policyholders and ensuring the healthy growth of the industry.
The document discusses the roles and responsibilities of the Insurance Regulatory and Development Authority (IRDA) in India. It provides an overview of IRDA, including its objectives to promote the insurance industry and protect policyholders. It also outlines IRDA's powers such as regulating insurance companies and agents. The document then discusses different types of life insurance policies (term plans, endowment plans, etc.) and general insurance policies (motor, health, fire, etc.). It provides examples of various insurance products and coverages available in India.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates and develops the insurance industry in India. It was established by an act of Parliament in 1999 and is responsible for regulating insurance companies, products and intermediaries. IRDAI aims to protect policyholders' interests and promote an orderly and sustainable growth of the insurance industry in India. It monitors insurers' solvency, investments, products and market conduct to ensure policyholder protection and financial stability of the insurance sector.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates and develops the insurance industry in India. It was established by an act of parliament in 1999 and is responsible for regulating insurance companies, products, and intermediaries. IRDAI monitors insurers' solvency, investments, reporting requirements, and issues regulations on various aspects of insurance operations. Its goal is to protect policyholders while promoting an orderly and sustainable growth of the insurance industry.
The document provides an overview of insurance regulations in India set by the Insurance Regulatory and Development Authority (IRDA). It discusses IRDA's history, mission, powers and duties in regulating the insurance industry. It also outlines various IRDA regulations for life insurance companies regarding capital requirements, investments, rural policies, agent commissions and more. The document concludes with sections on claims processing, types of claims, claim documentation and preventing insurance fraud.
The Insurance Regulatory and Development Authority of India (IRDA) is the insurance regulator in India. It was established in 2000 to regulate and promote the insurance industry. IRDA aims to protect policyholders' interests and ensure the financial soundness of insurance companies. It regulates 31 general insurance and 24 life insurance companies. IRDA's roles include issuing licenses, setting rules and regulations, handling disputes through its ombudsman, and regulating insurance premium rates. It oversees both life insurance (e.g. term plans, retirement plans) and general/non-life insurance (e.g. health, motor, property policies). IRDA has various committees that advise on regulatory matters and handle complaints and disputes.
INSURANCE REGULATORY DEVELOPMENT AUTHORITYBHANU DIXIT
IRDA is the statutory, independent body that governs and supervises the insurance industry in India. It was established in 2000 by the Insurance Regulatory and Development Authority Act, 1999. IRDA regulates the insurance industry, issues licenses, protects policyholders, and promotes growth of the insurance sector. It aims to ensure speedy settlement of claims, prevent fraud and malpractices, and bring transparency to the insurance market. The organization is headed by a Chairman and has 10 members. IRDA seeks to balance effective regulation with ensuring the development of the insurance industry in India.
The Insurance Regulatory and Development Authority (IRDA) is India's insurance regulatory body established in 1999 by the IRDA Act. IRDA regulates, promotes, and ensures the orderly growth of the insurance sector. It aims to protect policyholders' interests, promote an ethical insurance industry, and regulate and supervise insurers, agents and other insurance intermediaries. IRDA has powers to issue certificates, specify conduct codes and qualifications, control rates and terms, adjudicate disputes, and more. It is headed by a 10-member board including a Chairman and members appointed by the government.
The IRDA was established in 1996 and formally constituted in 2000 as the regulator of India's insurance industry. Originally called the Insurance Regulatory Authority, it was later renamed the Insurance Regulatory and Development Authority to reflect its broader role in promoting growth of the Indian insurance market. The IRDA frames regulations and guidelines, and works to facilitate market integration, attract players, and align the domestic market with global standards, while protecting policyholders and ensuring the healthy growth of the industry.
The document discusses the roles and responsibilities of the Insurance Regulatory and Development Authority (IRDA) in India. It provides an overview of IRDA, including its objectives to promote the insurance industry and protect policyholders. It also outlines IRDA's powers such as regulating insurance companies and agents. The document then discusses different types of life insurance policies (term plans, endowment plans, etc.) and general insurance policies (motor, health, fire, etc.). It provides examples of various insurance products and coverages available in India.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates and develops the insurance industry in India. It was established by an act of Parliament in 1999 and is responsible for regulating insurance companies, products and intermediaries. IRDAI aims to protect policyholders' interests and promote an orderly and sustainable growth of the insurance industry in India. It monitors insurers' solvency, investments, products and market conduct to ensure policyholder protection and financial stability of the insurance sector.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates and develops the insurance industry in India. It was established by an act of parliament in 1999 and is responsible for regulating insurance companies, products, and intermediaries. IRDAI monitors insurers' solvency, investments, reporting requirements, and issues regulations on various aspects of insurance operations. Its goal is to protect policyholders while promoting an orderly and sustainable growth of the insurance industry.
The document provides an overview of insurance regulations in India set by the Insurance Regulatory and Development Authority (IRDA). It discusses IRDA's history, mission, powers and duties in regulating the insurance industry. It also outlines various IRDA regulations for life insurance companies regarding capital requirements, investments, rural policies, agent commissions and more. The document concludes with sections on claims processing, types of claims, claim documentation and preventing insurance fraud.
The Insurance Regulatory and Development Authority of India (IRDA) is the insurance regulator in India. It was established in 2000 to regulate and promote the insurance industry. IRDA aims to protect policyholders' interests and ensure the financial soundness of insurance companies. It regulates 31 general insurance and 24 life insurance companies. IRDA's roles include issuing licenses, setting rules and regulations, handling disputes through its ombudsman, and regulating insurance premium rates. It oversees both life insurance (e.g. term plans, retirement plans) and general/non-life insurance (e.g. health, motor, property policies). IRDA has various committees that advise on regulatory matters and handle complaints and disputes.
Dr.U.Priya, Head & Assistant Professor of Commerce, Bon Secours for Women, Th...PriyaU5
The document discusses the Insurance Regulatory and Development Authority (IRDA) of India. It was established in 2000 to regulate and promote the insurance industry in India. Some key points:
1) IRDA was set up based on recommendations from the Malhotra Committee to allow private companies and foreign investment in the insurance sector.
2) IRDA's objectives include protecting policyholders, developing the insurance industry, ensuring fair market conduct, and promoting transparency.
3) IRDA regulates all insurance companies in India and oversees their registration, capital requirements, investment policies, and other activities. It aims to develop the insurance sector and new products.
The document discusses the Insurance Regulatory and Development Authority (IRDA) of India. It provides information on IRDA's mission to promote and regulate the orderly growth of the insurance industry in India. Some key details include: IRDA was established in 1999 by an act of Parliament and is responsible for regulating life and non-life insurance companies. It is headed by a chairman and has other whole-time and part-time members. IRDA's functions include protecting policyholders, granting licenses, monitoring investments and financial health of insurers.
Stress management project report @ icici bank Babasab Patil
This document provides a table of contents for a report on consumer behavior towards insurance products with ICICI Prudential as a case study. The executive summary introduces the topics to be covered, including the need for insurance, company profile of ICICI Prudential, vision and products offered, stress management, findings and suggestions. The introduction section provides background on life insurance including its origin and development in India. It outlines the key regulations established by the Insurance Regulatory and Development Authority.
The document provides information on insurance regulation in India. It defines insurance and describes the roles of the insurer and insured. It outlines the evolution of insurance regulation in India from 1818 to the present day. It describes the mission and organizational structure of the Insurance Regulatory and Development Authority (IRDA) and its duties and responsibilities in regulating the insurance industry. It also discusses insurance products, intermediaries, the ombudsman system for resolving complaints, and IRDA's new health insurance regulations.
The document provides an overview of insurance law and regulations in India. It begins with definitions of life insurance and general insurance under the Insurance Act of 1938. It then discusses the importance of insurance, principles of insurance, types of insurance plans, and regulations set by the Insurance Regulatory and Development Authority (IRDA). Key acts governing insurance in India include the Insurance Act of 1938, the Insurance Regulatory and Development Authority Act of 1999, and the Actuaries Act of 2006. Guidelines for insurance companies include registration requirements, maintaining separate accounts for different lines of business, and circumstances for winding up a company.
The document provides an overview of insurance regulation in India. It summarizes key provisions of the Insurance Act of 1938 and the Insurance Regulatory and Development Authority (IRDA) Act of 1999. The 1938 Act established requirements for insurer eligibility, registration, financial statements, and cancellation of registration. The 1999 IRDA Act created an insurance regulatory authority to protect policyholders and promote the orderly growth of the insurance industry. It ended the monopoly of LIC and GIC and opened the industry to private Indian companies. The IRDA Act also established requirements for capital adequacy, investment of assets, licensing, solvency, and reinsurance.
The document provides an overview of insurance contract law and regulations in India. It discusses key provisions of the Insurance Act of 1938 and the Insurance Regulatory and Development Authority (IRDA) Act of 1999. Some of the main points covered include eligibility requirements for insurance companies, the process for registration and renewal, financial reporting obligations, investment regulations, and the establishment of IRDA as the insurance regulatory authority in India. The IRDA Act ended the monopoly of LIC and GIC, opened the industry to private Indian companies, and set capital adequacy and other requirements for insurers.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI). It provides background on the establishment of IRDAI in 1999 by an act of Parliament to regulate and promote the insurance industry. It details the composition, functions, and objectives of IRDAI which include protecting policyholders, licensing insurers, regulating investments and rates, and settling disputes. The roles of the Ombudsman in handling consumer complaints and the claims process are also outlined.
The Insurance Regulatory and Development Authority (IRDA) regulates and develops the insurance industry in India. It was established by an act of Parliament in 1999. IRDA's main functions include registering insurance companies, protecting policyholders' interests, promoting an orderly growth of the insurance sector, and regulating insurers' investments and financial practices. While the Indian insurance market has grown in recent years, greater penetration is still needed in rural areas through improved distribution channels, products, and customer service.
hpims totu shimla by ishtiyak ahmad dardaarishtiyak
This document provides an introduction and overview of stress management at ICICI Prudential Life Insurance. It discusses the origins and history of insurance dating back to ancient civilizations. It outlines the nationalization of the Indian insurance industry in 1956 and its subsequent reforms and deregulation with the passage of the Insurance Regulatory and Development Authority Act in 1999. The document also covers the duties and powers of the regulatory authority IRDA and some key principles of insurance law such as utmost good faith, insurable interest, indemnity, and subrogation.
The document discusses corporate agents in the life insurance industry in India. It introduces corporate agents as intermediaries used to increase insurance coverage among populations that previously lacked access. Corporate agents are corporate entities authorized to source policies for one specific insurance company. They train their own employees to sell policies, unlike bancassurance arrangements where insurance company employees do the selling. To become a corporate agent, the agency must employ qualified individuals licensed to solicit policies on its behalf. Potential corporate agents mentioned include organizations with large rural customer bases, NGOs, new NBFCs, retailers, and brokers.
Insurance regulatory and development authority (irda)Kiran Mankumbre
The Insurance Regulatory and Development Authority (IRDA) was established in 1999 through an act of Parliament to regulate and promote the insurance industry in India. The IRDA aims to protect policyholders' interests, ensure the orderly growth of the insurance sector, and administer the provisions of the Insurance Act. It issues licenses, monitors compliance, protects customers, and settles disputes. The IRDA is composed of 10 members, including a chairman and five full-time members, all appointed by the Government of India.
Insurance involves an insurer agreeing to compensate an insured for specified losses in exchange for premium payments. Key parties are the insurer and insured, with their relationship outlined in an insurance policy. Insurance covers losses to property from events like fire or accidents, as well as life-related contingencies like death. There are different types of insurance like life, fire, marine, and general insurance. The Insurance Regulatory and Development Authority (IRDA) regulates and promotes the insurance sector in India, issuing licenses to companies and setting rules on capitalization, investments, and consumer protection.
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.
This document summarizes a training seminar on insurance for financial associates. It provides details on the seminar such as the date, time, location, and presenter. It then outlines 15 topics that will be covered in the seminar related to insurance principles, products, regulations and ethics. The document continues to define key insurance terms and concepts like express, implied and apparent authority of agents and discusses issues like rebating, twisting, misrepresentation and replacing policies. It emphasizes the importance of ethical conduct for insurance agents.
Irda rules in insurance sector and capital structure of insurance companies.Vishnu NK
1. The IRDA Act was passed in 1999 to regulate and promote the orderly growth of the insurance industry and protect policyholders' interests.
2. IRDA was established as the insurance regulatory authority, headed by a chairperson and up to 5 whole-time and 4 part-time members appointed by the central government.
3. IRDA's duties include registering and licensing insurance companies and intermediaries, approving products, monitoring companies' functioning, formulating regulations, and promoting consumer education.
Vietnam is a member of several international insurance organizations and must comply with their regulations. The Ministry of Finance regulates the domestic insurance industry through the Insurance Supervisory Authority. Key Vietnamese insurance laws include the Law on Insurance Business and related decrees and circulars. Insurance companies must meet minimum capital requirements and establish reserves. They can invest domestically but have some restrictions, and limited outbound investment is permitted. Non-life, life and reinsurance have different regulatory requirements regarding permitted business scope, reserves and qualifications of appointed actuaries. Regulators can hire independent experts to assist with investigations of insurers.
The document discusses several key pieces of Indian legislation related to insurance:
1) The Insurance Act of 1938 was the first to regulate the insurance industry and protect policyholders' interests.
2) The LIC Act of 1956 nationalized the life insurance industry and established LIC as the dominant provider.
3) The IRDA Act of 1999 established the insurance regulator IRDAI and aims to promote the orderly growth of insurance.
It also outlines several principles that should be covered in a code of conduct for insurance advertising, focusing on honesty, transparency and avoiding misleading practices.
1861_IRDA - Role, Objectives and Functions.pptxnirajpinjan59
The Insurance Regulatory and Development Authority (IRDA) is India's insurance regulator that was established in 2000 by the Insurance Regulatory and Development Authority Act. IRDA regulates and develops the insurance industry by issuing licenses, protecting policyholders, regulating insurance companies and intermediaries, and promoting an efficient and competitive insurance marketplace. It aims to protect policyholders, promote the growth of the insurance sector, and ensure the financial security of the insurance industry in India. IRDA is led by a 10-member board and is currently headed by Chairman T.S. Vijayan.
The document provides an overview of the Insurance Regulatory and Development Authority of India (IRDAI). It discusses that IRDAI was established in 1999 as an autonomous body to regulate and promote the insurance industry in India. It outlines IRDAI's mission to protect policyholders' interests and ensure the orderly growth of the insurance sector. It also summarizes key aspects of IRDAI like its composition, duties, powers and functions as defined in the IRDAI Act of 1999.
Dr.U.Priya, Head & Assistant Professor of Commerce, Bon Secours for Women, Th...PriyaU5
The document discusses the Insurance Regulatory and Development Authority (IRDA) of India. It was established in 2000 to regulate and promote the insurance industry in India. Some key points:
1) IRDA was set up based on recommendations from the Malhotra Committee to allow private companies and foreign investment in the insurance sector.
2) IRDA's objectives include protecting policyholders, developing the insurance industry, ensuring fair market conduct, and promoting transparency.
3) IRDA regulates all insurance companies in India and oversees their registration, capital requirements, investment policies, and other activities. It aims to develop the insurance sector and new products.
The document discusses the Insurance Regulatory and Development Authority (IRDA) of India. It provides information on IRDA's mission to promote and regulate the orderly growth of the insurance industry in India. Some key details include: IRDA was established in 1999 by an act of Parliament and is responsible for regulating life and non-life insurance companies. It is headed by a chairman and has other whole-time and part-time members. IRDA's functions include protecting policyholders, granting licenses, monitoring investments and financial health of insurers.
Stress management project report @ icici bank Babasab Patil
This document provides a table of contents for a report on consumer behavior towards insurance products with ICICI Prudential as a case study. The executive summary introduces the topics to be covered, including the need for insurance, company profile of ICICI Prudential, vision and products offered, stress management, findings and suggestions. The introduction section provides background on life insurance including its origin and development in India. It outlines the key regulations established by the Insurance Regulatory and Development Authority.
The document provides information on insurance regulation in India. It defines insurance and describes the roles of the insurer and insured. It outlines the evolution of insurance regulation in India from 1818 to the present day. It describes the mission and organizational structure of the Insurance Regulatory and Development Authority (IRDA) and its duties and responsibilities in regulating the insurance industry. It also discusses insurance products, intermediaries, the ombudsman system for resolving complaints, and IRDA's new health insurance regulations.
The document provides an overview of insurance law and regulations in India. It begins with definitions of life insurance and general insurance under the Insurance Act of 1938. It then discusses the importance of insurance, principles of insurance, types of insurance plans, and regulations set by the Insurance Regulatory and Development Authority (IRDA). Key acts governing insurance in India include the Insurance Act of 1938, the Insurance Regulatory and Development Authority Act of 1999, and the Actuaries Act of 2006. Guidelines for insurance companies include registration requirements, maintaining separate accounts for different lines of business, and circumstances for winding up a company.
The document provides an overview of insurance regulation in India. It summarizes key provisions of the Insurance Act of 1938 and the Insurance Regulatory and Development Authority (IRDA) Act of 1999. The 1938 Act established requirements for insurer eligibility, registration, financial statements, and cancellation of registration. The 1999 IRDA Act created an insurance regulatory authority to protect policyholders and promote the orderly growth of the insurance industry. It ended the monopoly of LIC and GIC and opened the industry to private Indian companies. The IRDA Act also established requirements for capital adequacy, investment of assets, licensing, solvency, and reinsurance.
The document provides an overview of insurance contract law and regulations in India. It discusses key provisions of the Insurance Act of 1938 and the Insurance Regulatory and Development Authority (IRDA) Act of 1999. Some of the main points covered include eligibility requirements for insurance companies, the process for registration and renewal, financial reporting obligations, investment regulations, and the establishment of IRDA as the insurance regulatory authority in India. The IRDA Act ended the monopoly of LIC and GIC, opened the industry to private Indian companies, and set capital adequacy and other requirements for insurers.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI). It provides background on the establishment of IRDAI in 1999 by an act of Parliament to regulate and promote the insurance industry. It details the composition, functions, and objectives of IRDAI which include protecting policyholders, licensing insurers, regulating investments and rates, and settling disputes. The roles of the Ombudsman in handling consumer complaints and the claims process are also outlined.
The Insurance Regulatory and Development Authority (IRDA) regulates and develops the insurance industry in India. It was established by an act of Parliament in 1999. IRDA's main functions include registering insurance companies, protecting policyholders' interests, promoting an orderly growth of the insurance sector, and regulating insurers' investments and financial practices. While the Indian insurance market has grown in recent years, greater penetration is still needed in rural areas through improved distribution channels, products, and customer service.
hpims totu shimla by ishtiyak ahmad dardaarishtiyak
This document provides an introduction and overview of stress management at ICICI Prudential Life Insurance. It discusses the origins and history of insurance dating back to ancient civilizations. It outlines the nationalization of the Indian insurance industry in 1956 and its subsequent reforms and deregulation with the passage of the Insurance Regulatory and Development Authority Act in 1999. The document also covers the duties and powers of the regulatory authority IRDA and some key principles of insurance law such as utmost good faith, insurable interest, indemnity, and subrogation.
The document discusses corporate agents in the life insurance industry in India. It introduces corporate agents as intermediaries used to increase insurance coverage among populations that previously lacked access. Corporate agents are corporate entities authorized to source policies for one specific insurance company. They train their own employees to sell policies, unlike bancassurance arrangements where insurance company employees do the selling. To become a corporate agent, the agency must employ qualified individuals licensed to solicit policies on its behalf. Potential corporate agents mentioned include organizations with large rural customer bases, NGOs, new NBFCs, retailers, and brokers.
Insurance regulatory and development authority (irda)Kiran Mankumbre
The Insurance Regulatory and Development Authority (IRDA) was established in 1999 through an act of Parliament to regulate and promote the insurance industry in India. The IRDA aims to protect policyholders' interests, ensure the orderly growth of the insurance sector, and administer the provisions of the Insurance Act. It issues licenses, monitors compliance, protects customers, and settles disputes. The IRDA is composed of 10 members, including a chairman and five full-time members, all appointed by the Government of India.
Insurance involves an insurer agreeing to compensate an insured for specified losses in exchange for premium payments. Key parties are the insurer and insured, with their relationship outlined in an insurance policy. Insurance covers losses to property from events like fire or accidents, as well as life-related contingencies like death. There are different types of insurance like life, fire, marine, and general insurance. The Insurance Regulatory and Development Authority (IRDA) regulates and promotes the insurance sector in India, issuing licenses to companies and setting rules on capitalization, investments, and consumer protection.
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.
This document summarizes a training seminar on insurance for financial associates. It provides details on the seminar such as the date, time, location, and presenter. It then outlines 15 topics that will be covered in the seminar related to insurance principles, products, regulations and ethics. The document continues to define key insurance terms and concepts like express, implied and apparent authority of agents and discusses issues like rebating, twisting, misrepresentation and replacing policies. It emphasizes the importance of ethical conduct for insurance agents.
Irda rules in insurance sector and capital structure of insurance companies.Vishnu NK
1. The IRDA Act was passed in 1999 to regulate and promote the orderly growth of the insurance industry and protect policyholders' interests.
2. IRDA was established as the insurance regulatory authority, headed by a chairperson and up to 5 whole-time and 4 part-time members appointed by the central government.
3. IRDA's duties include registering and licensing insurance companies and intermediaries, approving products, monitoring companies' functioning, formulating regulations, and promoting consumer education.
Vietnam is a member of several international insurance organizations and must comply with their regulations. The Ministry of Finance regulates the domestic insurance industry through the Insurance Supervisory Authority. Key Vietnamese insurance laws include the Law on Insurance Business and related decrees and circulars. Insurance companies must meet minimum capital requirements and establish reserves. They can invest domestically but have some restrictions, and limited outbound investment is permitted. Non-life, life and reinsurance have different regulatory requirements regarding permitted business scope, reserves and qualifications of appointed actuaries. Regulators can hire independent experts to assist with investigations of insurers.
The document discusses several key pieces of Indian legislation related to insurance:
1) The Insurance Act of 1938 was the first to regulate the insurance industry and protect policyholders' interests.
2) The LIC Act of 1956 nationalized the life insurance industry and established LIC as the dominant provider.
3) The IRDA Act of 1999 established the insurance regulator IRDAI and aims to promote the orderly growth of insurance.
It also outlines several principles that should be covered in a code of conduct for insurance advertising, focusing on honesty, transparency and avoiding misleading practices.
1861_IRDA - Role, Objectives and Functions.pptxnirajpinjan59
The Insurance Regulatory and Development Authority (IRDA) is India's insurance regulator that was established in 2000 by the Insurance Regulatory and Development Authority Act. IRDA regulates and develops the insurance industry by issuing licenses, protecting policyholders, regulating insurance companies and intermediaries, and promoting an efficient and competitive insurance marketplace. It aims to protect policyholders, promote the growth of the insurance sector, and ensure the financial security of the insurance industry in India. IRDA is led by a 10-member board and is currently headed by Chairman T.S. Vijayan.
The document provides an overview of the Insurance Regulatory and Development Authority of India (IRDAI). It discusses that IRDAI was established in 1999 as an autonomous body to regulate and promote the insurance industry in India. It outlines IRDAI's mission to protect policyholders' interests and ensure the orderly growth of the insurance sector. It also summarizes key aspects of IRDAI like its composition, duties, powers and functions as defined in the IRDAI Act of 1999.
Similar to IRDA role in Insurance sector in India .pptx (20)
IRDA working in India and regulations workingShreyasVyas9
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. Some key points:
- IRDAI was established in 2000 based on recommendations from the Malhotra Committee to regulate and develop the private insurance sector.
- IRDAI's objectives include protecting policyholders' interests, promoting insurance industry growth, ensuring fair claims settlement, and bringing transparency to financial markets.
- IRDAI is headed by a 10-member board including a chairman and whole-time members. It issues licenses, regulates companies/intermediaries, and protects policyholders.
- The document outlines IRDAI's organizational structure, functions, and
social Insurance concept and its applicationShreyasVyas9
The document discusses social security in India, beginning with definitions and the need for social security. It outlines key milestones in social security in India such as legislation passed to protect workers. Social security is provided through both organized sector schemes that cover formal workers as well as unorganized sector schemes that target informal workers. Major organized sector schemes include ESI, EPF, and gratuity funds, while unorganized sector schemes include pension, health insurance, and employment guarantee programs. The document provides details on eligibility and benefits of these various social security programs in India.
BANK FRAUD INVESTIGATION in India and how it is doneShreyasVyas9
Bank fraud is a serious issue in India, with over 176,000 cases reported by banks and financial institutions in recent years, involving losses of over 314 billion rupees. Common types of bank fraud include account opening fraud, cheque kiting, cheque fraud, counterfeiting, computer hacking, loan fraud, and money laundering. Investigation of fraud is challenging and requires cooperation between police, specialized agencies like the CBI, and banks. Proper documentation, evidence collection, and analysis are key to effective investigation and prosecution of fraud cases. Left unaddressed, bank fraud can significantly damage the banking system and economy.
The document provides an overview of the Insolvency and Bankruptcy Code 2016 in India. Some key points:
- The IBC 2016 consolidates existing insolvency-related laws in India into a single code to provide a uniform, comprehensive insolvency legislation.
- It introduces a time-bound insolvency resolution process for companies, limited liability partnerships, and individuals with the goal of maximizing value of assets.
- The code establishes new regulatory institutions like the Insolvency and Bankruptcy Board of India, Insolvency Professional Agencies, and Information Utilities to facilitate its implementation.
- Licensed Insolvency Professionals will manage insolvency resolution and liquid
This document discusses Real Estate Investment Trusts (REITs) in the Philippines. It provides information on what a REIT is, the relevant law (REIT Act of 2009), benefits of REITs for property companies and investors, legal structure of Philippine REITs, listing process for REITs, tax treatment of REITs and investors, and functions of key parties like the fund manager and property manager. REITs allow investors to participate in income-generating real estate through stock ownership and receive dividends. The REIT Act established the legal framework to facilitate REIT industry growth in the Philippines.
This document discusses various aspects of corporate governance in India. It begins by defining corporate governance and its importance in modern business management. It then outlines three pillars that form the foundation of corporate governance in India: compliance, control, and conduct. The document also examines different models of corporate governance used worldwide, including the Anglo-American, Continental European, and Asian models. It highlights the key committees that have influenced corporate governance standards in India. In conclusion, it briefly mentions the foundation and mechanisms by which corporate governance operates in India through company law, securities market regulations, and specific sectors.
Corporate governance involves balancing the interests of shareholders, management, and other stakeholders. In India, corporate governance guidelines have evolved through various committee reports and regulations over time. Key principles of corporate governance include fairness, accountability, responsibility, and transparency. When corporate governance is ineffective, it can lead to financial crises that damage investor trust and the economy. Recent Indian regulations like the Companies Act of 2013 have aimed to strengthen practices like board independence, disclosures, and protections for shareholders and other stakeholders. Adopting international standards further and increasing awareness remains important for solid corporate governance in India.
The Civil Procedure Code of 1908 consolidates laws relating to civil procedure in India. It contains 158 sections establishing fundamental principles that create jurisdiction, as well as 51 orders containing rules governing detailed procedures for exercising jurisdiction. The Code establishes the jurisdiction and authority of various civil courts in India, from lowest level civil courts to the Supreme Court. It also governs the filing of civil suits, issuance of summons, parties to suits, procedures for evidence production, interim orders, appeals, and execution of decrees.
This document provides an introduction to the law of torts. It defines a tort as a civil wrong that gives rise to a remedy of unliquidated damages and is independent of contract. The three elements of a tort are a wrongful act by the defendant, legal damage to the plaintiff, and the wrongful act must be of a nature that allows legal remedy through damages. Torts can involve personal wrongs like assault, property wrongs like trespassing, or general wrongs like negligence. Available remedies for torts include judicial remedies like damages and injunctions, as well as extra-judicial remedies like self-defense and abatement of nuisance. Defamation involves wrongfully injuring someone's reputation through libel
The document provides an introduction to comparative administrative law and discusses several models of public administration systems:
1) The British model is characterized by the prominent role of the Prime Minister and cabinet, as well as non-ministerial departments and agencies established by acts of parliament.
2) The American model has a strong presidential system with wide executive powers and independent regulatory agencies established by Congress.
3) The German model is based on the principles of the chancellor, departments, and collegial government, with dual leadership structures in ministries.
It also briefly outlines the French and Scandinavian models of public administration.
This document provides an overview of constitutional law and structures. It discusses the executive, legislature, and judiciary as the main bodies of government. It also covers different types of constitutions such as federal vs unitary and unicameral vs bicameral systems. The document then focuses on the UK constitution and debates around Scottish independence and increasing diversity within the judiciary. Students are instructed to analyze sample constitutions, prepare debates on motions related to these topics, and vote on the motions.
The document provides an overview of the contents of the Indian Constitution, including:
1) It describes the framing and adoption of the Constitution by the Constituent Assembly between 1946-1950.
2) Key aspects of the Constitution are outlined such as the objectives defined in 1947, the borrowing of features from other constitutions, and the signing of the final document.
3) An introduction to the Preamble of the Constitution is given, highlighting the guiding principles of a sovereign, socialist, secular, democratic republic that secures justice, liberty, and equality for all citizens.
- Same-sex marriage is currently an issue that involves both state and federal powers, as some states have legalized it while others ban it and the federal government does not recognize same-sex marriages.
- The Defense of Marriage Act (DOMA) defined marriage at the federal level as between a man and a woman and allowed states not to recognize same-sex marriages performed in other states.
- Attempts have been made to pass a constitutional amendment banning same-sex marriage nationwide, but it would require a difficult two-thirds majority vote in Congress and ratification by three-fourths of state legislatures.
Federalism is a system of government where power is divided between national and state governments. The US Constitution established a federal system to address the founders' concerns about a strong central government by dividing power. It gives the national government enumerated powers like defense, currency and interstate commerce, while reserving other powers like education and policing to the states. Over time, the balance of power has shifted towards more national authority through Supreme Court cases and amendments. Modern federalism involves cooperative and fiscal partnerships between levels of government to address national problems.
This document discusses various political issues related to monetary expansion in the European Union. It addresses the role of the European Investment Bank (EIB) and differences in views between member states on monetary risk versus fiscal risk. While there are debates around monetary expansion policies, the focus of this project is on how monetary expansion is managed, not the amount. Involving national promotional banks could help ensure resources from monetary expansion programs reach the real economy, which benefits both investment and monetary policy goals like price stability. The document examines constraints of monetary policy under EU treaties and argues the EIB role can achieve price stability objectives in a similar manner to the banking sector.
The documents discuss the history of banking in India. They describe how the three Presidency Banks were established in the 19th century and later amalgamated to form the Imperial Bank of India in 1921. The Imperial Bank performed some central banking functions until the Reserve Bank of India was established in 1935. The RBI took over as the central bank and continues to regulate monetary policy and the banking system in India.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
What are the common challenges faced by women lawyers working in the legal pr...lawyersonia
The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
2. IRDA
IRDA - Insurance Regulatory Development and Authority is the statutory,
independent and apex body that governs and supervise the Insurance Industry in
India.
3. IRDA Act was passed upon the recommendations
of Malhotra Committee report (7 Jan,1994), headed by Mr
R.N. Malhotra (Retired Governor, RBI)
Main Recommendations - Entrance of Private
Sector Companies and Foreign promoters & An
independent regulatory authority for Insurance Sector in
India
In April,2000, it was set up as statutory body, with its
headquarters at New Delhi.
The headquarters of the agency were shifted to Hyderabad,
Telangana in 2001.
4. Objectives of IRDA
To promote the interest and rights of policy holders.
To promote and ensure the growth of Insurance Industry.
To ensure speedy settlement of genuine claims and to
prevent frauds and malpractices
To bring transparency and orderly conduct of in financial
markets dealing with insurance.
5.
6. Organizational Setup of IRDA
IRDA is a ten member body consists of :
One Chairman (For 5 Years & Maximum Age - 60 years )
Five whole-time Members (For 5 Years and Maximum Age-
62 years)
Four part-time Members (Not more than 5 years)
The chairman and members of IRDAI are appointed
by Government of India.
7. Functions And Duties of IRDA
Section 14 of IRDA Act,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.
8. It promotes and regulates the professional organizations related with
insurance business to promote efficiency in insurance sector.
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.
9. MISSION STATEMENT OF IRDA
To protect the interest of and secure fair treatment to
policyholders
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;
To set, promote, monitor and enforce high standards of
integrity, financial soundness, fair dealing and competence of
those it regulates
To ensure speedy settlement of genuine claims, to prevent
insurance frauds and other malpractices and put in place
effective grievance redressal machinery
10. 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
To take action where such standards are inadequate or ineffectively enforced
To bring about optimum amount of self-regulation in day-to-day working of
the industry consistent with the requirements of prudential regulation.
11. Offences by Companies
Where any offence under this Act has been committed by a
company, every person who, at the time the offence was
committed, was in charge of, and was responsible to, the
company for the conduct of the business of the company as
well as the company shall be deemed to be guilty of the
offence and shall be liable to be proceeded against and
punished accordingly.
12. Penalty for failure to comply with section 32B
If an insurer fails to comply with the provisions of section 32B, he shall be
liable to a penalty not exceeding five lakh rupees for each such failure and
shall be punishable with imprisonment which may extend to three years or
with fine for each such failure.
Penalty for failure to comply with section 32C
If an insurer fails to comply with the provisions of section 32C, he shall be
liable to a penalty not exceeding twenty-five lakh rupees for each such
failure and in the case of subsequent and continuing failure, the registration
granted to such insurer under section 3 shall be cancelled by the Authority.
13. Registration of Insurance
Company
Every insurer seeking to carry out the business of insurance in
India is required to obtain a certificate of registration from the
IRDA prior to commencement of business. The pre-conditions
for applying for such registration have been set out under the
Act of 1938, the IRD Act and the various regulations prescribed
by the Authority.
1. General Registration Requirements
The following are some of the important general registration
requirements that an applicant would need to fulfill:
(a) The applicant would need to be a company registered under
the provisions of the Indian Companies Act, 1956.
Consequently, any person intending to carryon insurance
business in India would need to set up a separate entity in
India.
14. (b) The aggregate equity participation of a foreign company (either by itself or
through its subsidiary companies or its nominees) in the applicant
company cannot not exceed twenty six per cent of the paid up capital of
the insurance company. However, the Insurance Act and the regulations
there under provide for the manner of computation of such twenty-six per
cent.
(c) The applicant can carry on anyone of life insurance business, general
insurance business or reinsurance business. Separate companies would be
needed if the intent were to conduct more than one business.
(d) The name of the applicant needs to contain the words “insurance company”
or “assurance company”.
15. 2. Capital Structure Requirements
The applicant would need to meet with the following capital structure
requirements:
(a) A minimum paid up equity capital of rupees one billion in case of an
applicant which seeks to carry on the business of life insurance or general
insurance.
(b) A minimum paid-up equity capital of rupees two billion, in case of a person
carrying on exclusively the business of reinsurance.
16. 3. Cancellation of certificate of registration
if the insurer fails to comply with the provisions relating to deposits-
if the insurer fails, at any time, to comply with the provisions relating to the
excess of the value of his assets over the amount of his liabilities
if the insurer is in liquidation or is adjudged an insolvent
if the business or a class of the business of the insurer has been transferred
to any person or has been transferred to or amalgamated with the business
of any other insurer
if the whole of the deposit made in respect of the insurance business has
been returned to the insurer
17. CONSUMER PROTECTION
There are different ways of looking at a consumer’s grievance – ranging
from a genuine grievance arising out of a deficiency of service, to the
manifestation of one's frustration over an avoidable non-issue. While
the grievances of the second kind can be managed by counselling,
handholding etc., there is a dire need to take a serious look at the
genuine grievances of customers.
Ideally, if both the parties to the contract are totally at agreement with
the reciprocal obligations and their fulfilment, there is hardly any space
for deficiency of service.
In the domain of financial services in general, and insurance in
particular; this is one aspect that is hard to achieve. This compels us to
analyse the various types of grievances, and take stock of the situation
in ensuring that there is discernible progress over a period of time